Funding for Lending extended to Buy-to-let?

chewmylegoff

ruggedtoast wrote: »

Over on hpc.co.uk this news has hit them like a broadside from the HMS Hood.



To be honest I am pretty shocked too. How venal are this government? It is like those who are priced out and renting are being ground under foot as if they dont even count.

Surely a broadside from the HMS Hood would have missed entirely whilst the return fire from HPC's Bismarck would have wiped funding for lending from the face of the planet. Either way I'm pretty sure the Hood wasn't an Iowa class battleship.

ruggedtoast

chewmylegoff wrote: »

Surely a broadside from the HMS Hood would have missed entirely whilst the return fire from HPC's Bismarck would have wiped funding for lending from the face of the planet. Either way I'm pretty sure the Hood wasn't an Iowa class battleship.

Ok, fine. This news has hit the forum hpc.co.uk like a broadside from an Iowa class battleship hitting another ship that was blown up by an Iowa class battleship and famously didn't return fire.

Annie_Nameless

Thrugelmir wrote: »

Paragon lent £184 million for BTL according to their 2012 accounts.

To put that number in perspective.

HSBC advance around £59 million per working day in mortgage advances.

So hardly making an impact.

Thrugelmir wrote: »

Think you've miscounted the number of working days in a year.

Totally serious.

Combined gross mortgage lending in 2008 by Llloyds and Hbos was £78 billion.

Your first quote compares Paragon's 2012 lending to an unspecified year of HSBC's lending.

Your second quote refers to the 2008 lending of Lloyds and HBOS combined, which was a far from typical banking year.

TruckerT

Annie_Nameless wrote: »

Your first quote compares Paragon's 2012 lending to an unspecified year of HSBC's lending.

Your second quote refers to the 2008 lending of Lloyds and HBOS combined, which was a far from typical banking year.

In no case do you specify whether the figures refer to worldwide lending, or just UK lending. Nor whether they refer to residential/commercial/BTL etc etc

It is easy to throw up random statistics of very dubious significance.

TruckerT

ps - sorry about the crossed wires - Annie is a neighbour of mine who occasionally calls in to share her problems with me! Please read her post and mine as one continuous post.

chewmylegoff

ruggedtoast wrote: »

Ok, fine. This news has hit the forum hpc.co.uk like a broadside from an Iowa class battleship hitting another ship that was blown up by an Iowa class battleship and famously didn't return fire.

According to the renowned source Wikipedia, the only ship ever sunk by the pictured USS New Jersey was a trawler. This seems an appropriate metaphor.

michaels

chewmylegoff wrote: »

Surely a broadside from the HMS Hood would have missed entirely whilst the return fire from HPC's Bismarck would have wiped funding for lending from the face of the planet. Either way I'm pretty sure the Hood wasn't an Iowa class battleship.

Darn, you've sunk my battleship...H7!

brit1234

ruggedtoast wrote: »

Over on hpc.co.uk this news has hit them like a broadside from the HMS Hood.

:rotfl:Lol You mean falling short, inefficient and exposing a vulnerable magazine.

Or do you mean less efficient than a WW1 Sword Fish Bi Plane 200th of the size and 30 years older?

Thrugelmir

Annie_Nameless wrote: »

Your first quote compares Paragon's 2012 lending to an unspecified year of HSBC's lending.

Your second quote refers to the 2008 lending of Lloyds and HBOS combined, which was a far from typical banking year.

2012 was HSBC.

Merely demonstrating how little impact Paragon will have on the UK lending markets. The scale of the operation is tiny.

macaque_2

To continue the nautical theme, it might interest forum members to know that a US military ship was named in honour of our BTL bretheren. The connection can be found on this link.

The background to this relates to the very large opening at the rear end where all the action takes place. Apparantly an interest rate swell of more than 1% would silence this vessel for good.

Mr._Pricklepants

brit1234 wrote:

House Prices First Time Buyer Strike Member
Halifax..........: Sep -0.4% (MoM) -1.2% (YoY)
Nationwide....: Sep -0.4% (MoM) -1.4% (YoY)
Land Registry.: Sep 0.0% (MoM) -0.7% (YoY)

Is this now a forecast for September 2013?