The latest news from the banking minister that "100% mortgages were foolish!". NO SHIT SHERLOCK! Any switched on person could have told you that years ago! Only now after the world's economy's are crumbling do the government realise it was a bad idea and all the party's start playing the blame game.
Up until the banking crisis started you could get a 125% mortgage, you could even borrow upto 6 times you annual salary. It is just another way the greedy bankers were trying to make more money until it all fell flat on its face. And who has to pick up the pieces from this mess, yes you got it, the tax payer!
Due to the threat of the total meltdown in the banking industry, the tax payer has bailed some major banks with billions. But even with the huge cash injection to get the banks moving again, it is almost impossible to get a mortgage. If you want a mortgage now that is NOT a rip-off rate you are going to need at least 25% deposit, or for the best rates 40% deposit. Well that's pretty much killed the first time buyer market. First time buyers are essential to the housing market, someone has to buy at the bottom of the chain so everyone can move up!
I don't know who's worse, the mind numbingly stupid government or the greedy fat bankers!