S
Smiffy
Well-known member
Oh they will lend but you will need 40+% deposit and they will downvalue by the same amount. They do have red lines already, should you have spray foam insulation in the loft for example it wont be mortgageable until you have it removed.
There will be some bargains for the few cash buyers but most are going to be hoovered up by housing associations as they have unlimited access to cheap money and do not need to make a profit which other private companies do not.
After all where are the millions of illegals going to live after all the 4* hotels are full ?
Spray foam insulation is a bit different though. If it causes rot in the roof then the house is uninhabitable and effects the resale value of the house in the event of repossession. Poor energy ratings don't make the house uninhabitable. Just expensive to run.
Its has more similarities to asbestos in a house. And you can still get a mortgage on that.
At the end of the day the banks are run by their own greed so have zero interest in cutting 30% of their mortgage business. And I don't think the government will get involved as it would be very difficult for them to do without hurting their own in the pocket.
Our entire economy relies on house prices. We have nothing else. We don't produce much we don't do much and or exports are minimal.
The government can afford to interfere with everyone in this country and screw small businesses over as we all fall back on housing to prop the economy up. Kind of a case that the government can't everything there own way.