Could this be the end of self cert?

koexelek

merlinbailey wrote: »

Well as already said in other areas and postings it's not possible to say what will happen in a few months....it's all a gamble.

Agreed. A lot of lenders have totally re written their criteria rules over the last few months.

herbiesjp

merlinbailey wrote: »

Well as already said in other areas and postings it's not possible to say what will happen in a few months....it's all a gamble.

We have pulled out of the sale today...an intrest rate at nearly 10% is not a comfortable place for us...not to mention house price drops...credit mess...negative equity....scary!

Keep saving for know. I'm sure with more than a 30% deposit in the future we will be able to get something.

Exactly, but what you are doing is a great step to try and mitigate any of those changes - well done :T

minimike2

Not all banks with self cert are in trouble.

koexelek

minimike2 wrote: »

Not all banks with self cert are in trouble.

True. It is the ones that did it a too high a loan to value who are mainly suffering.

merlinbailey

Today recieved the offer from GE Money......10.34%!!!!!!!

Made me cry, as we have just pulled out. Could have done with not even seeing an offer, it would be all to easy to accept it and get our home.

But on top of this rate, high arrangement fee, stupid tie in (life of loan), and awful rate after fixed period ends, and despit the valuation stating that in 3 months the val would have dropped by 15%...85% LTV would possibly put us in negative equity at end of fixed period.

Definatley no!

beaujolais-nouveau

merlinbailey wrote: »

Today recieved the offer from GE Money......10.34%!!!!!!! ... Definatley no!

Eek. :eek: You will probably look back on this as blessing, in the coming months, though. When I took out my first mortgage, the interest rate was 15 per cent - I was too frightened to look at my bank statements for about six months.

merlinbailey

I've been at that point in the past....not fun.

But when you look back to your first mortgage do you reget taking those first scary steps?

beaujolais-nouveau

merlinbailey wrote: »

But when you look back to your first mortgage do you reget taking those first scary steps?

No, but everything was different then. At the end of 1979

* I was 29, not (nearly) 59 as I am now;
* I had no trouble, ever, getting new jobs when I wanted to change (I am currently self-employed because since being made redundant for the second time in 2004 I have not been able to get a salaried job, despite having had loads of interviews);
* I had yet to experience my BIG health scare of 1991;
* the global economy wasn't about to fall off a cliff;
and so on.