Mortgages like 125% mortgage ( issued by Northern Crock to public sector workers in the North ), low LTV of 5%, sub prime mortgages to fruit pickers etc etc are the reason were in deep sh!t. Banks used to be very conservative and lend to strong principles before the era of big bonuses came along and by chasing bonuses these criminal banksters lent money to anybody who stretched out a hand.
You now have the gall to suggest that we go back to those irresponsible days ? Let me guess, you are a strong supporter of Gordon the economic genius Brown and vote New Labour.
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Boomed!
Property only ever goes up.....especially when measured in worthless paper money.
Try valuing property in gold or Mars bars and see what happens.
Yes, lets hope the self cert 125% mortgage comes back, we can all wank off furiously to Location, Location, Location again like the good 'ole days.Leave a comment:
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Instead of with Assured Shorthold Tenancies?Originally posted by DodgyAgent View Post
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Quite. If it was'nt for her we would be living happily in rented council flatsOriginally posted by speling bee View PostLeave a comment:
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Well it is her fault.Originally posted by DodgyAgent View PostLeave a comment:
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Another Thatcher thread?Originally posted by northernladuk View PostLeave a comment:
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"Lenders relax criteria in August as higher LTV deals bloom"
Im not sure "bloom" is the right word although this is a step in the right direction to help first time buyers get onto the ladder. It is also worth pointing out that a fair few of these products are from some of the smaller building societies who operate a very tight criteria - eg will lend 90% on a house but not a flat - essentially this rules them out of the FTB london market.
The 80 billion that the government has made available needs to be in my opinion filtered down for more higher loan to value products in order to jump start the market. Although the banks are lending the money, they are still very much chery picking clients, hence the recent surge in 5 year fixed rates at less than 3% for those with a 40% deposit.
(Taken from Mortgage Strategy)
Moneyfacts is reporting a boost in high LTV loans with 36 new mortgage deals in the 85% LTV tiers and above in August 2012, a complete reversal from the drop of 26 products in July.
In a breakdown of individual tiers, there were 16 more products in the 85% LTV tier - 11 fixed and five variable, 15 in the 90% LTV tier -nine fixed and six variable - and five in the 95% LTV tier, all of which were fixed rate products.
Moneyfacts says it suggests lenders are relaxing their attitudes to higher risk lending, perhaps in reaction to the Government’s recently-launched Funding for Lending scheme, which aims to make £80 billion of cheap funding available to banks and building societies on condition that they lend more to small businesses and consumers in the hope that this will kick-start the economy.
However, it appears that building societies are leading the way at offering products targeted at those with smaller deposits, with 10 of the 15 providers which launched 90% plus LTV products being building societies.
Moneyfacts.co.uk’s finance expert Sylvia Waycott says: “Increasing LTVs will create a knock-on effect in the whole housing market. Not only will it aid the stagnation of the first-time buyer market, but also the second movers market because they need first-time buyers to sell to.
“House buying as we all know is a chain and every link is essential; strengthen one link and the whole chain benefits.”
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