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Debate House Prices


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Getting a mortgage is going to get even tougher.

«1345

Comments

  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Not as hard as getting a job is though.
  • Buy_It_Now
    Buy_It_Now Posts: 108 Forumite
    homelessskilledworker wrote: »

    Getting a mortgage is going to get even tougher.

    Good news for BTL investors :beer: Rents will soar :j

    istock_000017793345xsmall.jpg&w=600&h=600&f=jpg&q=80
    :money: :money: :money: :money: :money: :money:
  • undetterred
    undetterred Posts: 635 Forumite
    500 Posts
    Buy_It_Now wrote: »
    Good news for BTL investors :beer: Rents will soar :j

    istock_000017793345xsmall.jpg&w=600&h=600&f=jpg&q=80


    Thats the inevitable outcome,seems the bears got what they wished for well and truely priced out now.
  • Batchy
    Batchy Posts: 1,632 Forumite
    I dont thin its going to get tougher, this is to tighten up rules, to stop crap happening again, since northern rock went the banks have been very careful, I dont think this will change anything only formalise it.

    And prevent a re-run of 125% mortgages and 7x 8x multiples
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
  • IveSeenTheLight
    IveSeenTheLight Posts: 13,322 Forumite
    homelessskilledworker wrote: »
    http://uk.news.yahoo.com/rules-mortgages-stop-risky-lending-005402774.html

    Interesting
    During the last decade the majority of mortgages were granted not to first time buyers but people wishing to move home and others wanting to re-mortgage their properties.

    Buy to let mortgages made up the smallest sector of lending.

    Doesn't quite compute with the meme that BTL priced out FTBers.

    Incidently, if it does make it tougher to get a mortgage, what do you think the impact will be on transaction levels, house prices and rents?
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The FSA's new rules are likely to be imposed in 2013. Oh and the rules can be bent for existing borrowers who cannot remorgage.

    Why they can't impose them tomorrow I have no idea.
  • geneer
    geneer Posts: 4,220 Forumite
    undetterred wrote: »
    Thats the inevitable outcome,seems the bears got what they wished for well and truely priced out now.

    :rotfl:Average FTB property down 23% from peak.
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    geneer wrote: »
    :rotfl:Average FTB property down 23% from peak.

    Excatly. And people are still moaning.
  • Percy1983
    Percy1983 Posts: 5,244 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    undetterred wrote: »
    Thats the inevitable outcome,seems the bears got what they wished for well and truely priced out now.

    I wished for a cheaper house and lessor mortgage, thats exactly what I got. :j
    Have my first business premises (+4th business) 01/11/2017
    Quit day job to run 3 businesses 08/02/2017
    Started third business 25/06/2016
    Son born 13/09/2015
    Started a second business 03/08/2013
    Officially the owner of my own business since 13/01/2012
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    All these initiatives bar one are already in operation in the real world. Self cert is long gone, interest only is generally disallowed unless the borrower can prove they have a proper repayment plan, mutlipes are in general fairly prudent.

    The only one currently not enacted is that fast tracking is still widespread (where income proof is not sought from borrowers with high credit scores), so I guess this will end soon but the market impact will be minimal.

    This is just a public awareness formalisation excercise in the main as the bulk of rules are already implemented.

    I am finding year on year rises in buy to let business myself as there is a perception that tigher mortgage rules = more tenants to prey upon.
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