We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
UK Government to Underwrite New Mortgage Lending
Comments
-
I thought you might find that very hard to believe.
I will probably be able to buy a house outright within the next 12 months.
Im also getting out of the building game when i buy a house.
I would rather be out of work than have a corrupt housing market pushing up the price of a roof over your head.
Sure you will when your out of work.......:rotfl:0 -
Ah, don't you just love the free market we have in this country
What further proof does anybody need that the economy = the housing market, and it's only the continued meddling that has held off what would otherwise have been a nailed on much needed correction - or dare I say it, crash.0 -
Hamish the only people regularly being turned down for 90% mortgages are those with bad credit, those who can't prove their earnings and those who want to borrow more than 4 x joint. I know a few people who have got 90% mortgages over last 6 months without much problems. The only people I know who are struggling are those who want 95%.
Therefore unless you are expecting the government to go against Fsa proposals and underwrite risky lending then the type of people you would like to see getting a mortgage are not going to get one0 -
Hamish the only people regularly being turned down for 90% mortgages are those with bad credit, those who can't prove their earnings and those who want to borrow more than 4 x joint. I know a few people who have got 90% mortgages over last 6 months without much problems. The only people I know who are struggling are those who want 95%.
Therefore unless you are expecting the government to go against Fsa proposals and underwrite risky lending then the type of people you would like to see getting a mortgage are not going to get one
Not much different to the sensible times really."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
The UK Housing market DRIVES the UK Economy - it has been like this for decades now.
The Housing market, if very healthy, lifts growth hugely.
People move, people buy carpets, furniture, everything ... they hire in painters, plasterers, they build extensions - employing others - who then buy tools and hire others who buy clothes and cars and food and houses ....
It's the circle of life - and the Government needs to step in to breathe some life into it .... why don't they buy every house builders can build at cost price + 20% and sell at their cost +5%?
Everyone wins .....Bringing Happiness where there is Gloom!0 -
HAMISH_MCTAVISH wrote: »So essentially what you're saying is that MBS are a bad idea because you think there's a chance someone somewhere at some point may get greedy...
It isn't just a chance and it isn't just the odd one.
If the human race can put man on the moon, we can surely figure out the right label to put on a tranche of mortgages. Prime or sub-prime.
It's really not that hard....
You can legislate for what is on the can but not what they put inside it especially when they have some "rotten apples". A bit like buying fruit on the market when the trader chooses what they put in the bag. Or the tray of chops from the supermarket when you can't see the one on the bottom;)"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
The UK Housing market DRIVES the UK Economy - it has been like this for decades now.
The Housing market, if very healthy, lifts growth hugely.
People move, people buy carpets, furniture, everything ... they hire in painters, plasterers, they build extensions - employing others - who then buy tools and hire others who buy clothes and cars and food and houses ....
It's the circle of life - and the Government needs to step in to breathe some life into it .... why don't they buy every house builders can build at cost price + 20% and sell at their cost +5%?
Everyone wins .....
Problem is we are no longer generating the wealth to allow us to do it.
All that i has happened in those decades is that we have successively pawned our assets until we can't afford to reclaim them.
Not me of course but I am still getting hammered because many have."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
The UK Housing market DRIVES the UK Economy - it has been like this for decades now.
The Housing market, if very healthy, lifts growth hugely.
People move, people buy carpets, furniture, everything ... they hire in painters, plasterers, they build extensions - employing others - who then buy tools and hire others who buy clothes and cars and food and houses ....
It's the circle of life - and the Government needs to step in to breathe some life into it .... why don't they buy every house builders can build at cost price + 20% and sell at their cost +5%?
Everyone wins .....
No, the government need to stop meddling, let the market find it's own level - which we both know will be lower and affordable prices - and then maybe the people who have been completely priced out by the selfish greed that pushed prices to absurd levels can actually buy property and we can get the market moving at healthy volumes again - until that happens, this country will remain screwed and the housing market will scrape along until it dies. All because of greed.0 -
EchoLocation wrote: »Ah, don't you just love the free market we have in this country
What further proof does anybody need that the economy = the housing market, and it's only the continued meddling that has held off what would otherwise have been a nailed on much needed correction - or dare I say it, crash.
Yup, and it was pretty predictable. You have to play by the new rules.0 -
Hamish the only people regularly being turned down for 90% mortgages are those with bad credit, those who can't prove their earnings and those who want to borrow more than 4 x joint. I know a few people who have got 90% mortgages over last 6 months without much problems. The only people I know who are struggling are those who want 95%.
Therefore unless you are expecting the government to go against Fsa proposals and underwrite risky lending then the type of people you would like to see getting a mortgage are not going to get one
What a load of tosh.
The vast majority of applicants get turned down at 90%.
Those with an average credit score haven't got a chance. Even those with a very good score get turned down more often than not, or only offered an absurd rate.
One of the lads I work with got turned down 5 times this year, with a very high credit score. No late payments ever, no current debt, same address 5 years, stable job, low LTI, etc.
He got accepted on the 6th try... But was only offered a 7% rate.:eek:
Then it was 7th time lucky at 5%, from a different high street brand of the same banking group that turned him down twice before.
When he asked the bank mortgage advisor why, they said their criteria change all the time depending on how much they have available to lend that day, week or month. Mortgage Rationing, in other words.
It's absolute insanity out there....
There is no functional mortgage market in the UK at the moment, and what we have now bears no resemblance to historically normal, prudent, or sensible lending.
Banks are cherry picking the absolute cream of the crop, and abandoning the vast majority of ordinary families and the young. :cool:“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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards