BOE's prority must be preventing another housing boom.

shortchanged_2

Jimmy_31 wrote: »

The problem with 5hit flats is that they are 5hit.

Didn't we go through a period of pulling down all these high rise 5hitholes.

Oh I forgot. We only build luxury flats these days.

Conrad

shortchanged wrote: »

Conrad surely you're not participating in fraud are you?

Moi!

Terrible fraud in the mortgage world, I mean things are real bad, so bad that nearly 1% of owners get repossessed - awful, we're going down the pan in this country.

In the real world;

+ Peter Mandelson inflated his income to get a Chelsea BS mortgage

+ Anita Rodick, unable to get a business loan, instead used a car loan to start Bodyshop

+ Alan Sugar used a home improvment home loan to get Amstrad up and running

+ Ken Livingston bemoans civil servants for using Ltd co's to reduce thier Tax burde, but was doing it himself. Even a Saint like him gets up to things. Shock, call M16.

grizzly1911

shortchanged wrote: »

Conrad surely you're not participating in fraud are you?

Being a broker it doesn't concern them where the deposit comes from or whether than can finance the deal long term. More interested in building a picture that the underwriter will buy and bagging the commission.

No different to any sales person.

Of course you want the some successful gullible people to give you repeat business plus you can't afford to promote duffers all the time.

That's life.

Jimmy_31

shortchanged wrote: »

Didn't we go through a period of pulling down all these high rise 5hitholes.

Oh I forgot. We only build luxury flats these days.

Things are that bad around here they have now had to lay the concierge off.

The smell in the lift is going to get out of control in no time.

Jimmy_31

conrad wrote: »

moi!

Terrible fraud in the mortgage world, i mean things are real bad, so bad that nearly 1% of owners get repossessed - awful, we're going down the pan in this country.

In the real world;

+ peter mandelson inflated his income to get a chelsea bs mortgage

+ anita rodick, unable to get a business loan, instead used a car loan to start bodyshop

+ alan sugar used a home improvment home loan to get amstrad up and running

+ ken livingston bemoans civil servants for using ltd co's to reduce thier tax burde, but was doing it himself. Even a saint like him gets up to things. Shock, call m16.

mi5.................

Conrad

Graham_Devon wrote: »

But expecting to stay in one you have not paid for, and don't intend to pay for, is, in your own words, "unfair"? Taxi cab drivers using every trick in the book to not pay taxes is fine, but "unfair" that the mortgage companies expect them to be able to give profitable accounts?

Right.

Victim of your own rank hypocrisy on this one conrad.

Again your fact filtering.

I've said before how FSA regulation makes it very difficult, usually impossible for someone like a 59 year old divorcee starting over, to get a mortgage. Self employed taxi drivers are but one category frozen out.

You think this is fair because you endlessly miss the point that until 2007 such a person as our 59 yo would have got a mortgage and had a 99% chance of sustaining it. In the past our 59 yo would have got a 20 or 25 year term which was AFFORDABLE, but now in the main they will only be offered a short term unless they have gold plated pensions.

So a capable adult who statistically had a 99% chance of sustaining the property is now largely denied thanks to regulation.

I have this old fashioned quaint view that grown adults on the whole make good personal decisions, and do not need hampering by an out of touch regulator. AGAIN A TINY MINORITY GET REPO'D SO WHY DENY MILLIONS THE CHANCE NOW.

Jimmy_31

Conrad wrote: »

Again your fact filtering.

I've said before how FSA regulation makes it very difficult, usually impossible for someone like a 59 year old divorcee starting over, to get a mortgage. Self employed taxi drivers are but one category frozen out.

You think this is fair because you endlessly miss the point that until 2007 such a person would have got a mortgage and had a 99% chance of sustaining it. In the past our 59 yo would have got a 20 or 25 year term which was AFFORDABLE, but now in the main they will only be offered a short term unless they have gold plated pensions.

So a capable adult who statistically had a 99% chance of sustaining the property is now largely denied thanks to regulation.

I have this old fashioned quaint view that grown adults on the whole make good personal decisions, and do not need hampering by an out of touch regulator. AGAIN A TINY MINORITY GET REPO'D SO WHY DENY MILLIONS THE CHANCE NOW.

Surely they could just rent a 5hit flat for a while and save a bigger deposit.

I think this would increase their chance of getting a mortgage.

Graham_Devon

Conrad wrote: »

Again your fact filtering.

I've said before how FSA regulation makes it very difficult, usually impossible for someone like a 59 year old divorcee starting over, to get a mortgage. Self employed taxi drivers are but one category frozen out.

You think this is fair because you endlessly miss the point that until 2007 such a person as our 59 yo would have got a mortgage and had a 99% chance of sustaining it. In the past our 59 yo would have got a 20 or 25 year term which was AFFORDABLE, but now in the main they will only be offered a short term unless they have gold plated pensions.

So a capable adult who statistically had a 99% chance of sustaining the property is now largely denied thanks to regulation.

I have this old fashioned quaint view that grown adults on the whole make good personal decisions, and do not need hampering by an out of touch regulator. AGAIN A TINY MINORITY GET REPO'D SO WHY DENY MILLIONS THE CHANCE NOW.

See, you have started shouting about the injustice of it all again.

What happened to the walking to the well analogy? Why can't they just live 3 to a 1 bed flat conrad?

grizzly1911

Conrad wrote: »

Moi!

I mean things are real bad, so bad that nearly 1% of owners get repossessed - awful,

.

You are the closer to the figures than most, whilst that may be the number that actual get the final court verdict I wonder how many capitulate and are forced to sell or hand over the keys prior to that point with or without a negative equity.

It would also be interesting to see those figures split by age of mortgage, and by LTV, to start with. Then of course the high street lenders are being soft at present with interest rates so low and political pressure according to the press..

1% repossession would suggest that the underwriters are doing very well and that the lenders are creaming it.

Conrad

grizzly1911 wrote: »

plus you can't afford to promote duffers all the time.

.

Bare in mind that as a broker if I subsequently get cases going into arrears, it could go badly for me with the FSA.

It's about common sense. If a mortgage and a loan cost £1,000 p m and the client has been paying that and more for years in rent, it's fairly likely they will be able to sustain themselves.

If the client tells me the deposit is a gift from parents, who the heck am i to interogate them, but in reality some will be car loans.