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Debate House Prices
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FSA review confirms NO RESTRICTIONS on Loan To Value/Income...
Comments
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Graham_Devon wrote: »Interesting question. We may see more mortgage products, though this may not mean more approvals.
I've been banging on about "where is the money going to come from" for a while now. This only makes that question more poinant. The banning of self certification mortgages, AND an insistence for vigourous income checks, is surely going to effect many many thousands of people.
i don't know the answer to your question about where the money is going to come from but do believe that there is money out there, so doesn't need to come from anywhere. but forget about that for a moment.
banks and lenders would not be releasing these new products if they didn't believe or know that there was demand for their financial products.0 -
Graham_Devon wrote: »It would certainly have effected me, as my income was not checked. If it was, they would have seen I only had 2 years books. I had all my tax returns etc etc, scanned them all as PDF's for ease of initial viewing etc etc, but all they cared about was that I had filled in the form to say I earnt x amount. Didn't even want a payslip (employed & self employed).
And there lies the truth about so called liar loans.
More like lazy lender loans.
I strongly suspect most people who self certed actually could have proved their income was there or thereabouts.
And that the number of people who, for example, actually earned 20K but claimed to earn 100K must be vanishingly small.
If for no other reason that had someone on 20K borrowed 350K, they would have been unable to make more than a couple of mortgage payments before defaulting.“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 -
HAMISH_MCTAVISH wrote: »
And that the number of people who, for example, actually earned 20K but claimed to earn 100K must be vanishingly small.
Without a doubt.
But those saying they earned 30k when they earned 20k I would have thought would have been rather large.0 -
Graham_Devon wrote: »But those saying they earned 30k when they earned 20k I would have thought would have been rather large.
I would debate with you Graham, however...
The more that miss the boat, the more for moi.
:)
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Graham_Devon wrote: »Without a doubt.
But those saying they earned 30k when they earned 20k I would have thought would have been rather large.
Possibly.
But then that level of difference is small enough that it can be remedied more easily for many people if they get in trouble. Get a second job, get a better paying job, work overtime, get a flat mate, get a girlfriend/boyfriend with a job to move in with you. etc etc etc.....
It seems a bit silly, and a bit riskier than perhaps would be advisable, but it's very unlikely to be catastrophic for most.“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 -
HAMISH_MCTAVISH wrote: »Now both prices and rents are heading up, there is almost no prospect of any further meaningful falls, and the gamblers have lost.
A bit like you did when you bought at the top and are now in massive NE / lost a fortune on BTL?0 -
A bit like you did when you bought at the top and are now in massive NE / lost a fortune on BTL?
*sigh*
I don't know why I bother, but.....
a) Prices have risen in Aberdeen since I bought.
b) Prices in Aberdeen are now back to within just 1% of August 2007, and up 4% on August 2008
c) I don't own a BTL
d)Renting in the meantime would have cost £25K plus...
e)Mortgage interest in the meantime has cost me less than £10K....
f) An idiot would see that almost anyone buying in 2007 in Aberdeen is tens of thousands ahead of a renter for the same time period. Why can't you?“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 -
:rolleyes:HAMISH_MCTAVISH wrote: »*sigh*
I don't know why I bother, but.....
a) Prices have risen in Aberdeen since I bought.
b) Prices in Aberdeen are now back to within just 1% of August 2007, and up 4% on August 2008
c) I don't own a BTL
d)Renting in the meantime would have cost £25K plus...
e)Mortgage interest in the meantime has cost me less than £10K....
f) An idiot would see that almost anyone buying in 2007 in Aberdeen is tens of thousands ahead of a renter for the same time period. Why can't you?
Best defence. I'm alright Jack. So don't understand what is happening in the wider market. :rolleyes:0 -
Thrugelmir wrote: »:rolleyes:
Best defence. I'm alright Jack. So don't understand what is happening in the wider market. :rolleyes:
As a direct response to a false accusation of NE, BTL, etc, it's entirely appropriate.
As for your post, the wider market is recovering.
You have been bearish all year about house prices. Yet prices are up by 9% anyway....
Oh, don't get me wrong, your thoughts and perspectives are well thought out, your concerns are valid, and to be fair, I am fully aware that we are not 100% out of the woods yet.
But the biggest risks have passed, armageddon was averted, and the chances of further substantial falls decrease with every month that passes.“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
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