Pound falls to record lows vs euro
To save a lot of time & faffing about lets just assume that this particular headline applies to pretty much every day for the rest of the month OK?
It saves me having to post it every day & making you more & more depressed.
Thank God I haven't got a mortgage. Praise the Lord that both my ex-wives took me to the cleaners, leaving me with just a bin-bag full of clothes & a Dyson. They are probably really regretting it right now. Ha. I'm not bitter....
The pound dropped to a record low against the Euro Friday as problems continue to plague the UK mortgage sector.
Nearly every major UK mortgage lender has either increased their interest rates on mortgages or withdrawn from the mortgage market completely. Despite the Bank of England’s 25bp rate cut yesterday, UK mortgage lenders have not relaxed. In fact, Abbey National, the last remaining lender to offer 100 percent mortgages has pulled their products off the market.
The Bank of Ireland has also completely withdrawn their mortgage products for eight days while they reassess the value of their home loans. Existing lenders are expected to continue to hike borrowing costs, making it even more difficult for the UK housing market to recover.
I fear we are going to mirror the problems in the US. If you didn't see last month's post about houses in the States going for $100. Yes ONE HUNDRED DOLLARS, less than a barrel of oil, or fifty quid in roundabout terms, here's the link : US in recession - proof
It saves me having to post it every day & making you more & more depressed.
Thank God I haven't got a mortgage. Praise the Lord that both my ex-wives took me to the cleaners, leaving me with just a bin-bag full of clothes & a Dyson. They are probably really regretting it right now. Ha. I'm not bitter....
The pound dropped to a record low against the Euro Friday as problems continue to plague the UK mortgage sector.
Nearly every major UK mortgage lender has either increased their interest rates on mortgages or withdrawn from the mortgage market completely. Despite the Bank of England’s 25bp rate cut yesterday, UK mortgage lenders have not relaxed. In fact, Abbey National, the last remaining lender to offer 100 percent mortgages has pulled their products off the market.
The Bank of Ireland has also completely withdrawn their mortgage products for eight days while they reassess the value of their home loans. Existing lenders are expected to continue to hike borrowing costs, making it even more difficult for the UK housing market to recover.
I fear we are going to mirror the problems in the US. If you didn't see last month's post about houses in the States going for $100. Yes ONE HUNDRED DOLLARS, less than a barrel of oil, or fifty quid in roundabout terms, here's the link : US in recession - proof