Best current mortgage deals?

[Garage_Doors]

m the FSA who are trying now to make lending completely risk free which has and never will work.

I always thought Mortgage lending was always virtually risk free for the lender, if you cant pay they take back the properly that has gone up in value.
Unlike a car loan when’re the vehicle has depriated? hence a loss

 

[Uncle Spielberg]

Thats doesn't work if the property has gone down in value.

 

[beorhthelm]

No, the fsa's proposals are in a " discussion" timescale but everyone knows they will do exactly what they want and ignore everyone anyway.

i doubt there will be an FSA post election, even if Labour win. it would be the best way to be seen to do somthing (and is needed anyway, but thats not usually a politicans princilpe reason for change).

Greece today, but coming to the UK soon.

that a little melodramatic. the Greeks are waking up the harsh economic realities of the 20th centrry (no, not an typo) which we went through half a generation ago. i've been told civil servants out there get a quartly bonus for meeting attendance targets and they start at 10am. Its true we've been insulated from the worse of the recession but how we go in the next 2 years really depends on the policies of the next chancellor. either way, i dont expect ganeral strikes as its likely a relativly small number will be out of work - too big cuts in employment will be counter productive.

 

[Uncle Spielberg]

We all know if the FSA is disbanded they will all transfer to the new Bank of England regulatory authority in the jobs for the boys situation and carry on regardless anyway.

 

[beorhthelm]

a few key people moved off to other departments and some new regulations that address specific points in mortgage lending, and yes, it will jobs all round. the rest of the city doesnt give a rats arse about UK housing market (except their house price obviously), they are frying much larger fish on the Forex, LIFFE and LSE, they just want to make sure the banks can lend them cash to lubricate those deals.

 

[Uncle C]

that a little melodramatic. the Greeks are waking up the harsh economic realities of the 20th centrry (no, not an typo) which we went through half a generation ago.

I dont think its melodramatic. If you want an example of how the UK is stuck in the dark ages have a listen to Bob Crow.

There are plenty of other examples of workers who have no notion of what a mess this country is in. Like BA staff, they cant see past the end of their noses, and will strike or carry out industrial action until they have wrecked the businesses who employ them.

 

[Uncle Spielberg]

I agree in that people demanding pay rises and going on strike because they don't get one in the worst economic conditions snce the 2nd World War need a reality check and a slap imo. They should trying living on their wits getting business and being self employed. Now I know it is a choice and there are benefits but a lot of people seem to think they have a right to earn money and they don't. The recession has gone over the heads of huge swathes of people in this country infact they probably wish it would last forever as they have far mire spending power now for their money. The country is on its knees and is not far removed from Greece in that we are basically bankrupt with debts of 80% of GDP. Its only our previous history thats keeps us apart from Greece but anyone knows in sales you are only as good as you last month. What you did 2 years aho counts for shit and the UK are living on a " we used to be good " mentality.

 

[jezzer]

With you totally on all what you say U.S, I`m a self employed IFA and its just about the worst job in the world at the mo to get a mortgage approved and to get some common sense from the lenders and trying to make a living is nigh-on impossible, its regulation city now, all too late and too extreme.

Ive never been so skint, in fact if things dont improve I`ll be hard pressed to convince the wife that the money ive religiously saved for next seasons season tickets for me and my son shouldnt be used to pay the bills!

 

[Uncle Spielberg]

jeezer, those mortgage broker who have hung in there down from 32000 pre 2008 to 12000 now have this year only for things to get better. I fear however the intermediary broker market will be wiped out by the end of 2010 which is exactly what the fsa and banks want. A one man band may carry on for 2 years with no money but 3 years and no sign it will get better is a bridge too far. Its horrendous. This is in the detriment to consumers who post 2010 will only have the choice of going to their banks with their tails between their legs begging for a mortgage and the lucky ones that get one will be subjected to an execution only, no advice scenario sold the " product of the week " regardless of their circumstances and then hard sold expensive insurances from their own panel , let me see, 1 provider.

 

[Kylies Stunt Arse]

We all know if the FSA is disbanded they will all transfer to the new Bank of England regulatory authority in the jobs for the boys situation and carry on regardless anyway.

So what exactly would you suggest? Think about this properly rather than whining about how shit your life is.

 

[islingtonseagull]

The high street banks screw consumers at every opportunity. People know this and piss n moan all the time about horrendous overdraft charges and apr's of 20% on credit cards, while savings rates are stealthily slashed to 0.05% overnight. Yet unfortunately most still speak to the salesman in branch for mortgage 'advice'.

 

[Kylies Stunt Arse]

The high street banks screw consumers at every opportunity. People know this and piss n moan all the time about horrendous overdraft charges and apr's of 20% on credit cards, while savings rates are stealthily slashed to 0.05% overnight. Yet unfortunately most still speak to the salesman in branch for mortgage 'advice'.

Unfortunately the banks, especially the local branches, are deemed trustworthy, whereas independent brokers are considered shysters that are definitely on the take. It's a throwback to the mis-selling scandals of the 80's and 90's.

 

[Uncle Spielberg]

So what exactly would you suggest? Think about this properly rather than whining about how shit your life is.

Walk in someone else's shoes I think is the saying.

 

[islingtonseagull]

It was the banks salesmen that mis sold endowments.

While some brokers are shysters, if you go on word of mouth you will find a good one.

 

[aftershavedave]

Walk in someone else's shoes I think is the saying.

i'd imagine hers would be a little small for you gareth having seen the two of you together......

 

[Garage_Doors]

Thats doesn't work if the property has gone down in value.

Assuming it highly unlikely someone would default on a mortgage in the first year and it takes 6 months to repossess, when has a property gone down in value over a minimum of an 18 month period.

 

[Kylies Stunt Arse]

Walk in someone else's shoes I think is the saying.

Great answer that Gareth, cracking stuff. So your suggestion for sorting out the issues with regulating the financial services industry as well as creating a continuing competitive mortgage market is for people to walk in your shoes.

Brilliant, I'm amazed you aren't Chancellor really.

So again, without whining about how shitty things are for you, what would you suggest is the answer?

 

[Uncle Spielberg]

What was you income last year, what is it going to be this year ?. Sorry if I come across as bitter but I AM f***ing BITTER. Good night to you.

 

[Kylies Stunt Arse]

It was the banks salesmen that mis sold endowments.

While some brokers are shysters, if you go on word of mouth you will find a good one.

Endowments were mis sold by loads, not just the banks, same with pensions.

I'm not saying that brokers are dodgy, in fact I know plenty, some of whom are on here, that are far from it. I'm saying that the words "financial adviser" used to be synonymous with being stitched up and the industry still hasn't recovered from it.

 

[Beach Hut]

What was you income last year, what is it going to be this year ?. Sorry if I come across as bitter but I AM f***ing BITTER. Good night to you.

Why can't you just accept you decided to be an IFA and have had good times and bad ?

I should be having the best time ever financially but work is shit as I have a bastard manager however it will change as they always move on, c'est la vie