Friday, April 16, 2010
My mom eat my dog ! then turned into an estate agent!!!
The return of sub-prime mortgages
Specialist mortgage lender Kensington has just announced a range of “recession-busting products†designed to help borrowers with modest credit problems recover from the effects of the recession. It denies they are sub-prime, but these deals look and smell very much like sub-prime to me.
Posted by happy mondays @ 04:22 PM (1523 views)
10 thoughts on “My mom eat my dog ! then turned into an estate agent!!!”
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uncle tom says:
So, they are lending up to 70% LTV to people with recent CCJ’s..
..what sort of people can pull together that sort of deposit after they’ve been CCJ’d?
Some young people keep their debt problems from their parents, and with the benefit of a BOMAD deposit, might need such a deal..
Then there’s the incompetant brigade – people who have money, but give up on dealing with their mail..
Overall, I think Kensington are on to quite a clever little wheeze here – with a 30% deposit, the risk of ultimately losing any money is relatively small, whilst they are no doubt charging a punitive interest rate.
As they are not an outfit that loses sleep over the prospect of a foreclosure, this will probably be a nice little earner..
fallingbuzzard says:
Very profitable and very safe. “Help” people with 30%+ equity that can’t meet their current repayments. Remortgage them on a better deal than they can get because they’re behind on their payments, and close on them in 2 years time.
mr g says:
Perhaps all the whinging str’s on HPC should take out one of these mortgages.
mountain goat says:
Had a rough day mr g?
fallingbuzzard says:
Whinging is the preserve of the British
mr g says:
@MG I have an excellent day thanks.
@FB There’s certainly plenty of whingers on HPC
mr g says:
That should read I have had an excellent day thanks.
mark wadsworth says:
@ Mr G, comment 3, I am a sell-to-renter, but I’m not whinging and I certainly won’t ever need a mortgage ever again.
wiltshire says:
Agreed Mark Wadsworth.
I think the majority of STR’s are quite content for matters to take their course. The bigger the bubble etc…….
uncle tom says:
Agree also – the people who whinge the most are those who have never been able to buy in the first place..
..which makes their whinges understandable..!