Can I suggest you at least look at one of the thousands of property websites before making incorrect statements. The cheapest I have seen in Brighton is a studio flat at £105k. There is also one at the same price for cash buyers only. After that it is £125k for a one bedroom flat in Brighton. Studios under £100k are possible, one beds extremely rare.
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House prices to crash
- Thread starter Uncle C
- Start date
Can I suggest you at least look at one of the thousands of property websites before making incorrect statements. The cheapest I have seen in Brighton is a studio flat at £105k. There is also one at the same price for cash buyers only. After that it is £125k for a one bedroom flat in Brighton. Studios under £100k are possible, one beds extremely rare.
Uncle Spielberg
Well-known member
Can you tell me the best buy to let mortgage for a property with an HMO. You have 5 minutes. Also for a freehold flat.
Thanks in anticipation.
Don Quixote
Well-known member
- Nov 4, 2008
- 8,362
My dad told me there was going to be a crash about 4 years ago. I believe him.
I appreciate that but TBH neither can a broker - as I well know from my dealings with you.
I stress that this is no reflection on your ability, your knowledge of the market. nor on your hard work - I can attest to your willingness to work your arse off your clients - but the simple fact that the broker can be as much in the dark as the client these days.
The point is that he doesn't need to. Your services will be in demand only for a niche purchaser with very specific requirements. He only needs to know what mortgage is available for someone with X% equity and and a household income of £Y, and as he said, that really does take about 5 minutes.
Uncle Spielberg
Well-known member
Really tell me the best buy to let for an HMO and the best lender for a freehold flat. Its not just about the rate.
Uncle Spielberg
Well-known member
On second thoughts don't bother as you obviouly know much more than I do about the industry.
What's an HMO? And best lender? For me, it would purely be about the rate. And there are a ton of comparison websites and magazines to help me. I'll modify what I said. I suspect I'd find a good deal in five minutes, but I'd choose to look a bit further into it and could probably find the right deal for me in half an hour.
Excellent. Another tantrum, a bit like a 5 year old boy. The point is that I don't need to know anything about your industry, what with all the information I need at my fingertips on the internet (and magazines). I'll say it again, I strongly suspect most of your business would come from very bespoke clients.
mikeyjh
Well-known member
I can only go by my own experience, but I wouldn't even consider NOT using using professional advice for the biggest purchases of your life - I think you'd be mad not to. Especially in these uncertain times, mortgages are a minefield, there are a multitude of lenders and products our there - I'll take all the help I can get.
The guy who we used for a BTL last year was a dream, I had to sign a couple of things, other than that he did the lot.
The guy who we used for a BTL last year was a dream, I had to sign a couple of things, other than that he did the lot.
mikeyjh
Well-known member
Would you not consider fees? Early repayment charges? Standard variable rate at the end of your deal? Max LTV? Etc...
I think a small survey of Internet/financially savvy punters is hardly representative of the market as a whole. Agreed these things are possible, however they are completely beyond many people, who will otherwise go to their own bank for mortgage, insurance and a proper good shafting.
Uncle Spielberg
Well-known member
If you had walked in my shoes for the last 2 years you may be a little bit pissed off as well.
Uncle Spielberg
Well-known member
There is a ‘computer says no’ attitude among lenders with one admitting to refusing nine out of 10 borrowers on 90% LTV mortgages, says John Charcol.
Ray Boulger, senior technical director at John Charcol, says minor errors on consumers’ credit scores are stopping borrowers from getting mortgages.
He says: “Before the credit crunch, getting money from some mortgage lenders was nearly as easy as asking a resident of the North Pole to lend you some ice.”
Boulger says certain lenders fell over themselves to meet lending targets by offering loss leading rates, but we now find ourselves in completely the opposite place.
Boulger says: “Borrowers are being rejected at record rates, often for very minor indiscretions like being late with a credit card payment, and one major lender admits privately to rejecting 90% of the applications it receives for 90% LTV mortgages.
