bye 100% plus!

Dan_Collins_2

This thread was meant to inform, now its bash the mortgage industry! Would we be mortgage brokers if people did not want to borrow money?

I blame the greedy IT consultants and Engineers who want to stretch and lie about income to get that house the wife is nagging about! Yes I have had IT consultants expecting me to lie about income! I turn down self cert that I can not justify.

Why cant we blame the public for being greedy and trying to sell the house for more than its worth? Estate agents offer a guide price and the client tells the agent what price to sell it at! I know they can be pushy but greed takes over!

Ps. NR have officially got rid of the Together range!

Commonsensesearcher

Plenty of mortgage bashing going on here from Engineers...

Am an Engineer myself, masters degree, Chartered, experienced etc and work with some excellent colleagues. There are also some idiots in the game too. I also know, and are friends with a few mortgage advisors who are honest, hard working people offering what, IMO, is a valuable service to help people source the best mortgage deal and help them with what is THE major purchase any of us make. Have also come across some real idiots when purchasing houses who are posing as mortgage brokers. SO, like any other profession, there are good and bad - hence I reckon this slagging off is pointless and a bit childish, whatever 'side' you may be on.

Back to the original post then I am amazed to see how these mortgage products seem to have been removed in the last few days. A question for the mortage advisors - has this been ongoing steadily since last August or have things got significantly worse in the past week or so?

And a question to EdInvestor (and others) - do you see that the change in the credit markets will create a sea change in the way we view property (or should I say homes) as an investment?

Guy_Montag

Is it worth getting Chartered status? I've never really seen the point, but then I've never worked with anyone who was.

Commonsensesearcher

Depends on the individual really - and I think in a bouyant employment market it doesn't make much difference. But maybe if jobs were scarcer then it could make the difference between bagging a position or not.

Lot of nonsense to get it though (Civils) and can understand why people don't bother!!!

Commonsensesearcher

... andmaybe I should add that I think good references are more important. For us - and mortgage brokers!

NeilQuinn

Looks like it's been fun in here today!!

I'm off to take the dog for a walk in the woods (in my 6 year old Mondeo). Can't sit here & read all this broker-bashing.

EdInvestor

Commonsensesearcher wrote: »

And a question to EdInvestor (and others) - do you see that the change in the credit markets will create a sea change in the way we view property (or should I say homes) as an investment?

Subprime mortgages make up 6% of the total mortgages outstanding , though they may have made up a bigger proportion of recent approvals as prices rose. But 6% is pretty small, so it's unlikely we will see any major sea change arising from the credit crunch in this area.

The withdrawal of sub prime mortgages will give a boost to the BTL rental sector - rents are already rising. This would be positive as investors would like to see a mix of returns from both capital gains and rental income, so a period of gently rising rents and static capital values would make the sector more balanced and stable.

More interest rate reductions will be necessary to help the sub primers who end up on the SVR and to prevent any over-correction beyond the temporary pause in price growth that had already been put into place by the interest rate rises before the credit crunch started.. IMHO the lenders are right in predicting a static market in the near term but no overall crash - some areas where new-build apts are in heavy oversupply will see falls as has been expected for some years.

The modern private rented sector is here to stay and might grow to around 15% of the total housing stock (up from around 12% now) over the next few years.

As for viewing homes as investments, that approach is likely to get more entrenched because of the decline and fall of conventional pensions and the growth of new products and policies to enable people to maximise their home's income generating potential.

Basically these days, people have no choice but to try to squeeze an investment element out of their home if they want a comfortable old age, because reliable income from pensions is no longer available to anyone outside the public sector.

Dan_Collins_2

Lots of finance houses have brought mortgage books not knowing the quality of the mortgages. This has caused a lot of issues in the US and now here.

100% going is due to the risk of house prices, drop in demand and pressure from the powers that be!

To be honest I think March onwards will be telling, most lenders said last year they have funding till then, lets see.

Pez2

EdInvestor wrote: »

The withdrawal of sub prime mortgages will give a boost to the BTL rental sector - rents are already rising. This would be positive as investors would like to see a mix of returns from both capital gains and rental income, so a period of gently rising rents and static capital values would make the sector more balanced and stable.

Maybe I'm way off beam here, but don't a lot of BTLinvestors expand their portfolio by MEWing from their existing properties? If there are no capital gains and mortgage lenders are no longer offering high LTVs then I don't see how that can continue.

Datasafe_2

LOL I don't need a broker to find me a mortgage any more than I would need a broker to find me car insurance. :rotfl: