Going Sell Sell Sell Crazy in England !

[Rachel_Heath]

Originally Posted by Big Pete

I must admit i did think some lenders was asking for trouble when they was giving 110% mortgages with no deposit etc.

Pete, what 110% mortgages? You saying that because you'd heard that's what happened or because it just sounded nice and alarmist? I'd be interest if you could some a source for that!

[Big Pete]

Originally Posted by Rachel_Heath

Pete, what 110% mortgages? You saying that because you'd heard that's what happened or because it just sounded nice and alarmist? I'd be interest if you could some a source for that!

Ok miss Rachel i shall find you some evidence of some of the silly Mortgages they was doing in fact i am sure even sillier mortgages was offered a while back i believe . stupid i know but dont shoot the messenger as they say ..

I am not an alarmist i only report facts ,

If i was an alarmist i would say something like " did you hear that new law thats just been passed ,which means all women called rachel who post in forums must pay the government $ 2,000 a year !! " Now that would be alarmist

[Big Pete]

Originally Posted by Rachel_Heath

Pete, what 110% mortgages? You saying that because you'd heard that's what happened or because it just sounded nice and alarmist? I'd be interest if you could some a source for that!

Financial Services > Mortgages > 125 per cent Mortgages > 125 per cent mortgages
125 per cent mortgages
125 per cent mortgages were a relatively new loan on the UK mortgage market before the credit crunch of late 2007, and similar to 100 percent mortgages, are fairly self-explanatory.

The 2007/2008 credit crunch in the UK mortgage market severly affected the future of 125 per cent mortgages.

Update: Like the adverse credit mortgage market, the 100 and 125 per cent mortgages niche is simply considered too risky by the majority of lenders due to the severity of the 2007/2008 credit crunch.
For this reason, most mortgage lenders pulled down their 125 per cent mortgage loans from the market, meaning this product is now relatively rare on the UK market and extremely hard to satisfy lending criteria.

Lenders offer borrowers 90 plus percent of the value of their property, with an extra 25 per cent in an unsecured loan to cover the costs of buying a house and any improvements that need making.

Welcome to the Mortgages.co.uk guide to 125 per cent mortgage loans.

Who offers 125 per cent mortgages?
Very few mortgage lenders now offer 125 per cent mortgage loans, as more and more have withdrawn their product ranges.

Before the credit crunch, products included the MortgagePlus 125 per cent mortgage from Alliance & Leicester, with some lenders lending 100 per cent plus on mortgages for years. These lenders included Northern Rock, Mortgage Express and BM solutions.

What are the benefits of a 125 per cent mortgage?
The lending can exceed 100 per cent without the need for the borrower to look for



there you are ..

ps; source was from 125 per cent mortgages

[Rachel_Heath]

Except you mentioned 110% mortgages in response to Oddball's response about my statement in reference to mortgages in the USA so I naturally assumed you were still talking US mortgages and not those in the UK....!

[synthia]

Good grief, Charlie Brown! We are going to need some sort of concordance to keep track of who said what about what in which post when!

[Stravinsky]

Originally Posted by Elphaba

It really is not as bad as some papers etc are making out. If anyone is struggling with their mortgage repayments, unless their has been a change to their circumstances, they probably shouldn't have taken the mortgage out in the first place. UK mortgage rates are still relatively low and anyone that doesn't factor in a potential increase is being very short-sighted indeed.
-

People are encouraged by agents to take these big mortgages out. My daughter was offered 5 times her salary!!!

I've just returned from the UK looking at property, and all are saying it is bad, agents, sellers, the lot.

A property on at the end of last year for £129 is now taking offers around £105k. Property isn't moving. people who are struggling with their mortgages cant sell therefore, and are getting deeper in debt. Re possession properties are all over the papers.

I looked at 30 properties last week, and many have been on the market for ages and people are desperate.

[Big Pete]

As you know i have just come back from a few weeks in my Villa in Mallorca , and looks like its suffering the same as the Mainland numerous big building developments all on Hold ...

Prices down and agents still have properties for sale which i looked at 18 months ago .

So seems even the magical islands not recession prone . Also did notice numbers of tourists is way down what it should of been , i assume people are watching the money and maybe not even going for expensive continental holidays maybe !

[STD MATTY]

Originally Posted by Big Pete

As you know i have just come back from a few weeks in my Villa in Mallorca , ............................... Also did notice numbers of tourists is way down what it should of been , i assume people are watching the money and maybe not even going for expensive continental holidays maybe !

Or maybe word got out that you were there?? maybe?

[Big Pete]

Originally Posted by STD MATTY

Or maybe word got out that you were there?? maybe?

Yea could be that of course

They are getting to know me in the village

[STD MATTY]

Originally Posted by Big Pete

Yea could be that of course

They are getting to know me in the village

Everybody knows the village idiot.