It's true - houses just aren't moving

neverdespairgirl

EdInvestor wrote: »

]NRK's is 7.49%, other banks seem to be in the 6-6.5% range.

I checked a few, and Lloyd's SVR is 7%, Halifax's is 7%, Nationwide's is 6.49%, Barclays' is 7.4%, Abbey's is 7.09%, and Bradford and Bingley's is 7.09%.

So while you are right that Northern Rock's is higher than the others, the lowest (and only one in the range you mentioned) is 6.49%, and all the others are 7% or more. That doesn't seem to me to make Northern Rock's rate "punitive"?

NB - not promising all the above are right. None of them seem to want you to know what it is, and it's buried on their websites!t

Paul_N_4

Yes it is clear EdInvestor is living on another planet. What do you have to say about all those wild posts you made that NDG dug up hey Ed? Shows what little foresight and knowledge you had back then, and thus how little foresight and knowledge you have now. Back to the ISA board with you.

WTF?_2

neverdespairgirl wrote: »

I checked a few, and Lloyd's SVR is 7%, Halifax's is 7%, Nationwide's is 6.49%, Barclays' is 7.4%, Abbey's is 7.09%, and Bradford and Bingley's is 7.09%.

So while you are right that Northern Rock's is higher than the others, the lowest (and only one in the range you mentioned) is 6.49%, and all the others are 7% or more. That doesn't seem to me to make Northern Rock's rate "punitive"?

NB - not promising all the above are right. None of them seem to want you to know what it is, and it's buried on their websites!t

Oh dear - EdInvestor says one thing (most banks have SVRs of 6-6.5%) , someone digs up the facts and they say another (The lowest SVR is 6.5%, most are between 7-7.5%).

What a surprise - you don't see that happen very often :rotfl:

WTF?_2

neverdespairgirl wrote: »

So my general view is that EdInvestor is comprehensively wrong!

pwned.

:rotfl:

WTF?_2

ManAtHome wrote: »

But that's the sticky bit. I think banks will be writing off/down for some time to come (Merrill Lynch had to supply a 75% loan to unload some CDOs last week at 22% of face value), so may well continue to be conservative for some time yet.

Big question is how long central banks can continue printing money and offloading risk to taxpayers.

As long as there is paper for the printing presses and electricity to power the computers where the extra 0s are being added to the money supply to try to offset the banks' losses I'm afraid.

HammersFan

mr.broderick wrote: »

You have a very nice writing style hammers fan, very diplomatic.
I do think prices needed to come down a bit though, they were getting ridiculously high. I too do not want to read about btl merchants going bust and losing everything. They are not the reason prices went nuclear. I am all for people having a punt at something just as long as they knew the risks.
I too also get fed up of reading the same negative threads from the usual suspects who have a vested interest in prices capitulating so they can finally buy a house even though they seem to love being in rented . I too get annoyed with certain members who flip when someone posts a disagreeing reply to one of their many threads. In fact it is getting quite depressing logging on to mse these days. We have lost the characters, the main reason i hung around....Very sad..

I think that there some areas where prices have gone silly - I think maybe I take a different view from Carol et al partly because she lives in the home counties where recent increases have taken houses well out of reach. Around here (East Mids) decent 3 bed semis in decent areas never went much above 160k. Lots of people could clear that in 10-15 years (not long IMO to pay for a house), which is why I think as soon as lending frees up the market will be moving again quite quickly.

On another thread I saw a lot of bile chucked in the direction of those BTL'ers from Kent with 800 odd properties. By the same token many of those posters will have pensions, ISAs, Unit Trusts etc. that invest in all sorts of very dodgy businesses (oil, mining, gold, banks etc.) that cause all sorts of people, right across the world, all sorts of grief)). So I think having such a pop at large BTL'ers, and wishing doom on small-scale BTL'ers is a bit rich coming from them.

mewbie_2

neverdespairgirl wrote: »

A comprehensive trawl through someone's back postings

That's some research there NDG. Promise you wont ever do that to me. Although if you did there would only be a series of half baked ideas and some lemon jokes.

ixwood

I'm sure the SVR's will go up at some point. Too many threads on the mortgage board end up with staying on the SVR instead. The big increase in deals will follow in SVR at some point IMHO. Banks need every penny they can get!

mircea

carolt wrote: »

If the doom-mongers were talking crepe, (I prefer organza, myself ) so were you, mircea - as your post just agreed with !!!!!!'s entirely - that prices were falling because of the banks' shutting off credit.

I was referring to the OP's statement that banks have returned to normal lending practices - they haven't, instead they panicked and fallen from one extreme into the other.

WTF?_2

mircea wrote: »

I was referring to the OP's statement that banks have returned to normal lending practices - they haven't, instead they panicked and fallen from one extreme into the other.

You mean I couldn't get a mortgage today for up to 3.5x my salary if I produced a 10% deposit?

That was the 'norm' up until about 3 or 4 years ago when risk management took a long holiday in the United Sates of Securitization.