A quarter of homeowners cannot get a mortgage

halight

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6667235.ece

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Good news, people being saved from themselves. Here is a message to EA's....... the housing market is a ponzi scheme, when these schemes fail they can only be restarted again when the level of money/debt, shovelled in at the bottom becomes sustainable, either to borrow or to lend, I suggest this time is some way off.

purch

75% of Homeowners can get a Mortgage :j

IveSeenTheLight

ad9898 wrote: »

Good news, people being saved from themselves. Here is a message to EA's....... the housing market is a ponzi scheme, when these schemes fail they can only be restarted again when the level of money/debt, shovelled in at the bottom becomes sustainable, either to borrow or to lend, I suggest this time is some way off.

Good News????

These are existing homeowners, not potential buyers.

If existing homeowners cannot re-mortgage, then they could end up paying more money in interest and cost them more overall potentially forcing them out of their homes.

I didn't realise that forcing people out of their homes was a good thing

IveSeenTheLight

purch wrote: »

75% of Homeowners can get a Mortgage :j

77.5% if you read the article

Still not good news if it is true that 22.5% cannot re-mortgage

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IveSeenTheLight wrote: »

Good News????

These are existing homeowners, not potential buyers.

If existing homeowners cannot re-mortgage, then they could end up paying more money in interest and cost them more overall potentially forcing them out of their homes.

I didn't realise that forcing people out of their homes was a good thing

Well that will teach me to read the OP title and not the article, apologies. Just to edit, it shows what is in store when IR's go up if 25% of people who own can't remortgage........... it shows they have wanted to remortgage, tried, and failed......... IR rise = utter carnage.

bryanb

IveSeenTheLight wrote: »

Good News????

These are existing homeowners, not potential buyers.

If existing homeowners cannot re-mortgage, then they could end up paying more money in interest and cost them more overall potentially forcing them out of their homes.

I didn't realise that forcing people out of their homes was a good thing

People take on mortgages in the full knowledge that interest rates will probably rise when whatever deal they are on expires. It's all in the small print

purch

if you read the article

I'm not gonna start doing that !!!! :eek:

IveSeenTheLight

bryanb wrote: »

People take on mortgages in the full knowledge that interest rates will probably rise when whatever deal they are on expires. It's all in the small print

It's not due to IR's that these homeowners cannot get a mortgage, it's the tighter lending criteria.

Indeed, the IR's available now will be very similar to what people had before.

I was reading this as people who had bought with a 5-10% deposit, now need 20% to re-mortgage

pickles110564

ad9898 wrote: »

Well that will teach me to read the OP title and not the article, apologies. Just to edit, it shows what is in store when IR's go up if 25% of people who own can't remortgage........... it shows they have wanted to remortgage, tried, and failed......... IR rise = utter carnage.

Well done Ad, you still managed to put your depressing spin on the statement.

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pickles110564 wrote: »

Well done Ad, you still managed to put your depressing spin on the statement.

It maybe depressing, but I don't really see it as spin, it's the truth isn't it ? A spade is spade.