How could anyone lend us that much!

Really2

lostinrates wrote: »

I posted a thrad on crdit available only a coupl of days ago, sadly it has not yet saved the economy.

I am not a bear. I am neither. I do what I think is right at the time.

Absolutly and belive me I am no rampaging bull.

But telling some one there is serious problems between the multiple they say and the one you get sould not be offensive.

It is one of the reasons we got in this mess is that people still think look what I can get (even if in fact now they can't).

Really2

lostinrates wrote: »

BTW I breathe and don't mention it here all the time :rolleyes:

I fart, I don't mention it here all the time either.:rolleyes:

See were not that different.;)

lostinrates

Really2 wrote: »

Absolutly and belive me I am no rampaging bull.

But telling some one there is serious problems between the multiple they say and the one you get sould not be offensive.

It is one of the reasons we got in this mess is that people still think look what I can get (even if in fact now they can't).

Who said I was offended, I just think yoare not always right!

I do not think kk meant to boast or say look at me, I did not when I posted, but rather genuinely suggesting amazement. TBH, its you who seem offended when I suggest what you said was wrong in my case.

Really2

lostinrates wrote: »

Who said I was offended, I just think yoare not always right!

I do not think kk meant to boast or say look at me, I did not when I posted, but rather genuinely suggesting amazement. TBH, its you who seem offended when I suggest what you said was wrong in my case.

Neither do I, and never said I was just stating one of the biggest fall over of house sales at the moment is offer accepted, API in hand, Multiple refused.

No I found amazement that knowing a bank manager can cause rule bending thats all.
you have to accept I am talking "general conditons of lending" not special cases.

I think it is wrong that people post on here going look I can 6X salary when in fact they have not had a AIP and not looking to borrow that much.

It gives others false hope in my oppinion because 99.9% of motgages applicants wont get it as it is classed as risky lending now.

kunekune

Where I did I say this wasn't an AIP? It was. And why is it wrong to comment on what an AIP says just because I don't want to borrow that much? Why do you keep banging on about the fact that a bank might refuse a loan at a later stage, despite an AIP? That is exactly what an AIP is - an agreement IN PRINCIPLE, not an offer. It's no shock. All sort of things can change between an AIP and putting in a proper application, and of course some people don't tell their bank the truth, or don't realise that something they know and haven't told the bank is relevant.

Someone who doesn't know what an AIP might need educating. I'm not one of those people, I've had mortgages before - we're STRs, not true FTBs. We did have two mortgages at once on one occasion, though I don't think that's anything to brag about. We never bothered with an AIP in previous negotiations, because our own assessment of what we could borrow was more accurate - and more conservative. We are doing it that way this time because we're trying to persuade sellers to take a big drop and it seems that one of the things they want to know is that, at least in principle, we can get money. Short of showing them our bank statements (NOT a good idea in negotiations) this is really the only the way to do that. Since we know we're not fibbing or at the risky end of personal affordability, we also know that the biggest risk of a sale falling throuh isn't with the multiples it's with unrealistic sellers, surprises in surveys, us pulling out, that kind of thing.

I was NOT gloating, I was, as lostinrates says, expressing surprise that the multiples used in an AIP were so different from what I expected, and how irresponsible this was.

Really2

kunekune wrote: »

Where I did I say this wasn't an AIP? It was. And why is it wrong to comment on what an AIP says just because I don't want to borrow that much? Why do you keep banging on about the fact that a bank might refuse a loan at a later stage, despite an AIP? That is exactly what an AIP is - an agreement IN PRINCIPLE, not an offer. It's no shock. All sort of things can change between an AIP and putting in a proper application, and of course some people don't tell their bank the truth, or don't realise that something they know and haven't told the bank is relevant.

, we also know that the biggest risk of a sale falling throuh isn't with the multiples it's with unrealistic sellers, surprises in surveys, us pulling out, that kind of thing.

I was NOT gloating, I was, as lostinrates says, expressing surprise that the multiples used in an AIP were so different from what I expected, and how irresponsible this was.

Fair enough but you might want to quetion the lender why you asked for a loan of what £140K and they give an AIP for £285K? ( i presume you have found a property mean as you have a specific amount?)

As for the bold bit what are you on about unrealistic Sellers as a cause of a sale falling through (what putting the price up after agreement that is ilegal)? Acepting an offer then the buyer pulling out unless they knock more off:rolleyes: .(even though my family member is an EA and rates credit as the bigest reason for a sale to fall through but your vast day to day experiance must out weigh his.)

As you say you are an STR It seems someone might have a hidden agenda here.

"Credit freely available, drop your prices now the credit cunch does not exist":rolleyes:

Great so what is the point of you posting I can get £285K but I know I most probaby wont?

There are people strugling to get credit out there and if you are so knowladgable of the market you must have some kind of aggenda to make out there is not.:rolleyes:

Good job you did STR with £26K as your deposit you must of had Very little equity.
Why did you STR and then look to come back in so early?
Surely your STR as been not great after costs etc?

carolt

Interesting, OP - I have friends who both work for HBOS and I assumed had a good deal on a staff mortgage. Seeing your example shows me how good! (If generally applicable to HBOS employees.) They recently confided they're v v worried about meeting the mortgage payments, gone interest only to save money, basically v close to default.

I'm now wondering where the hell they've spent the extra money - their house wasnn't that expensive or their salaries so small......

1.5% - wow, we should all be so lucky. Interesting. Not a bad perk, considering the taxpayers have bailed them out.

kunekune

carolt, I think that a lot of HBOS employees don't have staff mortgages. Normally, the perk isn't worth a great deal, and they will have chosen to get a standard mortgage and fix it - can't get a fixed rate with a staff mortgage. Until recently, the no fees thing didn't matter because fees weren't high anyway, ditto the LTV rules. So these friends are quite probably on an ordinary mortgage. So far as the little worry at the end, we will have to pay fringe benefit tax. So it isn't a complete freebie. Remember that banking, at least in ordinary echelons, doesn't pay desperately well, and most people have relied on their bonuses (really, part of the salary package) and share offers. Not much bonus this year and the shares people have are worthless. I'd somewhat object to the suggestion that the employees have benefitted from a bail out, too. Some have lost their entire savings and many could well lose their jobs. There is no protection in the bail outs for employees, they're in just the same position as employees in any other business that gets taken over.

kunekune

And really2, I don't think there is any point replying to you. The only thing I'd say was that 'falling through' in my book includes failing to agree a sale price, hence the reference to unrealistic sellers, that's not technically a falling through, I suppose. Your reference to my savings I won't bite on: you don't know the story, and I can't be bothered telling you, given your general attitude.

Really2

kunekune wrote: »

And really2, I don't think there is any point replying to you. The only thing I'd say was that 'falling through' in my book includes failing to agree a sale price, hence the reference to unrealistic sellers, that's not technically a falling through, I suppose. Your reference to my savings I won't bite on: you don't know the story, and I can't be bothered telling you, given your general attitude.

But you did.

A sale is not a sale until a price is agreed you are mad to think otherwise.
If i offered a £1 for a house and the seller says no is that a fallen through sale in "your book" If so get rid of "your book":rolleyes:
You cant then go on to say well it might not technicaly be a sale

Sorry I don't know your STR story