And banks
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How are they going to bring back 95% LTV mortgages without expanding the state to guarantee and underwrite them?
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It was only about 5 years ago we had the H2B MIG - Mortgage Indemnity Guarantee - but that was second hand properties. Looks like this is will be the future extension to the H2B Equity Loan
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People forget that the first run was on Northern Rock which over-lent on mortgages and that the crisis affected retail banking as much as investment banking.
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Nobody will be able afford a mortgage soon and for the record 8 never have or will be
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Thatcher's Right To Buy policy was a significant contributor to the UK housing crisis. It massively depleted our stock of social housing because councils were blocked from reinvesting proceeds to build new social housing. It's past time to end Right To Buy and undo the damage.
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There are those of us who were given these mortgages a couple of years back, can easily afford repayments, but don't have enough equity to get renewed so will have to accept variable rate mortgages now. Only products available are 85% equity min. This is incredibly insecure.
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The more immediate problem is probably millions of people falling between the 95% mortgages available til March and the 85% products available now. The goalposts have been moved out of reach.
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sound like another sub-prime lending/credit crunch scandal in the making to me!
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