Oh Dearâ„¢ - Mortgage lending in August Oh Dearâ„¢ - Mortgage lending in August
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    Default Oh Dearâ„¢ - Mortgage lending in August

    http://news.bbc.co.uk/1/hi/business/7641535.stm

    Mortgage lending collapsed in August, according to the latest figures from the Bank of England.

    Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007.


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    Look at it on the bright side. We will soon see a massive cut in interest rates!!!

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    2% on last year.


    2%

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    Quote Originally Posted by Cyberman View Post
    Look at it on the bright side. We will soon see a massive cut in interest rates!!!
    And it won't be passed on to borrowers. You just don't get it do you. Banks as you know it are forked. They can't lend, they have nothing to lend and if they did, they'd simply be buying into falling assets.

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    Quote Originally Posted by DimPrawn View Post
    http://news.bbc.co.uk/1/hi/business/7641535.stm

    Mortgage lending collapsed in August, according to the latest figures from the Bank of England.

    Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007.


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    You've twisted it a bit, it is NET lending ! BUT we are TRIPLE UBER DOOMED on the housing front. It's going to be messy !

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    Quote Originally Posted by rootsnall View Post
    You've twisted it a bit, it is NET lending ! BUT we are TRIPLE UBER DOOMED on the housing front. It's going to be messy !
    So its not time to start buying yet?

    I must put a note in my diary to buy houses - 2015?
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    Quote Originally Posted by BrilloPad View Post
    So its not time to start buying yet?

    I must put a note in my diary to buy houses - 2015?
    If you need a new car and a house, this might be for you.

    http://www.echo-news.co.uk/news/3704...mborghini_too/
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    Quote Originally Posted by DimPrawn View Post
    And it won't be passed on to borrowers. You just don't get it do you. Banks as you know it are forked. They can't lend, they have nothing to lend and if they did, they'd simply be buying into falling assets.

    HTH


    It will eventually, but if the step of making cuts is not made then there is nothing to pass onto borrowers. Is that too difficult to understand?

    At the moment we have Buy to Lets where mortgages have almost doubled recently. One guy on the radio this morning has just had the first of his eight properties repossessed and is expecting them all to go. Keeping rates at their current levels does nobody any good.... not even savers if all banks go bust.

    Keeping the BofE interest rate at its current level is just plain pig-headed stupidity.

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    Comment - "Awwww, he can't afford his place any more because of the credit crunch. And he can't sell it either. Bless!!"
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