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Banks continue to find new and innovative ways to ration mortgages
Comments
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Well no, it wasn't hacked, but I didn't realise that irony was no longer allowed.
It's kind of amusing - but sad - that homelessskilledworker's nasty little jibe about the fact I'm married to an immigrant is left here when the original post parodying Daily Mail attitudes to Johnny Foreigner was removed (but then quoted twice). I'm not playing the race card, I'm commenting on how the Daily Mail views the world.
And of course the killing joke here is that a sad thicko, embittered because his wife dumped him and took half the equity from his house, ACTUALLY plays it and no-one complaining turns a hair. I'm not going to press the "report" button, because that in itself is pretty pathetic, but frankly there is more racism and outright nastiness in the comment about my "coloured boyfriend" than you'll ever find in anything I post. Not that it's the first of the kind from this poster and his previous incarnations.
The Daily Mail is an unpleasant newspaper. It has an agenda based on the idea - not so far away from hsw's philosophy - that somehow the country has been wrecked by groups it doesn't like, which includes immigrants and foreigners, particularly Europeans, and it's painting something that is in fact a reasonable interpretation of affordability criteria as snooping and rationing, when that isn't needed. In using an article from it to make a point Hamish isn't doing the side of the argument that uses proper data and proper arguments any favours.
Oh Dear!
Here we go again, you are given a small about of information(usually by the poster himeself) and you have this incredible skill to not only know all about him/her but as usual you are able to administer a mental condition:rotfl:
I know nothing about you, and I wish I knew nothing about you immigrant coloured husband, but it seems like you spend half your time on here talking about racial injustice and your personal opinions on racial issues as well, even if the subject is not even mentioned.
NOBODY CARES, it is all in your head, STOP bring the subject up if you do not like what you hear.
I would love to give you my opinion on immigration, but what is the point, people like you will use censorship to batter the whole of the UK into agreeing with you(and you will be the first to run off to the mods). If I was you I would listen to an interview that John Barnes recently gave about racism, people like you do more harm than good in the way they try and batter the UK population into submission.
This is a housing debate board, please STOP boring as all to death with your marriage details, nobody cares.
And by the way, the other day I was Guardian reader according to one of your Bull buddys, I have also been right and left wing, and today I am a Daily Mail reader according to you:)
You guys try so hard to get your venom out that you will just spew out anything.
Just please dont call me an Express reader like yourself/MrRees/Sibley/wotsthat/ joeskeppi/positive)equity/RM/Hamish
that would be hurtfull0 -
I know at least 5 people who have taken out 90% mortgages over the past few months. Someone else I know only had a 5% deposit and therefore took out a loan for the other 5% and got a 90% mortgage no problems.
Its not hard to get a mortgage these days as long as you have a 10% deposit.
Hamish would have us believe otherwise.
Who is telling the truth ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Hamish would have us believe otherwise.
Who is telling the truth ?
Yes I wonder if Hamish has considered the possibility that not many people want to buy at the moment because they actually realise that the housing market is overpriced.0 -
"Banks continue to find new and innovative ways to ration mortgages"
Quite the opposite headline to what it would have been 6 years ago......
"Banks continue to find new and innovative ways to give out more mortgages"
Now, I ask you, which of these scenarios is likely to cause the most trouble ?
Not hard to answer. Look what happened to the most "innovative" banks.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Hamish would have us believe otherwise.
Who is telling the truth ?
He talking rubbish. Any young couple with a 10% deposit. Good credit history ie no defaults will be able to get up to 4.5x joint full time wages.
The above is more than in 2004 when the max any normal lender would lend was 3x and that was even with a 25% deposit0 -
Itismehonest wrote: »Even those who can qualify for mortgages & have deposits are often finding it tough.
Indeed.
The other boards on here frequently feature posts from people wondering why their 10% or 15% deposit, full time job and a clean credit history weren't enough to get approved for a mortgage.
And the mortgage brokers who reply will admit that the majority of such applications are refused.
The simple fact is the banks don't have enough money to lend to meet demand from good applicants, and so must ration those funds.“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 -
He talking rubbish. Any young couple with a 10% deposit. Good credit history ie no defaults will be able to get up to 4.5x joint full time wages.
The above is more than in 2004 when the max any normal lender would lend was 3x and that was even with a 25% deposit
Sorry Emy, but that is just an outright lie.
The fact that you know a few people in London with 60K income who have been approved does not mean there isn't a national crisis in mortgage lending.
Even the Council of Mortgage Lenders admit the mortgage market is "dysfunctional".“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 -
HAMISH_MCTAVISH wrote: »The other boards on here frequently feature posts from people wondering why their 10% or 15% deposit, full time job and a clean credit history weren't enough to get approved for a mortgage.
And the mortgage brokers who reply will admit that the majority of such applications are refused.
The simple fact is the banks don't have enough money to lend to meet demand from good applicants, and so must ration those funds.He talking rubbish. Any young couple with a 10% deposit. Good credit history ie no defaults will be able to get up to 4.5x joint full time wages.
Clearly these posts are at odds with each other.
The fact is that the number of mortgages being underwritten and net mortgage lending have both fallen since 2007. That means, IMO, either:
1. Demand for mortgages has fallen (i.e. people don't want to buy houses)
2. Suppy of mortgages has fallen
3. A combination of the two.
So what do we think? People can get mortgages but don't want them or people can't get mortgages because banks won't lend.0 -
HAMISH_MCTAVISH wrote: »Indeed.
The other boards on here frequently feature posts from people wondering why their 10% or 15% deposit, full time job and a clean credit history weren't enough to get approved for a mortgage.
And the mortgage brokers who reply will admit that the majority of such applications are refused.
The simple fact is the banks don't have enough money to lend to meet demand from good applicants, and so must ration those funds.
The banks dont have enough money to lend because they gave too much of it out during the boom.
The banks turned the free money tap off because they had pushed it as far as they could.
The loan sharks in my area work in the exact same way.
Its what is commonly know as a trap.0
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