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bye 100% plus!
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Dan_Collins_2
Posts: 1,377 Forumite
Just for your info, A&L and Coventry have pulled 100% plus products, and are not longer offering this type of mortgage!
Signs of things to come!
Signs of things to come!
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Comments
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Dan_Collins wrote: »Just for your info, A&L and Coventry have pulled 100% plus products, and are not longer offering this type of mortgage!
Signs of things to come!
At last!
Maybe people will actually have to save up to buy a property! :eek:0 -
chelseablue wrote: »At last!
Maybe people will actually have to save up to buy a property! :eek:
A little harsh, but I get your point. They were and have been miss used and to lending limits to high!
I do belive they should have never seen the light of day!0 -
oops was meant to be tounge-in-cheek as opposed to harsh
I agree; they should never have been around in the first place0 -
That will hurt some people more than others.
Coming off a 2-year/3-year fix only to find their homes are worth less than they owe, will leave many on SVR at 7%+. Next year and it could suck in those coming to the end of a 5-year fix.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
What about if you have just applied and they have taken the up front fee? will i still get this deal now then or not0
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If you've reserved the product by paying the fee, and meet their lending criteria, you should be OK. It's the lending criteria bit that could be tricky.Mortgage Free thanks to ill-health retirement0
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How long do you think it will take the other lenders to withdraw theirs?
Just to add to an absolutely horrific day, platform have just announced 65 redundancies too. I'm sick of it, every day I get a redundancy email, a lenders gone bust email, or we are not doing high LTV/self certs/BTL's anymore email. Makes my job an absolute nightmare. If lenders retract much further we will only be lending to super clean prime full status clients and there will be a lot of people looking to rent!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
and I forgot to add, a lot of brokers out of jobs. Sorry for the pessimism, or is that realism?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yup, does not look good. Everywhere lenders are changing criterias.
Sadly some people will be really stung and the only way out for them is to pile every penny into the mortgage to get out of negative equity.0 -
When they are stuck with negative equity at the end of a 2 or 3 year fix, they'll sue their brokers for not recommending a 10 year fix.
Hindsight is 20/20 and we are a nation of victims. No-one mucks up anyfore.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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