FTB's losing out

Gambler

We went to see our solicitor today to sign off papers etc.

We have used the same guy a few times as he is a top bloke and very thorough. He was telling us he has been conveyancing for 24 years and for the first time ever 3 times this week he has seen chains collapse as FTB's have had their mortgage offers pulled or declined.

poppy10_2

And ?

Dan_Collins_2

Its begining to happen and will get worse.

Once again poppy, great post!

poppy10_2

No probs

neas

The best thing for the housing market... is for prices to drop...

Gambler

poppy10 wrote: »

And ?

I was just passing on 'real' information, not referring to paper talk etc. If you don't like it move on to a thread you are interested in and keep your sarcastic comments to yourself.

beecher

I don't think it is the FTBs who are losing out - it is worse for the ones further up the chain. At least the FTB can wait til house prices come down - I know that it must be devastating at the time, but in the long run it is the best thing that can happen to some of them. Bet loads of people with 125% Northern Rock mortgages wish they'd been declined at the time!

MissMoneypenny

Good. It's about time we went back to those with deposits, a good credit record and good salary multiplication receiving a mortgage. All that crazy lending just pushed the house prices up and made a huge unsustainable bubble. It's those trying to re mortgage who are going to bear the brunt of this if they bought in the last few years, especially as prices are now dropping.

I remember the last crash and it wasn't pretty. It took years for houses to get back to what people had paid for them. My sister lost all of her equity she had put into her house and was forced to sell for less than the mortgage. My friend's brother had bought a few houses and would have lost his own house in the crash too, if his parents hadn't given him his inheritance early.

It was those selling shovels in the gold rush that got rich.

sarkin

I think FTB buyers are over the moon, its only homeowners that have a problem. As an FTB waiting in the wings, with property bee at my finger tips, this is top news. Only problem I have is I am a self employed mortgage broker, so will loose my job but not my house.

LillyJ

I think the FTBs are only getting declined for good reasons, ie high ltv or high income multiples or bad credit. It seems if you have none of these you can still get a mortgage very easily. And that is how it should have been all along.

UK007BullDog

I just cannot see a crash. In my neighbourhood and further out the number of properties on sale has gone right down. In the good old days the papers had 30 to 40 pages or properties for sale. The other day it was 5 pages and with just a few reductions like £500 to £2K.