Mortgage lending plummets to 10-year monthly low...

Really2

shortchanged wrote: »

What I don't understand is why such a staunch Tory supporting paper is publishing bad news on the economy.

Because they dont understand, it is not actually bad.

Lending for new purchases is about the same, approvals are about the same so all things being equal house prices are........:)

It is all down to people not remortgaging, that is not bad for the economy. If it is cheaper for them to drop on to SVR it should be partly good for the economy as they should have more money to spend.

edit,
Is the DM a tory supporter? I just thought it was for people who had given up thinking for themselves.

IveSeenTheLight

This thread was already being discussed here
https://forums.moneysavingexpert.com/discussion/2738660

I'm sure the mods can merge this thread into that one.

Conrad

I own a small mortgage broker firm.

The FSA in it's zeal to bring about responsible lending (which the Deputy PM claimed was a great victory yesterday) has put mortgages out of the reach of millions of borrowers. There are almost 70% less brokers that in 2007.

I'm not just talking about out and out liars here just as non tax payers obtaining self cert, oh no, this affects a great swathe of otherwise perfectly credit worthy would be home buyers.

ONE EXAMPLE - A Nurse I cannot help as she works for 3 agencies. She is now forced into the waiting embrace of landlords.

Well done FSA.

You may evert a few repossessions (less than 1% of borrowers are atucally repossessed), but have cut millions of people out of the home owning market.

THE REAL CRIME - no one yet in Government realises a great quiet herd of credit worthy people have been caught in the FSA' sights.

Conrad

The FSA have seen to it that millions of otherwise mortgageworthy applicants are being forced into a landlords embrace. Less than 1% of all borrowers are repossesed, so the FSA will avert a few thousand of them through tougher lending criteria but millions will pay the price and be forced to rent. This is an unknown crime right now.

Before anyone yells 'lie to buy' you need to know what your'e dealing with. Many many borrowers do not fit the normal mold - for example an agency Nurse or an older person - none of them can now borrow.

PS I am a mortgage broker (own a small firm)

I'm making money in this climate but I feel very sorry for the people I know habitualy turn away.

shortchanged_2

Really2 wrote: »

edit,
Is the DM a tory supporter? I just thought it was for people who had given up thinking for themselves.

Please tell me you are having a laugh? :eek:

Really2

shortchanged wrote: »

Please tell me you are having a laugh? :eek:

I have never read it. I thought it was for people who were "phobic" about pretty much everything.

RenovationMan

I'm in a 3 year tracker deal at the moment, but if we hadnt moved house in May I would have been more than happy to stay on the SVR forever. As someone else has already said, get ready for record mortgage arrangements once interest rates start moving.

I wouldnt be surprised if these days of record low mortgage lending coincide with record highs of people on SVR. No wonder some of the banks are using devious means to try and force people onto new deals (such as forcing IO mortgage holders onto repayment), the banks must be hurting badly with no arrangement fees forthcoming and no reasonable excuse for raising SVR rates.

HAMISH_MCTAVISH

carolt wrote: »

What an exciting fantasy life you lead.

.............

HAMISH_MCTAVISH

Really2 wrote: »

Lending for new purchases is about the same, approvals are about the same so all things being equal house prices are........:)

It is all down to people not remortgaging,

And yet still our resident bear population gets suckered into a thwaptastic orgy of multiple thread posting.

You couldn't make it up....:rotfl:

shortchanged_2

Really2 wrote: »

I have never read it. I thought it was for people who were "phobic" about pretty much everything.

That's just another definition of right wing.:D