Oh Dear™ - Mortgage lending in August

[Another Dodgy Agent]

I remortgaged and was told I could have 4 times what I wanted to borrow.

I think the press are scaring the public into not trying.

Likewise, both myself and a number of colleagues have remortgaged recently with absolutely no problem and I am still getting the likes of HBOS ringing up trying to get me to take on a credit card with "super low rates" etc.

Whilst clearly their is a problem in the markets, I think the media love to hype up situations, after all bad news sells.

What I want to know is, what happened to:

Whales
Dolphins stuck in fishing nets
Bird flu pandemic
starving african children
AIDS plague
global warming
nuclear disarmanent
natural fish stock depletion
mad cow disease
cloning dinosaurs
panda's not mating

A couple of IB's go down and all the rest of the world's ills get pushed aside! Ruddy media!

[Cyberman]

I remortgaged and was told I could have 4 times what I wanted to borrow.

I think the press are scaring the public into not trying.

You are right. Nobody's going to borrow at the moment to buy when they are being told that houise prices will be 50% of what they are now in a year's time. We are now at serious risk of deflation because we are talking ourselves into that scenario where everybody is looking for the good deal months into the future and not spending with the corresponding knock-on effects on jobs, businesses going bust etc.

[Spacecadet]

7:07pm Thu 25 Sep 08
Yes - he may be 30 and own a Lamborghini Gallardo, and million pound home and plans to retire at 30 but is he happy.....

No, he's a miserable **** and spends most nights munching pot noodles whilst crying with the shame of it all

[FarmerPalmer]

I remortgaged and was told I could have 4 times what I wanted to borrow.

I think the press are scaring the public into not trying.

[cojak]

Comment - "Awwww, he can't afford his place any more because of the credit crunch. And he can't sell it either. Bless!!"

[Cyberman]

And it won't be passed on to borrowers. You just don't get it do you. Banks as you know it are forked. They can't lend, they have nothing to lend and if they did, they'd simply be buying into falling assets.

HTH

It will eventually, but if the step of making cuts is not made then there is nothing to pass onto borrowers. Is that too difficult to understand?

At the moment we have Buy to Lets where mortgages have almost doubled recently. One guy on the radio this morning has just had the first of his eight properties repossessed and is expecting them all to go. Keeping rates at their current levels does nobody any good.... not even savers if all banks go bust.

Keeping the BofE interest rate at its current level is just plain pig-headed stupidity.

[DimPrawn]

So its not time to start buying yet?

I must put a note in my diary to buy houses - 2015?

If you need a new car and a house, this might be for you.

http://www.echo-news.co.uk/news/3704...mborghini_too/

[BrilloPad]

You've twisted it a bit, it is NET lending ! BUT we are TRIPLE UBER DOOMED on the housing front. It's going to be messy !

So its not time to start buying yet?

I must put a note in my diary to buy houses - 2015?

[rootsnall]

http://news.bbc.co.uk/1/hi/business/7641535.stm

Mortgage lending collapsed in August, according to the latest figures from the Bank of England.

Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007.


The End.

You've twisted it a bit, it is NET lending ! BUT we are TRIPLE UBER DOOMED on the housing front. It's going to be messy !

[ace00]

-50%

[DimPrawn]

Look at it on the bright side. We will soon see a massive cut in interest rates!!!

And it won't be passed on to borrowers. You just don't get it do you. Banks as you know it are forked. They can't lend, they have nothing to lend and if they did, they'd simply be buying into falling assets.

HTH

[DS23]

2% on last year.


2%

[Cyberman]

Look at it on the bright side. We will soon see a massive cut in interest rates!!!

[DimPrawn]

http://news.bbc.co.uk/1/hi/business/7641535.stm

Mortgage lending collapsed in August, according to the latest figures from the Bank of England.

Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007.


The End.