Ancestors

Toot

Written by Dr Craig Dalȝell on 2025-01-17 at 12:28

UKGov looking at scrapping mortgage rules brought in in the wake of the 2008 Financial Crash that brought down the last Labour government.

Is Starmer trying to speedrun this?

https://www.bbc.co.uk/news/articles/cdryy33v13ko

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Descendants

Written by Natasha on 2025-01-17 at 14:33

@thecommongreen One of the issues I found when getting a mortgage/buying a house was needing a big deposit first not whether you could afford the subsequent payments. Given most are only maximum 95% of surveyed value, and most sell for a chunk over valuation, you need 5% + the extra as a deposit, which could be £30,000 on a £200,000 house (roughly a years mortgage payments up front).

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Written by Dr Craig Dalȝell on 2025-01-17 at 17:38

@nusher A situtation I've faced too, though I believe that the solution is to bring house prices down (see my latest post linking to my newsletter article for an option to help there) rather than to risk putting people into negative equity and encouraging banks to over leverage again. Financial regulations like this tend to be written in blood.

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Written by Natasha on 2025-01-18 at 10:38

@thecommongreen Very much so. Given house prices on average used to be three times average income and are now closer to ten times, there is definitely an issue with pricing.

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