Mortgage rates

Bizarrely, no one wants to lend to gamblers these days;

Is it bizarre or is your tongue in your cheek. For the sake of serious debate we need to know which it is.

It seems theres plenty like you who cant move elsewhere because lending criteria has changed, effectively their existing lenders can charge what they want.

4.75% is still a ridiculously low rate, subsidised by printy printy and cheap government money.

interest rates set by the market normally offer deposit rates 2% above inflation, to encourage savings.

lending rates would need to be 2-3% above this level, to allow the bank its margins for using short term deposits to fund long term lending.

as it appears you are unattractive, be it too high an earnings/loan ratio, poor history or an asset value close to or over the loan value, we should add a higher rate.

you should have an interest rate of about 12% then.

of course you would default, no longer be in your mortgage "prison" and house prices would go from average $190,000 to $70,000 and the recovery would start.

if you are working, buy another one, and forget the negative equity and interest only bollockios. 

the fact you see 4.75% as "high" shows how deluded we all are, and why 5 years after reality began to seep in, we have shut the door hoping the flood subsides.  accept it is getting bigger and bigger.

Mr Reagan,

I didn't rate you all that much as a president, but you do make a good case here.  Of course 4.75% is pretty good - I'm old enough to remember people fixing at 15%, I'd just gone a bit fuzzy like yourself in later years - it just shows how easy it is to become complacent.

My problem with getting a mortgage these days is the withdrawal of "self cert" deals.  I make a good living from gambling and can easily afford my mortgage (which is around 30% of the value of my home).  I've taken a 3-year fix - things could get a lot worse (though probably won't over that period) - and I'm going to stop moaning about it.  You've made someone happy about their mortgage going up by £600 a month .

Slightly inflammatory stuff there Ron: "liar loan", I'm scrupulously honest in all matters; a "bail out", or being "subsidised", isn't required.

I'm going from a nice BoE+2.25% tracker to the take-it-or-leave-it 4.75% fix.  If you want to work back from there to find the value of my house you're welcome: it's not huge, but it is in the South East.

I'm not moaning - thanks to you I've seen the light.

To make a pound sign: hold down "alt" then type 1, 5, 6 (on the number pad, not the keys above the letters).  When you let go of "alt" a £ should appear.

Dr Evil, excuse my tone, nothing is meant by it.  I thought someone called "Dr Evil" would be able to handle it.

I have absolute no interest in screwing up my keyboard so i can type pound symbols.

I have one question, if you aint down on this yankee.  if you dont need to "lie" about your income, why do you need a self cert mortgage.  just provide the evidence of what you earn.

self cert are for people lieing, either what they earn, or lieing to the taxman.