Another one bites the dust - more mortgages being pulled

Jonnno_2

can I ask where you heard this from please? We have not been made aware of this and our web site still says 85% ltv.

UK007BullDog

Jonnno wrote: »

can I ask where you heard this from please? We have not been made aware of this and our web site still says 85% ltv.

Who are you talking to Jonnno?

If you are an adviser you need to add the required disclaimer in your signature. Details found in the sticky on the board.

poppy10_2

And another one....

Halifax, the UK's biggest mortgage lender, is expected to pull its current home loan deals from the market in a matter of days, after brokers put the bank on "withdrawal watch".
It is understood that Halifax has been inundated with applications for mortgages from homeowners who are desperately chasing the few remaining good value deals left on the market.

http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3666670.ece

itsnever2lateisit?

....and now the Co-op:eek: acoording to N24

BenL

Yep, Co-op was mentioned on 5live just now

Plasticman

borntobefree wrote: »

The bit I don't get about the crunch is - when all the Americans started to default on their mortgages which led to the credit crunch and the housing mkt to fall...is this because they (the American defaulters) just drowned in a sea of debt. How much does the average American owe? Apparently debt is £10k per person in UK...and I don't owe anything:rolleyes:

They did 'drown is a sea of debt' to an extent, but mainly because many of them were never in a position to pay the money back on their mortgages. There was a good programme about this on TV last night explaining that one big reason for the mess in the US was that the banks would lend to anybody - not really caring about their financial position. Not surprising then, that people couldn't pay the money back and the system went wobbly!

Jonnno_2

UK007BullDog wrote: »

Who are you talking to Jonnno?

If you are an adviser you need to add the required disclaimer in your signature. Details found in the sticky on the board.

The fist person who posted.

As for been an advisor, Im not a mortgage advisor but I work in a NatWest branch as a Customer Advisor.

poppy10_2

Jonnno wrote: »

can I ask where you heard this from please? We have not been made aware of this and our web site still says 85% ltv.

The source was the Times article listed in the first post, but it seems to have been pulled now.

However we had this news from NatWest:

The credit crunch has taken a serious turn for the worse with the announcement from NatWest Bank that it is increasing its mortgage rate for some existing borrowers. Up until now mortgage lenders have put up rates only on new products, or when Bank Base Rate (BBR) is rising.



NatWest has notified some 15,000 customers with offset mortgages that their mortgage rate is going up from 6.2% to 6.45% with immediate effect. This is in spite of the fact that BBR has fallen from 5.75% to 5.25% since December of last year.




This is the first time that the credit crisis has led to existing borrowers being affected by increased rates, although most lenders have been putting up rates for new borrowers.

Kent Reliance Building Society has also hit some of its existing mortgage customers with a substantial rate increase, putting up its standard variable rate from 7.34% to 7.59%.

‘This doesn't bode well at all for any borrower on a variable rate,’ was the reaction from Melanie Bien of mortgage broker Savills. ‘These rates (Standard Variable Rates) tend to follow the Bank of England base rate and it is very, very rare for lenders to increase customers' mortgage rates out of the blue'

poppy10_2

Today, Woolwich, the mortgage arm of Barclays, increased rates on its lifetime trackers by between 0.55 per cent and 0.70 per cent, depending on the size of the loan.

C&G, owned by Lloyds TSB, said that it would reduce the amount it is willing to lend borrowers with £1 million-plus loans from 90 per cent to 80 per cent.


Skipton Building Society pulled its three-year fixed rate mortgage and two of its tracker products, while Derbyshire Building Society is withdrawing its entire tracker range temporarily.

Loughborough Building Society said it would no longer lend products through brokers, while West Bromwich Building Society pulled all of its broker-only deals.



http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3675280.ece

Trollfever

CRUNCH

MORTGAGE SQUEEZE "TO GET WORSE"

The squeeze on the availability of mortgages is expected to continue in the next three months, the Bank of England has warned.

http://news.bbc.co.uk/1/hi/business/7328031.stm