If I earn £32k per year

Joe_Bloggs

@bunking_off Thanks for that 300 page plus pdf. Clearly whiteflag now has the source of information and will be content. I could take no offence in being called a brother in arms with meanmachine. Meanmachine has been very helpful and thoughtful in supplying mortgage information to those that are on the fringe of affordability, or beyond it, for the often bewildered posters. It was also a treat to hear from Pal.
It is so frustrating, yet understandable, when people fail to save for a mortgage. Those that do save are peeved by the ridiculously high multiples that can be borrowed. In addition the savers are paying rents that fund the buy to let landlord's mortgages (the taxman payeth the interest) that keep the house market afloat. If this situation were any more weird, this post would be in the Money Savers Arms.
J_B. (What are meanmachines credit record blemishes ?)

payless

bunking_off wrote:

The average repo rate for the industry was 0.07% in 2003, 0.05% in 2004 (see Table, top of page A11). Northern Rock's were 0.09% in 2003 (509 against 531K mortgages), 0.1% in 2004 (630 against 580k mortgages) - Table on A13/14.

While these figures are higher than the industry norm, they hardly reflect a picture of an institution which is trigger-happy at repossessing its customers and probably do reflect their emphasis on first time buyers. ..

Not sure if repo figures give a full picture , as many people have seen large increase in property value, so some of those in trouble may have sold themselves or borrowed additional funds on the secured loan market ( which of course will likely make matters worse)

not read the full report but your summary implies they are 28- 100% above national average for repo's

Yes they do lend to FTB, but also to "self cert" and buy to let with greater equity

Remember this lender that is not known for lending in the sub prime market !

meanmachine_2

Joe_Bloggs wrote:

J_B. (What are meanmachines credit record blemishes ?)

None that I'm aware of.

And no doubt NR would fall over themselves to lend me 5.9 times my income, which could probably buy me that "luxury" pad in a soon-to-be-council tower block.

I wouldn't expect a bank like NR to do badly while the economy is still OK. It's during any natural downturn in the cycle that the chickens could come home to roost.

What am I saying? Banks win in any circumstance!

Joe_Bloggs

And if I had a perfect credit rating, plus a huge amount of equity, NR would not be top of my list, but there you go...

I must appologise to everyone for thinking that a person with a perfect credit rating (almost nobody) or a person with a non perfect credit rating has anything to do with any behaviour that may put at risk any financial relationship with any financial institution.

I suspect that if enough MSE people that had enough 0% credit card purchase leverage then they could buy Equifax (a credit reference agency).
J_B.

On reflection it would be a waste of money.

Phonix

Buying a credit refernce agency sounds like a good idea to me.

Fiddle around with your report and get accepted for a 100 credit applications. lol

Joe_Bloggs

I concurr 100% but i can't type for laughing. Managed it in the end
J_B.

whiteflag_3

Clearly whiteflag now has the source of information

No still waiting for Ember to answer the questions I asked. All thats been proved is that what she said about repos was wrong.

Fiddle around with your report and get accepted for a 100 credit applications

Yeah nearly wet myself

Joe_Bloggs

@Ember999 read that 309 page report and get back to whiteflag. I'll research monty python skits to get the thread booted into the arms as usual.
J_B.