Repossessions: 5 million at risk

Emy1501

chucky wrote: »

i think you're not right here.

BOE base rate of 0.5% has very little to do with house prices.
if mortgage rates had fallen in line with this i could agree with you.

prices stopped falling because house prices found their resistence/bottom level where people started to buy them again.

pre-Feb 2009 there was not enough effective demand.
post this date the effective demand increased and drove house prices.

SVR for NR, Halifax, NW, LLoyds Group, BB including Mortgage express etc saw their base rates go from anwhere between 6-7.5 to around 2.5%. Many people who could not re mortgage stuck on SVR would have hugely benefited from this.

chucky

Emy1501 wrote: »

SVR for NR, Halifax, NW, LLoyds Group, BB including Mortgage express etc saw their base rates go from anwhere between 6-7.5 to around 2.5%. Many people who could not re mortgage stuck on SVR would have hugely benefited from this.

but these SVR's were only applicable to existing homeowners with a mortgage.

we're talking properties for sale on the market - the mortgage rates for these were not 2.5% or even 0.5% but up and over 5% for new buyers.

Emy1501

chucky wrote: »

but these SVR's were only applicable to existing homeowners with a mortgage.

we're talking properties for sale on the market - the mortgage rates for these were not 2.5% or even 0.5% but up and over 5% for new buyers.

It stop forced sellers coming to the market.