Liar Loans Reborn

Thrugelmir

mwpt wrote: »

Borrowers or lenders? There is no way as a lender I'd touch something like this, without substantial yield return.

Banks are able to leverage up their balance sheets.

Therefore the answer is obviously borrowers.

mwpt

Thrugelmir wrote: »

Banks are able to leverage up their balance sheets.

Therefore the answer is obviously borrowers.

Well yes, it is obvious that someone would go nuts borrowing on a 2.5% self cert mortgage. For some reason I assumed it was too obvious and you were one of those people who would most definitely, for sure, I'm right on it, lend out your own money for 2.5% return to self cert mortgage p2p company, just as soon as you're finished doing this other thing...

DiggerUK

Thrugelmir wrote: »

People would bite your hand off for rates at that level.

If you were looking for a loan, yes. But if you were looking to invest.....why bother.
This platform is an enigma inside an enigma, the site is back up, it has no funds to loan out, it isn't even regulated by the FCA, so will somebody please tell me why they need details? who are those details going to be passed on to..._
https://www.selfcert.co.uk

Thrugelmir

DiggerUK wrote: »

If you were looking for a loan, yes. But if you were looking to invest.....why bother.
This platform is an enigma inside an enigma, the site is back up, it has no funds to loan out, it isn't even regulated by the FCA, so will somebody please tell me why they need details? who are those details going to be passed on to..._
https://www.selfcert.co.uk

One wonders.

We don't want to get people's hopes up, it is highly unlikely that this site will return to lending within the next 12 months. We don't want to work with other investors and are don't want to raise finance on the markets. We had a set amount to lend at the start have applications for about 10 times that amount

Did they really fund 300 mortgages............ one wonders.

mwpt

Ha ha, sure thing. They found people willing to hand over money to earn 2.5% returns on self cert mortgages. I mean, I know cells would have, but he was busy that day earning more money elsewhere with his capital.

wotsthat

mwpt wrote: »

Ha ha, sure thing. They found people willing to hand over money to earn 2.5% returns on self cert mortgages. I mean, I know cells would have, but he was busy that day earning more money elsewhere with his capital.

Nationwide depositors were willing to lend to me at 2.29%. Not self cert because I had massive evidence of my ability to pay - a photocopy of a payslip.

mwpt

wotsthat wrote: »

Nationwide depositors were willing to lend to me at 2.29%. Not self cert because I had massive evidence of my ability to pay - a photocopy of a payslip.

Why do you make me answer ridiculous posts? Do I really have to point out that having short term cash is a desirable thing and therefore has lower yields? I know you don't believe 2.5% return on a dodgy foreign p2p self cert lending scheme is a good return. I know you can spot the badly worded and written website and the smell of !!!!!!!! on it as well as I can. But you're going to do your best to find some way to disagree with me anyway.

EDIT: On top of that, there is a far better reason for your mortgage rate being so low and that is QE and FLS. Government and central bank stimulus to lower the cost of credit. But you know this too, don't you?

wotsthat

mwpt wrote: »

Why do you make me answer ridiculous posts? Do I really have to point out that having short term cash is a desirable thing and therefore has lower yields? I know you don't believe 2.5% return on a dodgy foreign p2p self cert lending scheme is a good return. I know you can spot the badly worded and written website and the smell of !!!!!!!! on it as well as I can. But you're going to do your best to find some way to disagree with me anyway.

EDIT: On top of that, there is a far better reason for your mortgage rate being so low and that is QE and FLS. Government and central bank stimulus to lower the cost of credit. But you know this too, don't you?

I'm wondering what the 'correct' rate should be. Of course, the site in the OP is to be avoided for lenders and borrowers IMO.

You see I wouldn't lend to me (or anyone) at 2.29% which is why I hold almost zero cash. The only difference between me and a self cert was a photocopy of a recent payslip and Nationwide depositors threw a 2.29% 5 year fix at me.

There's around a trillion pound on deposit in the UK earning almost nothing. I don't get the mindset.

DiggerUK

They're back folks..._

http://www.dailymail.co.uk/money/mortgageshome/article-3710974/Mortgage-lender-targets-unemployed-bid-bring-sub-prime-liar-loans.html

TrickyTree83

Dear god.

How can you lend to the unemployed. If they can afford to pay a mortgage on welfare, they're being paid too much welfare.