Housing market crash fears

by GD Thu 24 Jul 2008, 10:17 pm

Jerseys housing market could be on the verge of a major credit crunch - as the island's biggest mortgage provider, Jersey Home Loans, is effectively pulling out of the island.

A subsidiary of the Kent Reliance Building Society, Jersey Home Loans have pulled the plug on any new mortgages. And current homeowners renewing their mortgage, face tougher lending criteria.

Many islanders could be faced with negative equity, as high street banks won't match existing loans.

Jersey Home Loans, says the States forced its decision to pull out, by refusing Kent Building Society the opportunity to set up deposit accounts in the island.

Local mortgage advisors say they're already feeling the effects of the withdrawal, as applications previously agreed have been withdrawn in the last 48 hours.
(from Channel online)

Its going to get worse ...

by Pegasus Fri 25 Jul 2008, 11:31 pm

I am afraid this is only the start

Housing market crash fears

Housing market crash fears

Re: Housing market crash fears