Tuesday, February 16, 2010
Could this tactic be useful for the UK?
Flaherty Tightens Mortgage Rules Amid Bubble Talk
"Canada’s Finance Minister Jim Flaherty tightened rules in the country’s mortgage industry to ensure buyers can afford their homes when interest rates rise. Under the changes for government-backed mortgages, which take effect April 19, buyers will have to meet standards for five-year, fixed-rate mortgages even if they opt for variable rates. Limits on refinancing will be stricter and people buying a home that they don’t occupy must make a down payment of 20 percent".
Posted by alan @ 09:19 PM (855 views)
3 thoughts on “Could this tactic be useful for the UK?”
Add a comment
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
little professor says:
people buying a home that they don’t occupy must make a down payment of 20 percent
This is probably the most important measure – would have felled with one clean swoop all those “no money down” BTL speculators.
enuii says:
lp, simple but yet probably quite effective!
Yetanother says:
It’s interesting that not a single bank in Canada had to be bailed out. Completely blows apart GB’s claims that the UK’s problems were caused by the US sub-prime crisis, as Canada’s economy is at least as affected by the US economy, if not more.