Boris announcement on new deposit scheme?

Getting_greyer

Crashy_Time said:

Getting_greyer said:

Crashy_Time said:

https://propertyindustryeye.com/mortgages-and-loans-to-become-tougher-to-get-lenders-say/
Boris needs to launch this bonkers lending scheme pronto, before sentiment turns and people start taking cheaper housing for granted.

I'm going to check out the BoE report cited in this.  I will say though on a personal level the rate I will be paying increased by 0.2% between MiP and application (August).  If I had put the application in today I think the product rate increased by another 0.5% or so. 

What sort of deposits are they asking for?

Well that was on 85% ltv product.  Which i think is the highest ltv for new business atm.  That's just one lender though.

Crashy_Time

spoovy said:

Crashy_Time said:

spoovy said:

I think they actually believe that they can trigger a house price crash just by confidently and repeatedly predicting it; kind of like a viral marketing campaign.

I know, it`s not as if anyone outside of a couple of property forums thinks there is a problem...... LOL.
https://www.telegraph.co.uk/property/uk/house-price-boom-could-derailed-perfect-storm-collapsed-sales/

Your reply has literally nothing to do with what I wrote.   Where did I write or even imply that there are no indicators of "problems" in the property sector?
If your point is "There are serious economic problems and I believe that house prices will come down as a result", then yes, I tend to agree.  I'd say there's about a 50% chance of houses coming down more than 5% in my area in 2021.  But that's just an guess, I don't actually know because it's you know, the future.
But you seem to have crossed some mental rubicon and now believe with 100% certainty that some kind of significant price crash will happen soon, which of course you can't possibly know for sure.  And why the determination to keep banging the drum? I don't care much whether other people agree with me or not because it's just speculation anyway -- why do you seem to care so much?

You wrote - "I think they actually believe that they can trigger a house price crash just by confidently and repeatedly predicting it; kind of like a viral marketing campaign." which suggests that "they" are the "trolls" and "sock-puppets" on forums? I pointed out the absurdity of this position when the MSM are all at it as well.......but in fact the MSM (and the people on forums) are just pointing out reality........a property/debt bubble isn`t going to rub along very well with a recession and rising unemployment, pointing out this reality really seems to annoy some posters for some reason though....?

spoovy

Two differences between the MSM and you:  Firstly they often predict a property crash, but then they will often predict a boom as well; sometimes on different pages of the same paper!  Secondly, they get paid to print nonsense; you don't.  So if my speculation was 'absurd', then you tell me -- why are you so obsessed with trying to convince everyone that a property crash is coming?

By the way your chosen method of persuading people -- by demonstrating how confirmation bias works over and over again -- doesn't work.

Crashy_Time

Getting_greyer said:

Crashy_Time said:

Getting_greyer said:

Crashy_Time said:

https://propertyindustryeye.com/mortgages-and-loans-to-become-tougher-to-get-lenders-say/
Boris needs to launch this bonkers lending scheme pronto, before sentiment turns and people start taking cheaper housing for granted.

I'm going to check out the BoE report cited in this.  I will say though on a personal level the rate I will be paying increased by 0.2% between MiP and application (August).  If I had put the application in today I think the product rate increased by another 0.5% or so. 

What sort of deposits are they asking for?

Well that was on 85% ltv product.  Which i think is the highest ltv for new business atm.  That's just one lender though.

Not HSBC I hope?
https://www.independent.co.uk/news/business/news/hsbc-profits-fall-results-job-cuts-coronavirus-a9651061.html

Getting_greyer

Crashy_Time said:

Getting_greyer said:

Crashy_Time said:

Getting_greyer said:

Crashy_Time said:

https://propertyindustryeye.com/mortgages-and-loans-to-become-tougher-to-get-lenders-say/
Boris needs to launch this bonkers lending scheme pronto, before sentiment turns and people start taking cheaper housing for granted.

I'm going to check out the BoE report cited in this.  I will say though on a personal level the rate I will be paying increased by 0.2% between MiP and application (August).  If I had put the application in today I think the product rate increased by another 0.5% or so. 

What sort of deposits are they asking for?

Well that was on 85% ltv product.  Which i think is the highest ltv for new business atm.  That's just one lender though.

Not HSBC I hope?
https://www.independent.co.uk/news/business/news/hsbc-profits-fall-results-job-cuts-coronavirus-a9651061.html

No it wasn't.  What are the key takeaways you want me to see from that article?  From what i can see they started the redundancies in Feb but paused due to covid.  Now they're starting again, which sucks for 35,000 people round the world but I dunno for how many in UK.  More expensive borrowing for consumers?

Crashy_Time

Yes, that is a possible take away.

Getting_greyer

Crashy_Time said:

Yes, that is a possible take away.

Yeah it is a worry for 5 years. If the best remortgage deal I could get in 5 years was like 15% or something I'd be pretty screwed unless my wage rocketed.  

Though I can imagine the mortgage products for FTB under whatever guise the proposed government 95% mortgage thing being more expensive.  I still reckon there would be a massive uptake tho.

Crashy_Time

Getting_greyer said:

Crashy_Time said:

Yes, that is a possible take away.

Yeah it is a worry for 5 years. If the best remortgage deal I could get in 5 years was like 15% or something I'd be pretty screwed unless my wage rocketed.  

Though I can imagine the mortgage products for FTB under whatever guise the proposed government 95% mortgage thing being more expensive.  I still reckon there would be a massive uptake tho.

They might get away with 15% after a proper house price crash, but I don`t think mortgage rates will touch 15%, we are not in the inflationary environment for that? More likely IMO is that credit markets just make the rock bottom deals and minimal deposit requirements (already happening) hard to maintain.