Help to buy now advertised nationally on TV

Percy1983

MFW_ASAP wrote: »

Is that not pretty much what we've always had?

I do remember a period of 100% and 100%+ mortgages with very little checking going on.

Or did I just imagine that?

MFW_ASAP

Percy1983 wrote: »

I do remember a period of 100% and 100%+ mortgages with very little checking going on.

Or did I just imagine that?

We also have payday loans with APRs of 1000%s, does that mean the whole personal loan market is not lending sensibly?

Percy1983

MFW_ASAP wrote: »

We also have payday loans with APRs of 1000%s, does that mean the whole personal loan market is not lending sensibly?

don't think you can buy a house with payday loans... yet

chucky

chucky wrote: »

You do realise that the definition of the word "could" is used to express the possibility of something happening...

If house prices didn't drop and rose would you have a problem with Help to Buy?

^^^Bump^^^

It's always helpful when people make points and back them up...

Unfortunately Graham doesn't like answering certain questions...

Loughton_Monkey

chucky wrote: »

^^^Bump^^^

It's always helpful when people make points and back them up...

Unfortunately Graham doesn't like answering certain questions...

Well that raises no eyebrows around here!

It would be interesting to see an analysis from him of what would be the impact if/when HTB is withdrawn. All I can predict is that it would still be doom and gloom in the house market. Either "Young people priced out as they are forced to save 15% deposit..." or "Loose lending by banks as they revert to 95% loans with no guarantees...." or even "Banks giving 95% loans with Insurance Company Guarantees.... just HTB in disguise..."

MFW_ASAP

Percy1983 wrote: »

don't think you can buy a house with payday loans... yet

You missed the point. You can't tar all personal lenders with the same brush just because a small minority offer payday loans at ridiculous rates. Similarly you can't dismiss the whole of the mortgage loan market just because a single lender was offering 120% loans.

Incidentally, when they split NR into two, the 'bad bank' with the 120% loans made all the money. So much for irresponsible lending, but let's not let facts get in the way of a good soapbox, eh?

chucky

MFW_ASAP wrote: »

You missed the point. You can't tar all personal lenders with the same brush just because a small minority offer payday loans at ridiculous rates. Similarly you can't dismiss the whole of the mortgage loan market just because a single lender was offering 120% loans.

Incidentally, when they split NR into two, the 'bad bank' with the 120% loans made all the money. So much for irresponsible lending, but let's not let facts get in the way of a good soapbox, eh?

Percy seems to read this forum and the Daily Mail and believe the soundbites that the whole mortgage market was doing it.

The number of mortgages was small in comparison to the number of mortgages.

Percy1983

chucky wrote: »

Percy seems to read this forum and the Daily Mail and believe the soundbites that the whole mortgage market was doing it.

The number of mortgages was small in comparison to the number of mortgages.

I can geniunely say I don't read the daily mail, anyway back too it.

I do believe the lending criteria across the whole range of mortgage products was much looser.

So yes 100%+ mortgages where part of the problem, but you can have lax lending to those with deposits too, ie things where more lax and 90% LTV, and 80% LTV.

In short turning up to the bank and saying 'mortgage please' was more or less the only criteria.

I am not saying it has always been like this, we have had many periods of sensible lending like we are having now.

chucky

Percy1983 wrote: »

I can geniunely say I don't read the daily mail, anyway back too it.

I do believe the lending criteria across the whole range of mortgage products was much looser.

So yes 100%+ mortgages where part of the problem, but you can have lax lending to those with deposits too, ie things where more lax and 90% LTV, and 80% LTV.

In short turning up to the bank and saying 'mortgage please' was more or less the only criteria.

I am not saying it has always been like this, we have had many periods of sensible lending like we are having now.

That's a bit different than your initial soundbite saying that 100% plus mortgages were the problem.

Percy1983

chucky wrote: »

That's a bit different than your initial soundbite saying that 100% plus mortgages were the problem.

My original soundbite also mentions the little checking going on.