bye 100% plus!

EdInvestor

Turnbull2000 wrote: »

Please stick to your deluded little world of doomsayers, STRs.... .

For those who aren't aware ( clearly not including Turnbull2000) an "STR" is one of those aforementioned speculating owner occupiers who sold out a few years ago hoping to buy back in when prices (inevitably they thought) fell, only to find that prices shot up instead, pricing them out of the market.

That's why they're so bitter. They are the real losers.

The term stands for "Sell To Rent". STRs spend their time posting doomsaying comments on bulletin boards like this in a desperate attempt to get prices to fall so that they can get back on the ladder. They are a pathetic group.

But it's best to ignore them, as they clearly have no idea what they're talking about.

toonfish

Turnbull2000 wrote: »

Sitting pretty? What just like Estie, stuck on the first rung. Get f*cking real. Unless those that bought a home in 2003 exit the market, then their cost of living has increased - more so if they choose to upsize

Please stick to your deluded little world of doomsayers, STRs (FTBs and upsizers don't seem to exist) and free wealth for all. People are finally waking up the morally corrupt like yourself, who evidently preyed on peoples mistaken belief that HPI = sitting pretty.

So now I'm morally corrupt too! Try to structure a reasoned argument, rather than personal abuse and you might wise up a bit.

It truly is simple, if you can't afford to buy you have to rent - just the same as it was in 1960, 1970, 1980, 1990 and 2000.

If I can'r a fford a new Bentley should I go crying on the autotrader forum, or buy something I can afford?

Turnbull2000

I know what an STR EdInvestor, but thanks anyway.

Wow, lovely comparison there toonfish. Categorising your first home with a luxurious mode of private transport. Guess that reinforces my view on lack of logic. And I'm afraid renting isn't the same as it was in at least three of those five decades you listed. Security of tenure has been all but abolished.

HelpWhereIcan

I love HPC.

I have been in Financial Services since 1995, first as a Financial Adviser but more recently as a Mortagge Adviser. For years I have been told that I am leech who will soon be out of work because of :

"The house price crash and recession means no one wants to buy houses"

"The rise of the internet and the Dot com boom means that anyone can make more money from the stock market DIY than a fund manager can."

"Moneysupermarket etc means no one will need help finding a mortgage or protection plan"

"The Dot com bust means no one will buy shares or investment products."

"Money is so easy to borrow no one needs a broker."

And now... we are back to stage 1 with the credit crunch thrown in.

Fair enough. I'll take my chances. Just a shame you have to get so embittered about a subject you know so little about (125% at 9 times income!!!). I'll see you when house prices have fallen but you need the help of a broker to get you a mortgage in times of very restrictive lending criteria.

As for "engineers" and "IT consultants" getting snooty about qualifications...

Guy_Montag

Changing the subject from the HPC thing - so I'm quite interested in the division of labour between a packager & a broker. I've never been to a mortgage broker, so I don't know what I'd get, so I guess my question is:

What value do brokers add to the product provided by a packager? Or are you just people persons, while packagers are more like engineers (slightly dysfunctional & misanthropic).

(Guy Montag (B.Eng(hons))

homer_j_3

The broker recommends the product.

The packager helps short list.

dan1979

The packager usually places the enquiry received from a broker (pacakgers don't offer a service to the public) then do all the leg work for the lender, they'll do the credit search, write for references, order the valuation etc. stuff that can take a while admin-wise (bear in mind most of these are not straightforward mortgages you could walk into a high street bank and sort yourself)

That then goes to the lender who'll double check it and request more info or produce the offer.

Basically a skivvy/middle-man.

Guy_Montag

Ah ok, so packagers are only used for "exotic" mortgages

Leon_W

Guy

Packagers would generally have a panel of lenders at their disposal with perhaps a company underwriter on site to make quick decisions. Generally this panel of lenders would be made up of mostly specialist sub-prime and self cert lenders etc etc

Packagers usually specialise in this end of the market and have the specialist knowledge regarding lenders criteria that a broker cannot be expected to know "off the cuff". Things such as the maximum number of defaults a client can have, size of default, satisfied or not, number of CCJ's, arrears etc etc. The permutations of these credit risks are infinite and with the specialist knowledge of a packager they can help the broker give the correct advise (and best product) to suit the clients needs.

A broker would never need the help of a packager when placing a prime case as the credit issues of a sub-prime client do not come into it. The prime client is more fixated on the actual interest rate and does not need any specialist help when placing their case.

Hope this helps.

Regards

dan1979

Or a real world scenario:

Imagine you've got someone who was prosecuted in Zimbabwe for financial irregularities whose come to the UK and decides they want a mortgage.

They got to a broker with lots of gold teeth who says they will sort them out (they also have a solicitor with lots of gold teeth).

A barely-completed application form, full of irregularities, an imaginary income, a business address that's just a forwarding address and no supporting documents get slung in the direction of a packager.

The packager is expected to turn this into a mortgage offer.