Mortgage advice needed for first time buyer.

[LDFerguson]

I heard this last week and it didn't add up for me on two counts.

1. I have never heard of a bank turing down business to cope with a 'backlog'.

2. Everything else I read seems to be saying mortages applications would be being down not swamped.

The UK market is somewhat different to here at present, although the same situation may arise here. Because many lenders there have withdrawn some of their best offers, those who are still offering attractive deals are being swamped with business from customers who have fewer and fewer options.

This issue was also mentioned here.

 

[slinky]

Bank of Scotland withdraws offers.

Liam I know your an expert in your field and your opinions are appreciated but the signs are clear.

The next step will be rumours of finance irregularities in the banking industry.

 

[becky]

The UK market is somewhat different to here at present, although the same situation may arise here. Because many lenders there have withdrawn some of their best offers, those who are still offering attractive deals are being swamped with business from customers who have fewer and fewer options.

This issue was also mentioned here.

I hadn't seen that post and can accept some of what you say because it certainly makes sense in the current market.

You mentioned in the other link
"it would strike me as feasible that they would need to process all current applications before taking on new ones and that the new ones might need to be re-priced".

The way I read this is they need time to re group, re think etc. and thus need this breather.

Sure they have been in fifth gear for the last few years and deserve the rest.

 

[LDFerguson]

Bank of Scotland withdraws offers.

Liam I know your an expert in your field and your opinions are appreciated but the signs are clear.

The next step will be rumours of finance irregularities in the banking industry.

I'm not sure what point you're making. Bank of Scotland pulled out the 100% mortgage market today and increased up their tracker rates. Both moves had been predicted. Almost all lenders have done similar things recently.

It's no secret that inter-bank credit is very hard to come by at present. So lenders are going to use whatever means they need to, to cut back on the amounts they're giving out and will cherry-pick customers.

Have you reason to believe that there is something more sinister going on?