Santander SVR Increase

molerat

As a homeowner, in the true sense and not renting from the bank, I have no problems with house prices falling to a sensible level. It would be short term pain for a longer term gain to the economy. The problem is that there too many VIs in high places for it to be allowed to happen.

noddynoo

molerat wrote: »

As a homeowner, in the true sense and not renting from the bank, I have no problems with house prices falling to a sensible level. It would be short term pain for a longer term gain to the economy. The problem is that there too many VIs in high places for it to be allowed to happen.

I think even the VIs won't stop it this time. Agree short term pain for long term gain can only be good. House prices are built on sentiment as well as economics and this will fuel a downward trend.

Simon_gloster

And the upshot of it is.....you cant do anything about it apart from swap lenders if you dont like their SVR.

£300 for a val to challenge the index linked, should have applied for a remo with a lender that offers free vals!!!! Doh.

carslet

noddynoo wrote: »

I think even the VIs won't stop it this time. Agree short term pain for long term gain can only be good. House prices are built on sentiment as well as economics and this will fuel a downward trend.

true. short term pain for long term gain can only be good. I would like to see houses fall maybe another 20-30% I would like to see my son be able to buy a house and not at the crazy prices they are now

noddynoo

carslet wrote: »

true. short term pain for long term gain can only be good. I would like to see houses fall maybe another 20-30% I would like to see my son be able to buy a house and not at the crazy prices they are now

Yes those who bought in the last 7 years will have to stay put with no equity in order that the next generations will be able to buy a modest home. Everyone knows assets rise and fall so I am always surprised at the reaction to potential falls. I think 20% off and stricter mortgage lending could stabilise things and stop another bubble

dwight-van-man

@carslet - wasn't taking offence, hence the ironic smiley! I've been getting screwed over by banks since August 2007, just take it in me stride now!
@eellogo - for sure, I've even suggested to them that its in their interests to know the true value of their security, but they won't pay it themselves
@Simon Gloster - i had thought of that! but I got fed up being employed and being made redundant so started my own business which isn't yet showing the level of net profit I would need to go anywhere else, so I'm stuck with Santander for the meantime. Will just need to charge my clients more

FWIW, I havent been on MSE for a couple of years and back then everyone was after prices dropping 20/30/40% - can't really see it happening now other than in isolated pockets. If you want cheap, good value houses, move to Belfast. Just been looking at a 5 bed townhouse in the Uni district for a client for 110k. There are affordable houses out there, you just need to move to find them...

opinions4u

Eellogofusciouhipoppokunu wrote: »

The banks seem to have people over a barrel, ironic seeing as those same people are taxpayers who helped save them.

Perhaps pricing their mortgages sensibly will stop them having to be bailed out again.

Not that the Government took a stake in Santander when they were bailing out banks.

WibbleSnarf

dwight-van-man wrote: »

Its £106 per month more for us! Thanks for wishing us into negative equity Carslet )
I don't know a single homeowner that wants house prices to drop...

@eellogo... stuck on svr until we pay £300 for a survey to see if their indexed valuation figure is wrong.

What's wrong with wishing people into negative equity? 'Homeowners' (a misnomer if ever there was one - the banks are the owners until the mortgage is paid off) have had a good run for most of the last decade and I think it's unfair for *you* and others to wish for homes to remain out of reach of the priced-out generation.

Thrugelmir

dwight-van-man wrote: »

Thanks for wishing us into negative equity

Providing that the monthly payments can be met (on a repayment mortgage) then negative equity is only temporary.

The next step up the ladder is actually getting closer. As the gap narrows to higher priced houses. So there is a silver lining.

Eellogofusciouhipoppokunu

Thrugelmir wrote: »

Providing that the monthly payments can be met (on a repayment mortgage) then negative equity is only temporary.

The next step up the ladder is actually getting closer. As the gap narrows to higher priced houses. So there is a silver lining.

I thought you couldnt move house if you were in negative equity?

If someone had to wait for HPI to release them from NE, then the next step on the ladder will move further away, but at a faster rate because that property is worth more. You would end up no further forward by the time you were out of NE, the next rung would be at least as far away as it was when you went into NE.

I dont see a silver lining.