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Thursday, April 17, 2008
Smiley
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In light of what is happening at the moment and lenders stating that mortgages are not profitable for them (well i guess why lend the money then?) we have recently experienced a couple of little rinky dinks pulled by a couple of lenders at the very last minute - to wit one specifically has stated that a client has to put 20,000 of the 30,000 surplus into a savings product with them - hmm why would that be - its a directive from head office - client rightly said **** off - I need the money to furnish the property - no benefit to me if I have to do that - immediately we advised the lender to cancel the application (day before scheduled completion) - we would take it to a new lender - branch director came back and stated they would release all the funds for completion but wanted to be able to call the client after completion to offer some of their investment products - this was agreed to - whether it was a head office directive or not God only knows but this seems to be cropping up more and more.
In light of Halifax's new stand on LTV ratios (max 60%) and interest only period reduction and chargeable interest rate hike - they have really had the measure of the market for the last 4 years or so in terms of attracting new business from the non resident market, but I think some of the other lenders will try to exploit the fact that Extra now seems to mean Less in 2008 - their new pricing and LTV strategy is tantamount to saying they do not wish to lend in Spain so many of the native lenders will go back to days of old where they could try and pull a few tricks - we shall see????
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
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17 Apr 2008 2:44 PM
EOS Team
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I still find it amazing how the Spanish mortgage market has changed so dramatically over the last few months. It was just starting to mature really and now it's all heading backwards again.
Well, I suppose at least it keeps you on your toes! 
Justin
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17 Apr 2008 3:27 PM
Smiley
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Guess thats what happens when there are liquidity issues - its much the same in the UK at the moment - no sharp practices but lenders withdrawing deals at a moments notice. There has been a big fanfare in the UK about the major UK lender and a new first time buyers product - only thing is there are no first time buyers around any more and I believe they have restricted lending to established borrowers to 75% of value - interesting plan - a mortgage lender that doesnt want to lend mortgages?????? Or am I just being cynical?
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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17 Apr 2008 3:31 PM
EOS Team
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You....cynical....never!!!
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17 Apr 2008 4:11 PM
Smiley
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I'm in Nueva Andalucia
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Oh you know me so well!!!!!
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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