“The computer says no has become the most common utterance from some lenders. For borrowers it is difficult to know where to turn.”
He says those who rely on best buy tables frequently find that they don’t qualify and most high street lenders (Halifax is an exception) try to inhibit shopping around by leaving a hard footprint even when a customer just asks for a Decision in Principle rather than making a full mortgage application.
He says: “This blatantly contravenes FSA rules, with only a few footprints needed to crucify a credit score.”
But he does say that knowledge of the entire mortgage market is not only an enviable weapon, but absolutely critical to secure a competitive mortgage, and sometimes to secure any mortgage at all.
He says: “In this environment a good, independent mortgage broker is worth their weight in gold.
“The mortgage market has changed radically and is unlikely to ever return to what we knew before the summer of 2007, but it is not as dire as some think. Borrowers just need to know who to talk to for the right advice.”
Ray Boulger, senior technical director at John Charcol, says minor errors on consumers’ credit scores are stopping borrowers from getting mortgages.
He says: “Before the credit crunch, getting money from some mortgage lenders was nearly as easy as asking a resident of the North Pole to lend you some ice.”
Boulger says certain lenders fell over themselves to meet lending targets by offering loss leading rates, but we now find ourselves in completely the opposite place.
Boulger says: “Borrowers are being rejected at record rates, often for very minor indiscretions like being late with a credit card payment, and one major lender admits privately to rejecting 90% of the applications it receives for 90% LTV mortgages.
“The computer says no has become the most common utterance from some lenders. For borrowers it is difficult to know where to turn.”
He says those who rely on best buy tables frequently find that they don’t qualify and most high street lenders (Halifax is an exception) try to inhibit shopping around by leaving a hard footprint even when a customer just asks for a Decision in Principle rather than making a full mortgage application.
He says: “This blatantly contravenes FSA rules, with only a few footprints needed to crucify a credit score.”
But he does say that knowledge of the entire mortgage market is not only an enviable weapon, but absolutely critical to secure a competitive mortgage, and sometimes to secure any mortgage at all.
He says: “In this environment a good, independent mortgage broker is worth their weight in gold.
“The mortgage market has changed radically and is unlikely to ever return to what we knew before the summer of 2007, but it is not as dire as some think. Borrowers just need to know who to talk to for the right advice.”
Uncle Spielberg
Well-known member
This is correct but I am flogging a dead Horse here.
Uncle Spielberg
Well-known member
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,022
well they have been upto recently (if possibly not now). some buying buy to let instead of saving/pension, some buying a flat in london to save commuting from further afield where they have nice house, nice schools etc. cheaper to buy a 1 bed flat in London than pay for a yearly season ticket and get to work earlier.
thats true enough. we do want to live in the nicer places if we can, but often people lose sight of priorities. people will rather save and spend for a £20k wedding than put in a deposit for a first flat.
I did. I've been looking for a flat for my mother at around that price and RightMove has 51 properties at under £110,000, even filtering out the retirement homes, there are 25 flats for that price - including three 1-bed places for under £100,000.
My original point was that you don't need a £50,000 salary to afford a starter home in Brighton. You certainly wouldn't need that sort of salary to buy a one -bed flat, even at £125,000.
Not for me, no. No chance of me paying early, the rate given would be dependent on my LTV percentage anyway and std variable rate wouldn't bother me either, I'd just move if it became uncompetitive and I'd gone past my lock in period.
Good point well made, I guess.
One of the things I said earlier was that I genuinely do have sympathy for brokers like you because as far as I can see, your market has been decimated. However, this is for a few reasons, not just because of house price suppression. You seem talk as if we're all spiteful because we don't want house prices to rise when it goes against all conventional wisdom. The fact is that house prices need to come down further because FTB flats are still not all that affordable.
This is a view that has been expressed on this very website for well over 2 years now in truth.
You really do yourself no favours.Whats an HMO ?. The Irony of " Mr Mortgage Man "
Why would I specifically need to know what an HMO is then?
Uncle Spielberg
Well-known member
I give up.