Monday, 5 August 2013

Especially for those that "Help to Buy" will callously leave behind..

Magellan Homeloans will offer mortgages of up to £400,000 to people who have had county court judgments, individual voluntary arrangements (IVA) or even bankruptcy orders against their names. But borrowers will be charged interest rates starting at 8.55% compared to current "best buy" rates of as little as 1.5% on conventional loans.

Magellan is the brainchild of Matt Gilmour, who previously ran sub-prime lender Unity Homeloans, a joint venture with South African bank Investec, which was one of the earliest casualties of the financial crisis. Unity also offered "self-certification" loans of up to £1m, but the company was dissolved in 2009.


CornCrake said...

It is another aspect of this obession with owning property that successive governments have addicted the proles too.
I'm buying a barge to retire too, generator for when the lights go out, solid fuel stove for cooking/heating.
When the neighbour goes downhill I will just move along!

Mark Wadsworth said...

Home-Owner-Ism is the perfect cult as its followers can believe quite contradictory things simultaneously.

Owning no homes = Tenant = bad
Owning one home = Owner-occupier = good.
Owning lots of homes = even better.

But if you own lots of homes you are a landlord, and for every extra home you own there is a tenant, and we started off by saying "tenant = bad".

It's the same with the contradictory claims that:

They want people to be owner-occupiers (because they are good and worthy people)
They want houses to be expensive and no new ones to be built.

As a lover of truth and logic and clear thinking, it makes me sick.