So we’re all in agreement then?.. the planet-sized property bubble of 2007 did us no favours and the current mess we’re in is in no small part to do with 100%-plus mortgages and loans of six or seven times an income. All in favour say ‘I’!
‘Nay’.
What?! Who say’s Nay? Why, it’s the FSA.
The Financial Services Authority (FSA) released last week a ‘how the hell did that happen’ report on the UK economic melt-down and the top culprit wasn’t 100% mortgages, but self-certified mortgages. And they may have a point because; by 2007 45% of all mortgages in the UK were handed out without any check taking place on the borrower’s income.
This flouting of a duty of care to deal in responsible lending has left many needing a quick house sale and is just another example of some mortgage lenders not giving a damn. I can’t imagine an off-licence worker would get away with happily serving 45% of her potentially underage customers without checking ID. And i doubt a chef could best serve 45% of his diners based on a guess of what they’d like.
Tags: buy my house, fast house sale, quick house sale, Sell And Rent Back, Sell My House Fast