Lack of mortgage availability affecting sales - Contractor UK Bulletin Board

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DimPrawn replied

11 March 2009, 15:08
Originally posted by bobhope View Post

I like houses / price crash as much as the next guy but don't you (DP) get bored of them sometimes?

Get bored of what? CUK? Yes, most definately fooking boring.
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bobhope replied

11 March 2009, 14:59
I like houses / price crash as much as the next guy but don't you (DP) get bored of them sometimes?
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Doggy Styles replied

11 March 2009, 14:40
Originally posted by d000hg View Post

I've talked to 2 mortgage advisors recently and both say that lenders are much more cautious... as well as the fact you now need a 25% deposit to get a decent rate, they will kick up much more of a fuss if you have any bad credit history...

Good. Why should it be any different?
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Foxy Moron replied

11 March 2009, 14:04
It's been around at least 10 years
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d000hg replied

11 March 2009, 13:59
Originally posted by b0redom View Post

I looked a little while ago at a mortgage with a 25% deposit and a perfect credit history. I know I'm well within my borrowing limits, and I still got 0 hits on Charcol.co.uk. Similar situation with my B2L mortgage.... No one wants to lend.

I've never heard of Charcol before, is it any good?
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minestrone replied

11 March 2009, 13:39
Originally posted by Cyberman View Post

They've not been introduced into the rest of the world yet, as I understand. Why ever not !!

Because you lot are too stupid to say "i'm really interested in your house, I would like to buy it but I want to know how much it will cost to heat, can I see your gas and electricity bills for the last year?"
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Cyberman replied

11 March 2009, 13:00
Originally posted by minestrone View Post

Not where I live.

They've not been introduced into the rest of the world yet, as I understand. Why ever not !!
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minestrone replied

11 March 2009, 12:59
Originally posted by Cyberman View Post

HIPS also put the brakes on the market unfortunately, and will continue to until June 2010.

Not where I live.
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Cyberman replied

11 March 2009, 12:58
Originally posted by minestrone View Post

Certainly has a very big impact, we are(would be) looking to purchase with a 60% mortgage, our IFA has told us that it will take about 4-6 weeks to get one. Used to be a few days.

Just puts the brakes on a fast moving market.

HIPS also put the brakes on the market unfortunately, and will continue to until June 2010.
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DimPrawn replied

11 March 2009, 12:28
Originally posted by Cyberman View Post

What planet are you on ? This has been the problem for 18 months. Have you heard of the 'credit crunch', 'liquidity crisis' or QE ?

No, what are these things? Are they TV programmes?
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minestrone replied

11 March 2009, 12:27
Certainly has a very big impact, we are(would be) looking to purchase with a 60% mortgage, our IFA has told us that it will take about 4-6 weeks to get one. Used to be a few days.

Just puts the brakes on a fast moving market.
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Cyberman replied

11 March 2009, 12:22
Originally posted by DimPrawn View Post

I am a cash buyer.

But I don't think mortgage availability is what is stopping the market.

I'm not going to buy the 1st house I see. It's not like prices are going to rise again in the next five years.

What planet are you on ? This has been the problem for 18 months. Have you heard of the 'credit crunch', 'liquidity crisis' or QE ?
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b0redom replied

11 March 2009, 12:18
I looked a little while ago at a mortgage with a 25% deposit and a perfect credit history. I know I'm well within my borrowing limits, and I still got 0 hits on Charcol.co.uk. Similar situation with my B2L mortgage.... No one wants to lend.
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d000hg replied

11 March 2009, 10:08
I've talked to 2 mortgage advisors recently and both say that lenders are much more cautious... as well as the fact you now need a 25% deposit to get a decent rate, they will kick up much more of a fuss if you have any bad credit history... you might have to take a sub-prime mortgage at 8%+ even if you can raise 25-40% deposit. And I think many people who previously might buy a house might fall in that category... for instance I know a married couple who are both teachers, who had to take a self-certified mortgage 4 years ago as both were on rolling termly contracts.

Last edited by d000hg; 11 March 2009, 10:14.
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administrator replied

11 March 2009, 10:06
Has reached stale mate now I think. The public at large know that prices are falling and unless we start seeing month on month increases then I expect most looking to buy will sit it out.

RBS makes £1.7bn mortgage promise
http://news.bbc.co.uk/1/hi/scotland/7936520.stm
Well that's less than 12,000 £150k mortgages so not going to make a huge difference is it?

I hope that most will also consider the possibility of interest rate increases in the future when detemining mortgage affordability...
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