We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Sunday Times piece on the state of the mortgage industry
Ethelred45
Posts: 3 Newbie
James Coney's piece in the Times yesterday raises some pressing issues about the state of the mortgage industry in UK. It's high time this was investigated further. It's no longer fit for purpose IMHO.3
Comments
-
People moaning about what they have to do to get a mortgage really should take a look at what it took in the 80s and early 90s. It is still a doddle compared to back then.The article contradicts itself. It says No loans for those with a 10% deposit yet it goes on to say that when banks to offer 10% mortgages..... So, which is it.It says there are banks that dont offer loans on flats or new builds. That always happens when there are fears of a property price fall. These two areas are the ones that tend to suffer the greatest. And just because some wont lend, doesn't mean all won't.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.5
-
Sounds as if the writer knows little of how lenders actually operate their mortgage books. Cautious lending policy should be welcomed.1
-
Perhaps James has not worked out that the Regulator does not want the lenders to hold a large book of high loan to value mortgages.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
As dunstonh says, in many ways it is a doddle getting a mortgage nowadays.Time was, when two and three-quarter times income was all most people could borrow and most would have had to have saved with a building society for two years before being offered a mortgage.Of course, we have had the buy-to-let boom of a few years ago, which pushed-up prices when some people bought multiple properties forcing other would-be first time buyers into renting. The easy money in buy-to-let has now gone, leaving what remains of that market to those who really know what they are doing. I would expect increasing numbers of buy-to-let properties to be put on the market in the coming months.1
-
Bring back MIG and top-up loans, say I!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
Mortgage books are built on a spread of credit risk exposure. Always have been.amnblog said:Perhaps James has not worked out that the Regulator does not want the lenders to hold a large book of high loan to value mortgages.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards