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Its competitive because of the deregualted financial services market and because there is no government backed loan scheme as in other countries
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Generally the penalty is made to deter the client to look for a refinancing elsewhere.Originally posted by Tolls
"Yeah, but why?"
I have no idea why...do interest rates vary more in the UK compared to the mainland?Statistical anomaly.
The only thing necessary for the triumph of evil is for good men to do nothing.Comment
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The risk they take by issueing a fixed rate is partly spun into the penalty. The refinancing fees... do you think many people in the US do refinancings that don't actually pay off due to those fees?Originally posted by DanS
A penalty? The mortgage business is in business to write mortgages. Don't know why they would cut off their ears to spite their faces.“Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)Comment
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It's competitive here too, they're quite creative on their deals (was some heavy calculating to figure out the best deal).Originally posted by TheStinger
Its competitive because of the deregualted financial services market and because there is no government backed loan scheme as in other countries
The backed loan scheme doesn't change that, as it is available for all lenders to put into their deals or not. The government only supports them with a premium.“Now we declare… that the law-making power or the first and real effective source of law is the people or the body of citizens or the prevailing part of the people according to its election or its will expressed in general convention by vote, commanding or deciding that something be done or omitted in regard to human civil acts under penalty or temporal punishment….” (Marsilius of Padua, „Defensor Pacis“, AD 1324)Comment
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do you think many people in the US do refinancings that don't actually pay off due to those fees?
Well, they pay off. But sometimes the payoff is mostly to the mortgage companies.
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Can anyone tell me why the DAX is down today?
edit: Did it all go to the bond market?I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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The CAC is also down - 0.97% as well as the Ftse 100 - 0.54%.Originally posted by Kidicious
Can anyone tell me why the DAX is down today?
edit: Did it all go to the bond market?
I dont believe in reasons supposed to explain daily variations.Statistical anomaly.
The only thing necessary for the triumph of evil is for good men to do nothing.Comment
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The BBC says that its because of the job market data from the US.
Economic data usually affects movement in the DOW, depending on the data.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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Yes, they say that here too, but tomorrow the US job market will not have varied much, and another information will explain the daily variation.Originally posted by Kidicious
The BBC says that its because of the job market data from the US.
Economic data usually affects movement in the DOW, depending on the data.
Statistical anomaly.
The only thing necessary for the triumph of evil is for good men to do nothing.Comment
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Data like this usually leads people to sell stocks and buy bonds. Tonight people will think about if there was over selling today. If there was over selling then we will see buying tomorrow. I can't see the market going up over all until there is more information on the economy or the market.
edit: actually expectations for data affect the markets too.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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We'll see tomorrow. The total non-farm jobs numbers come out tomorrow. The number is suppose to drop by 50,000. If it doesn't fall by that much investors will buy stocks.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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At the moment few companies are offering a good fixed rate w/o penalties, get the cheapest discounted variable deal you can get - thats my advice.
The Market is also competetive due to the explosion of the Internet and Telephone lenders in recent years (I know since i work for the first real one of these!!) who have little costs and as a result are pricing competively, this means the Banks can no longer change what they want - Then there's high risk lenders, lending to high risk poeple at a slight premium so more people are getting mortgages nowadays.Up The MillersComment
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