Wednesday, July 3, 2013

No such tenacity over fishing quotas, the shape of fruit or the colour of peas !

EU almost shut UK buy-to-let market - MEP

European Union legislators came close to shutting the UK’s buy-to-let market and killing off guarantor mortgages during the mortgage directive negotiations, a key negotiator has revealed. Conservative MEP Vicky Ford, who acted as shadow rapporteur for the committee overseeing the European mortgage directive, said some politicians tried to use the legislation to solve their own domestic problems.She told the Council of Mortgage Lenders: “We’ve managed to pull back a directive that could have had massive unintended consequences for the UK. At one stage, it would have meant lending in buy-to-let markets would have been impossible because lenders would not have been able to take into account rental income when assessing creditworthiness.

Posted by jack c @ 07:54 PM (3398 views)
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12 thoughts on “No such tenacity over fishing quotas, the shape of fruit or the colour of peas !

  • “.. said some politicians tried to use the legislation to solve their own domestic problems”. The EU is beset with problems, and it is drowning in it’s own debt. All the EU seems to consider is more “borrow and spend”. A score of mismanaged years can’t be sorted out now. It’s too late ~ no audited accounts is a real clue to the mess….

    The Portugal crisis and the Greek crisis means politicians and people need to realise what the problems are and address them.

    On the other hand, what’s a few billion Euros wasted along with the futures of thousands of young people ~ it’s better than a war, some argue!

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  • …in other Euronews:

    “Hypo Alpe Adria, the Austrian bank, will get 700 million in tax money for a bailout. The nationalized Hypo Alpe Adria for the Austrian government was given cash 3 months before the election. On Monday, it was announced that the state must throw even more money to bailout the bank, whose chairman just announced his resignation”. says Armstrong economics.

    Don’t worry, this won’t deter the Euro politicians, nor will Slovenia’s crisis.

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  • Wasn’t this widely covered on the newsblog at the time Jack?

    There was definitely an EU law that was going to ensure landlords had no advantage over FTBs as it was considered to be discriminatory.

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  • Silly EU. At least we sorted out those foreign jonnies!

    The UK is European leader in silly house prices, and how else could we keep them unaffordably high if we didn’t have lax credit rules?

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  • Latest Farage (5 star) rant on EU incompetence & waste.

    http://www.youtube.com/user/UKIPmeps?ob=0&feature=results_main

    The EU wants to spend billions on youth unemployment. Oh dear! It seems like most of the employment will go to public servants! Enjoy, …you paid for it!

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  • hey Jack….. do you have a website?

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  • Buy to let would still get funding, but you would need to set up a company and do a business plan rather than a mortgage. Actually, that is a sensible way to go, and the bank manager would make sure that you consider risk, voids, the investment required to maintain capital values and deal with issues like capital gains tax. Whilst I hate the EU, it would make sense that mortgages are only available to owner occupiers, because frankly, it is fraudulent to use standard mortgages based on rental projections. You can’t get a mortgage to set up a shop or a landscape gardening business, because the leverage is too high vs the risk. Shifting rental market investments to business loans would reduce leverage to between 40 and 60%. That would be healthy for the industry, albeit with a damaging shock initially.

    Even a broken clock is right twice a day.

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  • @reticent (Wednesday, July 3, 2013 11:23PM) “Wasn’t this widely covered on the newsblog at the time Jack?” – if it was I must have missed it (I’m not on here any where near as regularly as I used to be due to overwhelming workload). My apologies if this is a duplicated article.

    @ techieman said…hey Jack….. do you have a website? (Thursday, July 4, 2013 10:01AM) – Hi techie, Yes is the answer, but only active clients have access. Why do you ask ?

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  • JC – I was thinking of giving you a call :).

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  • Techie – I don’t want to post any contact info on here and prefer to post under a pseudonym however if you genuinely want to talk then Mr Wadsworth has one of my e-mail addresses ! I’ll await to here from you in due course.

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  • “I don’t want to post any contact info on here” – understood, feel the same way! Just thought it might be good to have a chat as i have some time today. I will try to contact MW on this, but i’m not sure when…. :). In any case have a good one!

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  • TM – you too have a good one – you can reach MW via his blog.

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