Whinging.

Brallaqueen

ILW wrote: »

You cannot be on SVR then.

You're right, I'm not. But my fix will end in Jan 2013 and I am worried that between now, and then, the SVR increases will snowball.

If my bank has raised it now, what's going to heppen in the next 9 months? Will my bank copy BOI's 1.5% increase? Or blow it out of the water?

RenovationMan

Graham_Devon wrote: »

LOL, that's a no then....you can't actually show me a product that people would qualify for.

That would have been a much more civilised answer.

Well not when you're setting a criteria that only covers a tiny proportion of the people on SVR, which takes me back to my original point. Do you really believe that everyone on SVR has 85%+ LTV?

You're just doing your usual where you go to the extreme of any viewpoint that covers a tiny minority of cases rather than looking at the more general cases that affect the majority of people. A bit of a poor debating practice, but there you go.

Put simply, you can google lots of mortgage products that are accessible by the vast majority of people on SVR. You already know this though, don't you.

Graham_Devon

RenovationMan wrote: »

Well not when you're setting a criteria that only covers a tiny proportion of the people on SVR, which takes me back to my original point. Do you really believe that everyone on SVR has 85%+ LTV?

You're just doing your usual where you go to the extreme of any viewpoint that covers a tiny minority of cases rather than looking at the more general cases that affect the majority of people. A bit of a poor debating practice, but there you go.

Put simply, you can google lots of mortgage products that are accessible by the vast majority of people on SVR. You already know this though, don't you.

I don't think 85% LTV is going to the extreme. Lots of people on SVR's, like myself, will have come off their original fix and be on SVR with less less than 85% of the house owned.

Just go and read the other forums.

You stated everyone can switch. We have now found that this is not the case. There wasn't any need for all the nonsense inbetween.

olly300

RenovationMan wrote: »

Well not when you're setting a criteria that only covers a tiny proportion of the people on SVR, which takes me back to my original point. Do you really believe that everyone on SVR has 85%+ LTV?

It's not an extreme view.

Lots of people on interest only and self cert as well as repayment mortgages brought after 2005. If they brought with a small or no deposit and if property prices have fallen in their areas - and in most places in the country it has - it's very easy for them to have 85%+ LTV.

BTW I live in a place where property prices have stagnated thanks to the local schools.

RenovationMan

Graham_Devon wrote: »

I don't think 85% LTV is going to the extreme. Lots of people on SVR's, like myself, will have come off their original fix and be on SVR with less less than 85% of the house owned.

Just go and read the other forums.

You stated everyone can switch. We have now found that this is not the case. There wasn't any need for all the nonsense inbetween.

Even people with negative equity can leave the SVR, they just have to remain with their existing lender. They now have to determine whether they are still better off on SVR or will be better off on a new product. If they are worried about rates rising beyond their ability to service the mortgage then they should go for a fixed rate.

As I said, it's not rocket science.

wotsthat

Graham_Devon wrote: »

I don't think 85% LTV is going to the extreme. Lots of people on SVR's, like myself, will have come off their original fix and be on SVR with less less than 85% of the house owned.

Aren't you on a Halifax SVR? If so there's an option to switch even if your LTV is 125%. It's a 2 year fix at 4.49% with no fees. There's no new underwriting so even if you've got arrears etc. you can still move.

http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/

wotsthat

olly300 wrote: »

Lots of people on interest only and self cert as well as repayment mortgages brought after 2005. If they brought with a small or no deposit and if property prices have fallen in their areas - and in most places in the country it has - it's very easy for them to have 85%+ LTV.

It might be 'lots' but in general mortgage holders are doing pretty well. Average LTV is around 60%.

If someone's mortgage is currently greater than 85% LTV then one option is to overpay the mortgage until they get under 85% and can then access better deals.

It's not meant to be a flippant 'let them eat cake' statement but I'm surprised by how many seem to think there's only one factor in a LTV calculation i.e. my house price has fallen and I'm 'stuck' rather than considering accelerating repayments.

Buying with a low deposit, lying about income to obtain a bigger mortgage or using IO carries a risk. As it turns out the payback is being stuck on the SVR - certainly better than repossession.

RenovationMan

olly300 wrote: »

Lots of people on interest only and self cert as well as repayment mortgages brought after 2005.

I have an interest only mortgage and I bought in 2010, 5 years after 2005. My LTV is approaching 50%. As I have suggested, the vast majority of people aren't FTBers and the vast majority of home owners have more than 85% LTV.

noodle_doodle

Nooooooo!! It's this month's "final straw for the housing camel" event! i wonder what next month's will be? ;-)

RenovationMan

noodle_doodle wrote: »

Nooooooo!! It's this month's "final straw for the housing camel" event! i wonder what next month's will be? ;-)

Whatever happened to the 'ever popular' OptionARM armageddon? I haven't seen that one in ages.