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)
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3 thoughts on “Could this tactic be useful for the UK?

  • 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.

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  • lp, simple but yet probably quite effective!

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  • 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.

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