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Santander overhauls interest-only loans

2

Comments

  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    RenovationMan wrote: »
    Seems excessive to reduce the maximum LTV to 50% but that's the way of all knee-jerk reactions. It doesn't really make much difference as existing mortgage holders will look elsewhere or will already have an LTV lower than 50%.

    My mortgage is an IO with Santander and I haven't heard a peep from them. I assume a mailshot to their customers will be winging its way at some point.

    Looks like you'll get lucky if your gamble pays off RenoMan. Or did you see this coming? ;)
    Why are we here?......................because we are not all there.
  • RenovationMan
    RenovationMan Posts: 4,227 Forumite
    shortchanged wrote: »
    Looks like you'll get lucky if your gamble pays off RenoMan. Or did you see this coming? ;)

    I think only a blind person couldn't see that after a credit crunch, borrowing would become more restricted with larger deposits required and lower LTV for the best mortgage deals.

    Are you saying that you didn't see this coming? :eek:
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    RenovationMan wrote: »
    I think only a blind person couldn't see that after a credit crunch, borrowing would become more restricted with larger deposits required and lower LTV for the best mortgage deals.

    Are you saying that you didn't see this coming? :eek:

    Did you inform us of your gamble at the start of this? Under one of your dithering dad usernames?

    Or did you only tell us after the event you had gambled? I've only seen it after the event.

    I could do the same. I took my interest rate gamble in 2006 and it's worked out great for me 6 years later.
  • RenovationMan
    RenovationMan Posts: 4,227 Forumite
    Graham_Devon wrote: »
    Did you inform us of your gamble at the start of this? Under one of your dithering dad usernames?

    Or did you only tell us after the event you had gambled? I've only seen it after the event.

    I could do the same. I took my interest rate gamble in 2006 and it's worked out great for me 6 years later.

    I think you're getting me mixed up with your pal geneer. :rotfl:
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    RenovationMan wrote: »
    I think only a blind person couldn't see that after a credit crunch, borrowing would become more restricted with larger deposits required and lower LTV for the best mortgage deals.

    Are you saying that you didn't see this coming? :eek:
    No I didn't. :eek:
    Why are we here?......................because we are not all there.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    RenovationMan wrote: »
    Seems excessive to reduce the maximum LTV to 50% but that's the way of all knee-jerk reactions.

    One way of Santander protecting themselves against a fall in asset prices.
  • RenovationMan
    RenovationMan Posts: 4,227 Forumite
    Thrugelmir wrote: »
    One way of Santander protecting themselves against a fall in asset prices.

    It'd have to be a severe drop to warrant 50% LTVs. Perhaps the bank's chairman has become a member of the 70% club. :)
  • RenovationMan
    RenovationMan Posts: 4,227 Forumite
    shortchanged wrote: »
    No I didn't. :eek:

    What did you think would happen?
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    RenovationMan wrote: »
    What did you think would happen?

    I thought they would keep chucking 125% mortgages and 6+ times income mortgages at people.
    Why are we here?......................because we are not all there.
  • RenovationMan
    RenovationMan Posts: 4,227 Forumite
    shortchanged wrote: »
    I thought they would keep chucking 125% mortgages and 6+ times income mortgages at people.

    Did you really? Wow, were you ever wrong!

    Does the fact that you were so wrong with this, rather obvious prediction make you wonder whether some of your other ideas could be wrong?
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