Sorry US, think I may have misquoted/replied to a post there!
As it goes, I have only heard good things about your services from friends tho'!
Mortgages
- Thread starter bomber130
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Sorry US, think I may have misquoted/replied to a post there!
As it goes, I have only heard good things about your services from friends tho'!
Sorry US, think I may have misquoted/replied to a post there!
As it goes, I have only heard good things about your services from friends tho'!
No problem.
Buzzer
Languidly Clinical
- Oct 1, 2006
- 26,121
It's a very accurate assessment unfortunately. If US is regulated by the FCA then there is a code of conduct with regards to giving investment advice. Even informal advice such as given in this thread needs to be considered. If someone acts on what US has suggested and it goes tits up then he's in hot water and I suspect his indemnity insurers might have something to say about free advice given over an internet forum.
http://www.fca.org.uk/firms/firm-types/financial-adviser
Alex Alex Dawson oo! oo!
Primary data is fact
Fair enough but is Gareth an IFA?
Buzzer
Languidly Clinical
- Oct 1, 2006
- 26,121
If he arranges mortgages and he's not regulated by the FCA then I'd be very surprised.
http://www.fca.org.uk/firms/financial-services-products/mortgages
From the FCA website as per link:
The products we regulate are:
Residential mortgages. This includes any mortgage or loan secured with a first charge on your home. We do not regulate buy-to-let mortgages.
Home Purchase Plans
Home Reversion Plans
Sale and Rent Back
Bridging loans, but only if they are secured with a first charge
Make sure you have the correct permissions from us before you get involved in providing, administering or selling any of these products.
Vegas Seagull
New member
- Jul 10, 2009
- 7,782
You may have swallowed the rulebook, BUT it doesn't mean you understand the difference between advice & simple product description
Buzzer
Languidly Clinical
- Oct 1, 2006
- 26,121
brighton bluenose
Well-known member
This is the worst 'advice' on here - with talk of an over-heating housing market and pundits now saying interest rates could move upwards much sooner than the predicted rises in spring of 2015 I would respectfully suggest this chap is taking tosh!!
Take the fix!
wakeytom
New member
This is in no way advice or related to the original question but in response to this comment only. The housing market is moving yes but is not at a bubble yet, prior to that there are many things that can be done - reduction in help to buy etc.
With the current votes all going with no rise even though we did hit a KPI for a rise with unemployment then the chances of a rise is slim, we have just seen a cut in the euro zone which I think it unlikely that we will go against that, there are still other ways to stimulate the economy which the committee previously said they wanted to explore without rate rises. In simple terms there are so many people on trackers and SMEs on variable rates that even a small rise could be disastrous to the growth which the committee and government crave so much
brighton bluenose
Well-known member
Actually it depends on the affordability doesn't it - if he's earning £20k a year it could be a problem but if he's earning £70k it shouldn't be! Should it?!
As I pointed out in an earlier post; Carney has said there are other tools available to cool the over-heating housing market. He has also said the economy is still very fragile. If housing needs cooling then why would he up interest rates and wallop the rest of the economy as well? Does not make sense to me. I guess he will look elsewhere to put a lid on house prices.
wakeytom
New member
Exactly and the quick easy fix is around the help to buy schemes, one cause of the last bubble was cheap credit especially at the 100% or above loan to value range so moving the possible LTV to 95% is pushing the boundaries again.
Rates will rise at some point I am sure but it could be 15-20 years before we go back to a "normal" rate of around 400 bps
The housing market has already been dampened down severely. It is called the mortgage market review.
This is a bit OTT without knowing the rest of the circumstances (such as income - or affordability - and LTV). In relation to another post, it isn't necessarily the case that you can't overpay on a fixed rate mortgage - I currently do this on my fixed deal. It's quite staggering the effect additional payments have on reducing the term of the mortgage and given savings rates are so paltry, if you have any spare cash it's definitely worthwhile considering
Finally anyone giving advice on mortgages has to be authorised (ie be registered with the FCA) as mortgages are regulated products and the giving of advice is a regulated activity
chimneys
Well-known member
- Jun 11, 2007
- 3,590
You cannot be serious! (J McEnroe 1979).
Have you not noticed the incredible house price inflation over the last 12 months in the south east? I was told most of the big lenders had already been doing extra due diligence prior to the implementation of the latest rules.
I wouldn't call that having much effect and most certainly not "damping down severely".
Wait and see what the mortgage approvals are in May and following months. This reduction will feed through to the market with a dampening effect.
chimneys
Well-known member
- Jun 11, 2007
- 3,590
Fair enough. But from my own experience last week, whilst the interview is a chore, as long as you have a modicum of financial nouse, its still fairly easy to navigate/play the game. That said, whilst I'm self employed I was only looking for a modest LtV and it was a sensible income multiple.
US is absolutely spot on here which as a mortgage advisor with his finger on pulse I would expect him to be - Jan-May, transaction volumes (and prices) definitely large hinting at a small bubble but in last 6 weeks there has been a very definite slow down and the Mortgage Review is behind that - the banks simply cannot process the applications efficiently now so things are taking longer. Without a healthy property market this City would struggle big time as there is no doubt in my experience that it is almost exclusively property that drives the feel good factor here. Carney and the Bank should focus on central London, that's where the crazy prices are happening, but down here (and like most of the country) I'd say prices are a little bit above average but even if we had a small crash again, I doubt anyone buying now would be much out of pocket. Classic supply and demand this city, loads of demand, not enough supply hence we will always have a property market that keeps on going through the inevitable cycle of booms and busts. Interest rate rises, whilst painful, don't really have a massive impact for this reason i think but for those wanting certainty there are some great deals out there.