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MSE News: Risky mortgages to face new crackdown, George Osborne says
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Former_MSE_Paloma
Posts: 531 Forumite


The Bank of England will be given greater powers to restrict mortgage loans to fix Britain's housing market ...
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Risky mortgages to face new crackdown, George Osborne says

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Risky mortgages to face new crackdown, George Osborne says

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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This will not go down well with those struggling to buy in the SE.
An average property in somewhere like Twickenham would require something like 6 x average income.
Another gift for the landlords.
Before anyone says it, the impact on prices will be minor as landlords, wealthy parents and the rest of the already owning class will mop up the property the excluded buyers are denied by lenders.0 -
The other effect will be to push buyers into cheaper areas thus forcing up prices there to - this is going to be a key driver for investors wanting to benefit from sudden waves of HPI in the cheaper areas around London for example.0
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This will not go down well with those struggling to buy in the SE.
An average property in somewhere like Twickenham would require something like 6 x average income.
Another gift for the landlords.
Before anyone says it, the impact on prices will be minor as landlords, wealthy parents and the rest of the already owning class will mop up the property the excluded buyers are denied by lenders.
I doubt the people that buy the house require 6x income. Isn't the average below 4 anyway?0 -
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Didn't Graham_Devon already post this?0
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What about a High Speed 3 Rail link to Cornwall?
Put in a five runway airport near Southampton, to compete with Schiphol. Southampton is good for boarding the cruise ships, and HS3 would make it less than one hour to Waterloo.
Plenty of land out there, nice weather, just need some transport infrastructure. Should be a lot more affordable than London.0 -
This will not go down well with those struggling to buy in the SE.
An average property in somewhere like Twickenham would require something like 6 x average income.
Another gift for the landlords.
Before anyone says it, the impact on prices will be minor as landlords, wealthy parents and the rest of the already owning class will mop up the property the excluded buyers are denied by lenders.
Pretty sure average income isn't £100k0 -
Think average price in Twickenham is around £600k
Pretty sure average income isn't £100k0 -
It's the same old story, if you are not a virgin, no one wants to marry you.
Having excluded the people who can't buy anything at 3.5 multiple, effectively calling them sluts and spoilt goods, no doubt we will call them prostitutes for borrowing at even higher rates, from lenders we will call pimps.
They really have to let go, and allow higher risk loans at higher rates.
and allow the possibility that some of them will hit bad luck and default. You can't nursemaid people forever.0 -
It's the same old story, if you are not a virgin, no one wants to marry you.
Having excluded the people who can't buy anything at 3.5 multiple, effectively calling them sluts and spoilt goods, no doubt we will call them prostitutes for borrowing at even higher rates, from lenders we will call pimps.
They really have to let go, and allow higher risk loans at higher rates.
and allow the possibility that some of them will hit bad luck and default. You can't nursemaid people forever.
I'ld be surprise if the BoE cares a damn about a poor chap that has to default.
They are concerned that sufficient people may default to upset the integrity of our banking system and to cause lose of confidence in the economy (falling sales, rising unemployment etc).0
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