PS: You think this isn't happening right now!!
Oh to be a fly on the wall right now of Deutsche - everyone at the minute is trying to unload their next to worthless MBS products.
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Previously on "Frozen U.K. Home Market Leaves Buyers Wondering Where to Go"
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Originally posted by fullyautomatix View PostThank god all that self cert mortgage nonsense ended in 2008. It took a proper global credit crunch to enable that. Bankers will dream up any nonsense to keep pumping up the house prices.
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Originally posted by ladymuck View PostThat's what I had - a self cert interest only mortgage. The advisor got me to take out the endowment (probably because he got a nice commission) although it wasn't a requirement at the time.
I got rid of it once the initial term was over and moved onto more normal mortgages.
The best one I had, on my last place before I sold up and moved to the big smoke, was with Barclays / Woolwich and was an offset base rate tracker. I see they're offering those again now.
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Originally posted by BrilloPad View PostWith nowhere to live until then....
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Originally posted by eek View PostWTF was he doing splitting the chain into 2 bits.
Estate agents love chains because they get all their commission in one go. The shorter the chain, the better for the people buying/selling.
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Originally posted by DealorNoDeal View PostIt's 17 years since I took out a mortgage. At the time, there were interest-only mortgages available where you didn't have to provide any means of paying off the capital (not even a crappy endowment). It was also at a time when "self-cert" was all the rage. Obviously, none of this ended well.
Clearly, the lending is a bit more responsible these days, although I shudder when I see on the likes of Location, Location how much people are borrowing.
I got rid of it once the initial term was over and moved onto more normal mortgages.
The best one I had, on my last place before I sold up and moved to the big smoke, was with Barclays / Woolwich and was an offset base rate tracker. I see they're offering those again now.
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Originally posted by DealorNoDeal View Post
Clearly, the lending is a bit more responsible these days, although I shudder when I see on the likes of Location, Location how much people are borrowing.
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Originally posted by ladymuck View PostMy first mortgage was interest only with an endowment policy. Those dropped out of favour pretty sharpish.
Clearly, the lending is a bit more responsible these days, although I shudder when I see on the likes of Location, Location how much people are borrowing.
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Originally posted by MrMarkyMark View PostUK housing market will crash within 6 months, so if cash rich hold tight till then.
I have no graphs readily available to illustrate this unfortunately.
The market will also be in a downtrend for 3-4 years.
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Originally posted by rootsnall View PostSurely he's pulled a blinder financially if that is the case !? Or am I missing something. He's got a pre recession price for his and will be able to pick up a distressed sale somewhere along the line.
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UK housing market will crash within 6 months, so if cash rich hold tight till then.
I have no graphs readily available to illustrate this unfortunately.
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Originally posted by Whorty View PostNow here's someone who hasn't seen Scooter's graphs! They're great - one look and you'll be hooked on his expert advice
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Originally posted by Paralytic View PostEr, no they would not, just the interest component of the repayment increases (unless you're one of the very few who in on an interest-only deal).
A £200K outstandling mortgage with 20 years term remaining is around £965 per month at 1.5%, jumping to around £1,200 at 3.86%.
I'd caution anyone taking advice (or even notice) from some on these pages who state with certainty where the market is going. They have a 50% chance of getting it right.
As I understood it the 'doubling overnight' was figurative, and not taken to mean a doubling of mortgage payments with a doubling of interest rates, I'd hope that was obvious.
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