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credit tightening !
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Rubs hands and wanders down to the estate agents for this weeks auction bookConfusion is a natural state of being -
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How mental is this?
For example, borrowers can still opt for a term of 40 years but affordability will be calculated as if you were paying it back over 25 years.
Aha:
In addition, Nationwide is changing the maximum age limit by which time the mortgage must be paid off to 75. Prior to this there was no upper age limit as long as borrowers could afford the mortgage payments from their pension income.
The dropping of 100% mortgages has to be done, they are stupid loans too.
70% off current prices would be lush, would be able to afford a wicked place at those levels - no mortgage required Can't see them going that low though.my ferret is your ferretComment
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That seemed to go down well so here's some more gloom.
http://www.telegraph.co.uk/money/mai...cnbovis209.xml
ps. the builder that sounds like bread are a fund manager mate's tip as the least reckless housebuilder but he clarified by saying don't buy until it's utter carnage elsewhere.Comment
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Originally posted by ferret View Post
With most FTB's not stepping in to the market this means they would be in their 70's before the loan is complete."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by scooterscot View PostIt is not that unusual for a mortgage loan to be carried over two generations in somewhere like Japan for instance.
Yes, lets have 500% mortgages that run for a million years. That way we can all afford a house no?
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Purrrsonally I think the UK will become like France where the majority of people will choose...ermm... will have to rent rather than own.
For where is it written that the value of house must equal a reasonable multiple of salary?
For someone on the average salary of what is it.. £25K would mean £75K + savings for a home - I really don't think prices will drop that far to meet the requirements of those who need it most. Seriously I don't."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by rootsnall View Post
Sh*t you mean they could actually fall that far
I was about to suggest unemployment might rise to about 4 million as a wind up , but I'm afraid it might be too close to the truth.I'm alright JackComment
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Originally posted by BlasterBates View PostI was about to suggest unemployment might rise to about 4 million as a wind up , but I'm afraid it might be too close to the truth.How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.
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