Sunday, Nov 22, 2009

Sanity returns

Times: Mortgage rates up ahead of 'double dip'

Government-backed banks have raised mortgage rates and introduced stricter lending criteria, amid concerns that this year’s house-price recovery is not sustainable.
Northern Rock increased its market-leading five year fix by 0.4%, and withdrew its three and four year fixes, in an attempt to stem new business. Royal Bank of Scotland, 84% owned by the government, surprised brokers by increasing the minimum deposit on its best deals to 25%.
Industry sources confirmed most of the big mortgage lenders were anticipating a “double dip” in house prices next year.

Posted by little professor @ 03:57 AM (1149 views)
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2 Comments

1. mark wadsworth said...

Hmmm. I thought that C&G part of Lloyds (also nationalised) dropped its interest rates last week?

Anyway, what'll really kick start the double-dip will be hiking VAT back to 17.5% (in January) and increasing Employer's NIC by 0.5% (in April). Those are the two most damaging taxes, so this will really f*** over the economy.

Sunday, November 22, 2009 09:24AM Report Comment
 

2. it_is_going_with_a_bang said...

Increases in VAT
Taxes having to go up to pay for the "state"
Fuel prices may well keep increasing
Interest rates really only have one to go it's just a matter of when
In general slowing down of financial stimulus from the government

...

A conservative government who I suspect will want to see interest rates edging up from where they are.

An interesting year 2010 will certainly be.

Sunday, November 22, 2009 11:11PM Report Comment
 

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