Barclays just rang and told me all new mortgages require 40% deposits now

MysteryMe

If it's not an essential business it's on lock down due to COVID-19.  The losses they are trying to prevent are people's lives. HTH.

Thrugelmir

Tillypop56 said:

Just wondering if anyone has had a similar experience with a surveyor.  I was able to get the surveyor to go round the potential house I am buying before the lockdown and I received the report Thursday (26 March 20) to be told that "The property market has largely stopped in its tracks.  At this precise moment in time, effectively there is no property market, and therefore providing an accurate valuation of the property is simply not possible" so I am left with a survey report without a valuation on it!  I've written and reminded the surveyor that a valuation was agreed at instruction but he's just "sorry that's it's not possible to place a valuation on the property at the current time"  - Oh, and he added, "Again, please note our offices are closed".  This can't be right surely?

If there's no active market can you price an asset?  Are you buying with a mortgage? 

Mickygg

Crashy_Time said:

https://www.bbc.co.uk/news/business-52016263

You like Burger King then? And there was me thinking you were posting yet another hopeful post from daily fail about house prices going down.

How has it been renting for the last 10 years for you?

Mickygg

anonymous12124 said:

Mickygg said:

graphs said:

Prices are on the way down, big time 📉

Which crystal ball are you using? Mine has run out of batteries recently so thank you for ensuring everyone stays well informed.

If you need a crystal ball to tell you the obvious then we can't help you out.

High LTV mortgages are being dropped. Despite government intervention there will be a staggeringly increase in unemployment. Uncertaintity in the global and national markets makes it pretty clear that there's going to be a house price drop and most likely sharp and deep when it happens.

The knock on effect will be huge - I don't know if you view Rightmove and Zoopla regularly but a lot of sold houses have suddenly shown up in my search list again. Prices will drop, most likely between 15 and 20%.

anonymous12124 said:

Mickygg said:

graphs said:

Prices are on the way down, big time 📉

Which crystal ball are you using? Mine has run out of batteries recently so thank you for ensuring everyone stays well informed.

If you need a crystal ball to tell you the obvious then we can't help you out.

High LTV mortgages are being dropped. Despite government intervention there will be a staggeringly increase in unemployment. Uncertaintity in the global and national markets makes it pretty clear that there's going to be a house price drop and most likely sharp and deep when it happens.

The knock on effect will be huge - I don't know if you view Rightmove and Zoopla regularly but a lot of sold houses have suddenly shown up in my search list again. Prices will drop, most likely between 15 and 20%.

I take you back to the brexit vote. Almost everyone on here and nationally said house prices were going to slump. People were pulling out of house sales everywhere as they wanted to pay less later. House prices didn’t go down and actually increased in many areas!!

That agin highlights that no one knows. You can quote a 20% fall as much as you like but you are using a crystal ball so we can’t help you out.

Crashy_Time

Mickygg said:

Crashy_Time said:

https://www.bbc.co.uk/news/business-52016263

You like Burger King then? And there was me thinking you were posting yet another hopeful post from daily fail about house prices going down.

How has it been renting for the last 10 years for you?

Do you think high house prices are a good thing, do you think what is happening is a positive or negative for high house prices?

bigmortgage

Crashy_Time said:

Not much you can do, looks like they are shutting it down (like stock market shut downs) to delay selling and try to prevent losses.

You talk an awful lot of nonsense. They have shut down in order to:

a) Prevent the spread of COVID-19
b) Restrict demand while they are understaffed
c) Enable limited staff to concentrate on other key areas such as supporting elderly and key workers
d) Avoid wasting time lending on properties that won't complete before offers expire, due to government regs around self-isolating

Those are the primary reasons. They are not expecting a housing crash, maybe a fall but not a crash. Protecting against a huge devaluation of housing is not the primary aim of the mortgage lending restrictions.

Stop scaremongering.

However, if you do insist on scare mongering, put a number on it. How much do you believe house prices will be down nationwide 24 months from now? There's a great website. betyou.ie - I'll put some money against you.

Crashy_Time

bigmortgage said:

Crashy_Time said:

Not much you can do, looks like they are shutting it down (like stock market shut downs) to delay selling and try to prevent losses.

You talk an awful lot of nonsense. They have shut down in order to:

a) Prevent the spread of COVID-19
b) Restrict demand while they are understaffed
c) Enable limited staff to concentrate on other key areas such as supporting elderly and key workers
d) Avoid wasting time lending on properties that won't complete before offers expire, due to government regs around self-isolating

Those are the primary reasons. They are not expecting a housing crash, maybe a fall but not a crash. Protecting against a huge devaluation of housing is not the primary aim of the mortgage lending restrictions.

Stop scaremongering.

However, if you do insist on scare mongering, put a number on it. How much do you believe house prices will be down nationwide 24 months from now? There's a great website. betyou.ie - I'll put some money against you.

How do you know what discussions the banks are having behind closed doors? 

bigmortgage

Crashy_Time said:

bigmortgage said:

Crashy_Time said:

Not much you can do, looks like they are shutting it down (like stock market shut downs) to delay selling and try to prevent losses.

You talk an awful lot of nonsense. They have shut down in order to:

a) Prevent the spread of COVID-19
b) Restrict demand while they are understaffed
c) Enable limited staff to concentrate on other key areas such as supporting elderly and key workers
d) Avoid wasting time lending on properties that won't complete before offers expire, due to government regs around self-isolating

Those are the primary reasons. They are not expecting a housing crash, maybe a fall but not a crash. Protecting against a huge devaluation of housing is not the primary aim of the mortgage lending restrictions.

