Mortgage Prisoner

Thrugelmir

RichieNotRich wrote: »

I have read somewhere that Halifax own Bank of Scotland and that BOS do not offer competitive rates as Halifax don't want them to compete.

That sounds like complete rubbish. Safe to assume in fact that operate in different markets.

cavework

amnblog wrote: »

'Lenders are still allowed to grant interest-only loans, but only where there is a credible strategy for repaying the capital.'


It does not mean they have to - and, apart from a few particular circumstances they don't.

The message is not positive as that is the way the world is.

I disagree with the 'apart from a few particular circumstances they don't'


Lenders have a hive of long term borrowers who are on interest only mortgages , who for various reasons are not in a position or do not want to convert to repayment or find the full funds to pay off the mortgage based on the original term but meet their repayments without default.
These lenders are now seeing increases month on month on the amount of
equity these borrowers hold in their property.
Their risk is depreciating all the time

RichieNotRich

Thrugelmir wrote: »

What relevance does that have to the question I've asked you?

Why don't you answer the question?

The bank and mortgage interest rates are linked to the Bank of England base lending rate, LIBOR, and other factors. Why do you think lenders offer Base Rate Tracker Mortgages if they are not connected?

I have not mentioned the cost of running a retail bank.

I see that you spend a lot of time trolling on this site, which is surprising for someone with so little basic knowledge. If you do not have anything constructive to add to my original post then please go and troll someone else.

RichieNotRich

amnblog wrote: »

If their time is worth that to them - then that is the way it is.


It will cost you £5,000 just to get Robin Van Persie to warm up at Old Trafford but there are 80,000 there who would play 90 minutes for free.

I'm surprised that you bother responding on this site. You and Thrugelmir obviously have too much time on your hands.

Looking back at your previous posts I'm surprised that you haven't advised me to see a broker. That seems to be your stock reply. Still, suppose it adds to the post count.

If you do not have anything constructive to contribute then please don't bother.

amnblog

Seeing a broker is generally the best advice Richie.