Apparently the American Mortgage Bankers Association is having problems paying its mortgage.
I’d been thinking that I was a potential future victim of the crisis. The mortgage we have cost £195 to set up, and gets us 1.5% off the standard rate for the life of the mortgage. The current equivalent deal costs £795, and only gets you 1.25% off. And that’s with a very traditional lender, who cover at least 90% of their lending from their own savers.
But then I realized (and oh how this will make a capitalist reader’s heart soar) that there’s no ‘right’ level for such deals. I think it’s pretty clear that mortgages at the moment are a little expensive, but the one we got was probably a little cheap, depending as it did on an inflated lending market. Hopefully by the time we’re looking to move again things will have evened up some.
Oh yes, I took a little time off from blogging accidentally – work, life, that sort of thing – but I’m back now.