Mortgages being withdrawn in the UK

Mortgages being withdrawn in the UK

news.bbc.co.uk

More banks have withdrawn mortgage deals following First Direct's decision to suspend its entire range...

...First Direct is the first bank to withdraw its entire range to non-customers, although the Bath and Earl Shilton building societies took the same step last month...

(visit the link for the full news article)



[edit on 2/4/08 by pause4thought]

To those unfamiliar with the UK market, First Direct, part of HSBC, is a major player.

This whole situation smacks of a cover-up. "Oh, we've just got too many applications too deal with at once..."

Sounds like "None of the banks want to lend to each other and we don't have enough capital to continue issuing mortgages ourselves".

The official line about too many applications has been churned out recently by too many lenders to sound credible. You can fool some of the people some of the time...

news.bbc.co.uk
(visit the link for the full news article)

[edit on 2/4/08 by pause4thought]

...but you can't fool all the people all the time.

Looks like the Big domino in the middle of the mess is falling.

Originally posted by pause4thought

To those unfamiliar with the UK market, First Direct, part of HSBC, is a major player.

This whole situation smacks of a cover-up. "Oh, we've just got too many applications too deal with at once..."

Sounds like "None of the banks want to lend to each other and we don't have enough capital to continue issuing mortgages ourselves".

The official line about too many applications has been churned out recently by too many lenders to sound credible. You can fool some of the people some of the time...

news.bbc.co.uk
(visit the link for the full news article)

[edit on 2/4/08 by pause4thought]

The chances of them admitting they've issued too many 'buy2let mortgages' is remote.