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Loan to Value Ration is ruining my life!!!
Comments
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Chelsea needs to protect itself should you lose your jobs and it be forced into repossessing and selling. House prices are still going down so taking on 93% LTV mortgages is simply too risky. Banks previously taking on very risky loans is a large part of the current economic problem.0
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You want to embark on an ambitious "investment," but the reality is you don't have the money to do so. Tough luck.
...a bit harsh that.
unfortunately Chelsea have strictly limited criteria at the moment and whilst your mortgage would be in all likelyhood be portable the new application would have to fit their current criteria which it doesn't I'm afraid.
"risky" loans etc etc doesn't really come into so much as the Chelsea have elected not to make further lending in the market you are now looking at.
I would love to tell you something more positive. You are still in positive equity and I assume you can still maintain your present commitments so it could be worth giving serious thought to sitting things out for the time being.
all the best in what ever you decide.Happily an ex mortgage broker!0 -
happybroker wrote: »...a bit harsh that.
unfortunately Chelsea have strictly limited criteria at the moment and whilst your mortgage would be in all likelyhood be portable the new application would have to fit their current criteria which it doesn't I'm afraid.
"risky" loans etc etc doesn't really come into so much as the Chelsea have elected not to make further lending in the market you are now looking at.
I would love to tell you something more positive. You are still in positive equity and I assume you can still maintain your present commitments so it could be worth giving serious thought to sitting things out for the time being.
all the best in what ever you decide.
it's all about risk and return.0 -
Sorry to be negative but welcome to 2009!"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
You typed "If you have nothing useful to say then why reply?"
Whereas what I think you really mean is...."If you are not going to say what I want to hear, then don't reply!!"0
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