What im saying is, that your statement is not the same for everyone, but you wanted to tar all new lenders with the same brush……its not the case. Whether you state “typical” lender or not.
Interest Rates
- Thread starter jowwy
- Start date
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What im saying is, that your statement is not the same for everyone, but you wanted to tar all new lenders with the same brush……its not the case. Whether you state “typical” lender or not.
classic33
Leg End Member
Are there any new lenders in/on the market these days. Most lenders have been around a few years now.
Bonefish Blues
Banging donk
- Location
- 52 Festive Road
I'm tarring nobody with anything - please try to understand what I am writing
I am saying that the market operates this way. It is what it is. It isn't sensitive enough to produce a 'jowwy rate' because of factors X, Y, or Z any more than it is able to determine that this specific individual who has a high LTV is actually a great individual who is very low risk. They get aggregated together, because that's what happens.
Bonefish Blues
Banging donk
- Location
- 52 Festive Road
Let's not get into lenders and borrowers - i glossed over that because life's too short 😊
I'm tarring nobody with anything - please try to understand what I am writing
I am saying that the market operates this way. It is what it is. It isn't sensitive enough to produce a 'jowwy rate' because of factors X, Y, or Z any more than it is able to determine that this specific individual who has a high LTV is actually a great individual who is very low risk. They get aggregated together, because that's what happens.
Why use my name as if its significant to my post…..im not asking for a jowwy rate or anything else. Im just doing as you are and stating my opinion. Stop using my username as a way of suggesting im asking for or expecting to be treated differently.
- Location
- Somewhere wet & hilly in NW England.
Loan To Value (ratio):
https://moneyfacts.co.uk/mortgages/... Loan-to-value,you start your mortgage search.
Basically the more you put down upfront, the less your LTV would be, as you wouldnt be borrowing as much from the “Lender"
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Bonefish Blues
Banging donk
- Location
- 52 Festive Road
I'm using it in an illustrative way, you know, metaphorically I am sorry if you didn't appreciate that. Nowhere did you ask for a special rate or anything of the kind, I'm happy to confirm. Hope that clarifies things - you see I was seeking to illustrate the fact that the market makes broad-brush determinations, based on risk - a point I re-stated - and where I was accused of 'tarring everyone with the same brush' wasn't it? You can see this on any, but any, mortgage comparison website where one is asked what the value of the property is and based on the determined LTV, you can get a higher or lower rate.
Your stated opinions are flawed because you are serially failing to understand the points I am making, and arguing against something that wasn't stated - and directly attributing statements to me that I very clearly didn't make - as I am sure others will have noticed.
I dont care what others may have noticed, if your seeking assurance from other members.
My opinion isnt flawed, because like i stated….not everyone is high risk, highly geared, lowley paid. If you cant accept that, then your also flawed In your opinion.
have a nice day.
Bonefish Blues
Banging donk
- Location
- 52 Festive Road
I didn't say that though. See my posts where I have tried very hard to correct your misunderstandings.
I try to use language in a precise way - however I cannot always legislate for an imprecise understanding, try as I might 😊
Alex321
Veteran
- Location
- South Wales
He has never suggested everyone is. So your argument is a straw man.
What he is saying is that mortgage rates offered are based on a statistical analysis of which borrowers are on average higher risk.
Which tends to mean those with higher LTV get higher mortgage rates, regardless of whether any particular borrower is individually high risk. And those with a high multiple of earnings will also tend to get offered higher rates.
That was last Friday. I was offered a 10 year with Barclays last Thursday at 3.65%. Immediately sent in documents etc. By Saturday the offer had been withdrawn. The best rate I can get today is 4.09% on a 10 year with TSB (and now in hot pursuit of that deal) and that's with 45% LTV. A five year would be 4.5%. Three or 4 weeks ago I was looking at 2-3%.
That 0.5% doesn't sound a lot but it's the difference between £1886 a month and £2066. SO £180 a month more in the space of a few days.
The rate is heavily dependent on your LTV, The rates you were getting suggest a very low LTV. They are definitely quickly increasing however.
