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| Share Name | Share Symbol | Market | Stock Type |
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| Boeing Co. | BOE | London | Ordinary Share |
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| 0.00 | 0.00% | 220.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 220.00 |
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Posted at 02/1/2009 19:36 by westcoastrich Britain's biggest lenders are tightening their criteria on buy-to-let mortgages, depriving would-be investors of the chance to take advantage of plummeting prices and record-low interest rates. Nationwide-owned The Mortgage Works, the market-leading buy-to-lender, said this month it will refuse applications from "property developers" - cutting off thousands of landlords from remortgage deals next year. It said it would not accept applications from someone who owns 25% or more of a property- development business. Abbey also said landlords who want it to take account of buy-to-let income on residential-mortgage applications will have to prove rent covers 125% of repayments with the interest rate pegged at 7% - rather than the rate actually paid. Melanie Bien, of Savills Private Finance, the broker, said: "Abbey is sending out a clear message that landlords are no longer welcome. By refusing to offer any new or remortgage buy-to-let deals, and implementing draconian rental covenants for those taking out a residential mortgage who have buy-to-lets in the background, it is making itself very unattractive to anyone with buy-to-let property." HBOS-owned BM Solutions, the biggest buy-to-lender after Bradford & Bingley (B&B) retreated from the market before collapsing in October, demands a deposit of 40% on its best deals. In 2007, HBOS was offering deals to landlords with deposits of just 15% - while B&B-owned Mortgage Express was offering deals at 90% of the value of the property. Just 27 out of 94 lenders offer buy-to-let mortgages, according to a survey by Chase de Vere Mortgage Management. The best rates for landlords are about 1.5% higher than residential mortgages and landlords should expect fees of around 2.5%. The best buy-to-let two-year fix from The Mortgage Works at 4.99% with a fee of 2.5% is only available to borrowers with a 30% deposit. |
Posted at 02/1/2009 09:23 by gsands I have written to my local MP. It's not enough to complain on public bulletin boards. Please make your thoughts known to your local MP and use the democratic process to bring about change.Here is my letter. Please feel free to cut and paste it/ edit it and send it to your MP. Dear Bridget Prentice, RE. Our financial system Will the Government of this country take steps to ensure that our financial system starts to operate in favour of the everyday man on the street, rather than the spivs, speculators and bankers in the City? Back in the summer of 2008, speculators were jumping into crude oil positions, driving the price up to an absurd $147 a barrel on the back on a weakening US dollar. This was a ridiculous situation given the rapidly deteriorating state of the global economy - how could the price of oil be rising just as the world was heading towards a slump? However, it was taken seriously enough by various rate setters around the world (including our own MPC) with the result that interest rates were left on hold (actually increased by 0.25% in Europe) precisely at a time when policy makers should have been LOWERING rates to offset the failing economy. Rate setters were watching the wrong ball - inflation, not recession. This is just one example of the dangers of rampant unregulated/unsuperv How much longer are we to tolerate the lies and mistruths peddled by the directors of our PLC companies - companies which we the everyday man in the street are expected to invest in via the stock market - either directly or via our pensions? As a private investor myself I can testify to the fact that almost all company directors seem to believe that it is acceptable to lie or mislead shareholders, either with blatant lies or lack of clarity (when asked) as to the true financial position/outlook of the company they are paid to run. In the past when I have tried to get straight answers to my questions about how the company I hold shares in is performing, I find it virtually impossible. My queries are either blanked altogether or I am declined answers because directors feel they are unable/not required to talk how the company is being run outside of formal updates. Frankly many of them seem to behave as if they own the company themselves. Now that the Government have seen what a mess has made of things, I hope it will cease sucking up to the City and provide a proper counter balance to the power that the City wields. I presume that in due course we can expect the arrest and prosecution of those directors who have participated in the worst cases of misleading share holders. This is an important process in cleaning up the City and making it a place where the every day man in the street feels safe to invest his money. The Government must surely realise the importance bringing justice and supervision to the City. The function of the market is not to the line the pockets of liars, insiders and speculators - it is to give business enterprise an alternative to banks for raising capital. Let us please close down this casino and return to proper long term investing. Finally, I trust the Government will use its position as a large shareholder in the big banks of this country to ensure that suitable long term mortgage products are made available to the every day man in the street, instead of the ridiculous system we currently have today where it is difficult to arrange a mortgage for much longer than a handful of years, with the result that borrowers are unable to set their financial 'goal posts' and instead have to the run the gauntlet of guessing what interest rates might be in the future and repeatedly move their mortgage business around at the end of every fixed period. The purchasing of a home is a serious lifetime investment and it is only logical that people should be able to fix rates for the term of the mortgage so that they be can sure of their ongoing financial commitment each month. If nothing else, the unprecedented events of 2008 should serve to illustrate how our financial system is failing to serve the everyday man on the street, and instead favouring the speculators and gamblers who have turned the markets into the casino that we currently see. This is a once in a century opportunity for the Government to bring about some real change and I sincerely hope that this present Government will cease it. To find your local MP and email them, go to this website: |
Posted at 25/10/2008 09:16 by moob Britain's economy contracted by 0.5 per cent in the third quarter of the year, bringing to an end the longest period of unbroken economic growth in UK history. The fall was more than twice as much as expected, and prompted experts across the City to warn that the UK is now almost certainly heading for a 1990s-style recession, with soaring unemployment, widespread negative equity, falling house prices and slumping profits. The recession may last for double the length of that slowdown, they added, since Britain was, in effect, facing "three recessions in one". On a day which saw panic return to financial markets around the world: The pound plummeted to its lowest level since 1996 as investors pulled billions of pounds out of the UK. At one point in the day sterling was down almost 10 cents against the dollar at $1.5270 - its biggest fall in 37 years - though it later closed at $1.5837. The pound has lost a quarter of its value against the dollar over the past year - the biggest devaluation in recent history. Shares in London dropped by 5 per cent, with the benchmark FTSE 100 falling to 3883.4 points, losing £48.9 billion of its value. Charlie Bean, deputy governor of the Bank of England, said the UK was facing a "once in a lifetime crisis and possibly the largest financial crisis of its kind in human history", and added that "in terms of impact on the real economy we are still in [the] early days". Chancellor Alistair Darling acknowledged for the first time that Britain is heading towards recession, and is facing "a credit crunch that is probably the worst since the 1930s". He said: "It will be a difficult period, but I am absolutely confident we will get through it." The Bank of England came under pressure to cut interest rates by as much as a full percentage point to 3.5 per cent at its meeting early next month. Leading Labour MP and Treasury Select Committee Chairman John McFall urged the Government to cut taxes to lessen the pain of the slump. |
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