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

carolt

Conrad wrote: »

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.

Don't feel sorry for them. It is in their interest for mortgages to become harder to get because the inevitable fall in demand will lead to cheaper house prices. Which will enable these same people to buy a house a couple of years down the line at a much lower cost.

Banks aren't lending now because they know prices have much further to fall. Once the falls have happened, lending criteria will return to normal, giving your nurse a mortgage she wants at a good rate AND a much cheaper property price to boot.

She'll be very, very glad she couldn't get that mortgage.

Graham_Devon

Really2 wrote: »

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........:)

The same as the other low figures which suggest lending is hard to get, yes.

Not the same as any figure we saw before the credit crunch.

Really2

Graham_Devon wrote: »

The same as the other low figures which suggest lending is hard to get, yes.

Not the same as any figure we saw before [STRIKE]the credit crunch[/STRIKE]the base rate started to fall.

edited, not sure how many times the same things needs explaining.

this is all to do with remortgaging!


there are 11m propertys out there with a mortgage, that makes up a massive part of the market in these figures.

Same conversation this time next month and every month until rates start to rise?

Graham_Devon

Really2 wrote: »

edited, not sure how many times the same things needs explaining.

this is all to do with remortgaging!


there are 11m propertys out there with a mortgage, that makes up a massive part of the market in these figures.

Same conversation this time next month and every month until rates start to rise?

No need to edit, just read what I quoted, and replied to (hint, it wasn't remortgaging)...I'll highlght it in pretty colours for you:

Really2 wrote: »

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........:)

Same as what?

Last months extreme low?

Really2

Graham_Devon wrote: »

No need to edit, just read what I quoted, and replied to (hint, it wasn't remortgaging)...I'll highlght it in pretty colours for you:



Same as what? Last month as per the article, doh.

Last months extreme low?

Could you pop it in english and add some figures to it GD.
If you are saying when less houses sell, banks don't lend as much, well done gold star.

I see the top of the boom is the marker again. yet over 80,000 houses are selling each month.


Could you stop dry humping my leg now please.

System

I think Graham is trying to agree with your initial point Really, lending isn't really changing much, this topic is the same every month, yawn.

Graham_Devon

You were saying others don't understand. It's not actually bad.

To qualify it as not bad, you have taken last months extreme low figure and said " look, its the same, it's not bad".

Much like me looking at my accounts and saying "oh, was 50k in the red last month, but this month, I'm 50k in the red....therefore, it's not bad", and then going on to tell others they don't understand.

The extreme low is pretty bad news for us all. Just because it's not got worse, does not mean that others don't understand because their viewpoint differs from your own.

Really2

Joeskeppi wrote: »

I think Graham is trying to agree with your initial point Really, lending isn't really changing much, this topic is the same every month, yawn.

No, he can't do that.

Really2

Graham_Devon wrote: »

You were saying others don't understand. It's not actually bad.

To qualify it as not bad, you have taken last months extreme low figure and said " look, its the same, it's not bad".

Much like me looking at my accounts and saying "oh, was 50k in the red last month, but this month, I'm 50k in the red....therefore, it's not bad", and then going on to tell others they don't understand.

Did I? it was the independent article which talked about lending for purchases and approvals being about the same.
I said, the figures are as not that bad for the economy as it means more people are going to SVR, and what did you say about mortgage holders on SVR being better off than any time in the last decade?
Could they not then spend more?

Taking the gross lending figure and then relating it to how much is lent for house purchase just shows how much you really can't grasp this.

As I said, can you stop dry humping my leg now.

Your edit

Graham_Devon wrote: »

The extreme low is pretty bad news for us all. Just because it's not got worse, does not mean that others don't understand because their viewpoint differs from your own.

I said the Daily mail did not understand, they did not acknowledge why gross lending is declining.Remortgaging.

Graham_Devon

Really2 wrote: »

Did I? it was the independent article which talked about lending for purchases and approvals being about the same.

Oh right, the independant article which you said:

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

about?

And now, you are claiming it wasn't you who said it, but the independant article, therefore not your fault. You seemed to agree with them, and the mortgage figures are actually not bad. But now it's all the papers fault and they don't understand.

Ironic.