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Debate House Prices
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And So It Begins.... High LTV lending to return
Comments
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They ask to see your bank statements to get a mortgage offer ... and between exchange and completion they might run a credit check again and spot the new loan.
So there's a lot of underhand work that would have to be done.
Anyway .... £100k should be the cost of a house. It's nuts that people have to pay more than this.
Prices have to fall. No more magic tricks please.0 -
PasturesNew wrote: »They ask to see your bank statements to get a mortgage offer ... and between exchange and completion they might run a credit check again and spot the new loan.
So there's a lot of underhand work that would have to be done.
Anyway .... £100k should be the cost of a house. It's nuts that people have to pay more than this.
Prices have to fall. No more magic tricks please.
You'll have to forgive me. I bought in 2006. No one even asked to see a bank statement. All they asked me for were 3 months of wage slips and 2 years worth of self assesments.
Badda bing, mortgage.0 -
This is no different to Liars Loans... All it will take is a tick box on the mortgage application confirming your deposit, perhaps even looking to check your bank balance prior to mortgage agreement.
This is sub-prime but worse and will come to bite them in the !!!!! one way or other.0 -
Graham_Devon wrote: »You'll have to forgive me. I bought in 2006. No one even asked to see a bank statement. All they asked me for were 3 months of wage slips and 2 years worth of self assesments.
Badda bing, mortgage.
I think things have changed somewhat since 2006 though dont you? How many self-certs are there these days?
Banks want 25% deposit minimum for a reason.0 -
I think things have changed somewhat since 2006 though dont you? How many self-certs are there these days?
Banks want 25% deposit minimum for a reason.
Certainly. I just didn't realise they were going to such lengths for you to prove your deposit etc, as singlesue has corrected me on.
My experience from paying my deposit was to apply for the amount of funding needed, get it, then pay my solicitor the deposit side. Can't actually remember the mortgage company having anything to do with my deposit, or how I would fund it etc.
Theres loads getting loans from mum and dad to buy houses, I just assumed this was the same kind of thing, just obviously not mum and dad.0 -
You bought at the peak of lender slackness though.Graham_Devon wrote: »You'll have to forgive me. I bought in 2006. No one even asked to see a bank statement. All they asked me for were 3 months of wage slips and 2 years worth of self assesments.
Badda bing, mortgage.
If you'd not bothered with those, they'd have accepted a fogged mirror.0 -
Graham_Devon wrote: »Theres loads getting loans from mum and dad to buy houses, I just assumed this was the same kind of thing, just obviously not mum and dad.
It is the same thing.
As I pointed out earlier, nobody puts up a billion pounds of lending funds if they don't think they can lend it.
And a loan is a loan, whether it comes from bank of mum and dad or bank of Hitachi.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Maybe somebody in Ashford is trying to raise some pennies to buy a very successful portfolio of investment grade properties... it might be ideal.0
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Bank of mum and dad doesnt come with userous interest rates to cover the potential for default, nor do they typically require repayment at all.HAMISH_MCTAVISH wrote: »It is the same thing.
As I pointed out earlier, nobody puts up a billion pounds of lending funds if they don't think they can lend it.
And a loan is a loan, whether it comes from bank of mum and dad or bank of Hitachi.
Completely different. You can sort out missed payments from mum and dad far more easily than you can with a bank. There is no suggestion that a second charge will be placed on the house, these loans wont be coming in at anything less than 15% APR.0 -
I never knew anybody who had a bank of mum and dad. A few quid here and there maybe, but nothing like a deposit for a house or anything big. Just quick bail outs, £50 here and there until payday.
It's either a newer thing, or the power of the internet connecting more people whose lives would never have crossed before.0
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