Stop scaremongering.

However, if you do insist on scare mongering, put a number on it. How much do you believe house prices will be down nationwide 24 months from now? There's a great website. betyou.ie - I'll put some money against you.

How do you know what discussions the banks are having behind closed doors? 

I could ask you the same question.

However, calling any bank customer service number right now is quite a giveaway. All of them encourage you to hang up if you are not in urgent need or a key worker. HSBC's phone staff working from home (the greeting tells you to expect to hear their kids or dogs in the background, I liked this touch). If you do hang on, you'll be in for a looong wait. They are short on resources so obviously cannot waste time on mortgage apps that will expire, using a reduced workforce that has more important things to do.

Now what internal meetings were you in where they told you they're expecting a crash large enough to necessitate a 40% deposit?

Crashy_Time

bigmortgage said:

Crashy_Time said:

bigmortgage said:

Crashy_Time said:

Not much you can do, looks like they are shutting it down (like stock market shut downs) to delay selling and try to prevent losses.

You talk an awful lot of nonsense. They have shut down in order to:

a) Prevent the spread of COVID-19
b) Restrict demand while they are understaffed
c) Enable limited staff to concentrate on other key areas such as supporting elderly and key workers
d) Avoid wasting time lending on properties that won't complete before offers expire, due to government regs around self-isolating

Those are the primary reasons. They are not expecting a housing crash, maybe a fall but not a crash. Protecting against a huge devaluation of housing is not the primary aim of the mortgage lending restrictions.

Stop scaremongering.

However, if you do insist on scare mongering, put a number on it. How much do you believe house prices will be down nationwide 24 months from now? There's a great website. betyou.ie - I'll put some money against you.

How do you know what discussions the banks are having behind closed doors? 

I could ask you the same question.

However, calling any bank customer service number right now is quite a giveaway. All of them encourage you to hang up if you are not in urgent need or a key worker. HSBC's phone staff working from home (the greeting tells you to expect to hear their kids or dogs in the background, I liked this touch). If you do hang on, you'll be in for a looong wait. They are short on resources so obviously cannot waste time on mortgage apps that will expire, using a reduced workforce that has more important things to do.

Now what internal meetings were you in where they told you they're expecting a crash large enough to necessitate a 40% deposit?

Do you really believe that the banks have looked at what is going on in the UK just now and not considered house prices falling, mortgage defaults from owners and landlords plus falling commercial and private rents?

JessJ23425

Crashy_Time said:

bigmortgage said:

Crashy_Time said:

bigmortgage said:

Crashy_Time said:

Not much you can do, looks like they are shutting it down (like stock market shut downs) to delay selling and try to prevent losses.

You talk an awful lot of nonsense. They have shut down in order to:

a) Prevent the spread of COVID-19
b) Restrict demand while they are understaffed
c) Enable limited staff to concentrate on other key areas such as supporting elderly and key workers
d) Avoid wasting time lending on properties that won't complete before offers expire, due to government regs around self-isolating

Those are the primary reasons. They are not expecting a housing crash, maybe a fall but not a crash. Protecting against a huge devaluation of housing is not the primary aim of the mortgage lending restrictions.

Stop scaremongering.

However, if you do insist on scare mongering, put a number on it. How much do you believe house prices will be down nationwide 24 months from now? There's a great website. betyou.ie - I'll put some money against you.

How do you know what discussions the banks are having behind closed doors? 

I could ask you the same question.

However, calling any bank customer service number right now is quite a giveaway. All of them encourage you to hang up if you are not in urgent need or a key worker. HSBC's phone staff working from home (the greeting tells you to expect to hear their kids or dogs in the background, I liked this touch). If you do hang on, you'll be in for a looong wait. They are short on resources so obviously cannot waste time on mortgage apps that will expire, using a reduced workforce that has more important things to do.

Now what internal meetings were you in where they told you they're expecting a crash large enough to necessitate a 40% deposit?

Do you really believe that the banks have looked at what is going on in the UK just now and not considered house prices falling, mortgage defaults from owners and landlords plus falling commercial and private rents?

Of course they've considered it and will continue to do so for a long period of time, just like they have and did for Brexit. It doesn't mean the housing market is about to crash and no one will be able to get a high LTV mortgage.

Right now it just seems more than probable (and it's what they are actually saying themself, see Halifax PR on the pulling of >60% mortgages, staff shortages in Indian call centers) they are taking these actions due to staff shortages and massively increased work load due to other things (mortgage holidays etc) - not due to an imminent housing market crash. 

Due to all the work the government has been doing to ensure peoples jobs are protected and that the vast majority of peoples income is as minimally affected as possible, demand for housing is probably going to stay at least steady, I'm sure you've seen yourself even around this forum how many FTB's and more are still proceeding and wanting to buy. 

Now obviously the worst could happen and it seems most of us (more positive) people accept that's on the table - why is it the scaremonger doom and gloomers won't accept that there's a possibility all this can recover much better than you're envisaging for the past 3 weeks? 

Bottom line, we don't know and anything could happen, but these wild predictions you personally have been making across multiple threads in the last 2 weeks seem completely made up of the top of your head with no sources or expert opinion to back any of it up!