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Mortgage approvals..
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[quote][i]Originally posted by J da Silva[/i] Mortgages with 15% or more down payments are being approved allover the place, 2-5 years fixed and then bum rape you all when the interest rate flies up again, although there has been a slump lately, people are go 'bigger' for the same price as their smaller house and keeping their smaller house to rent out until the prices pick up and then getting their money back, soooo..... Mr Bloggs has a 3 bed semi which he bought for £170,000 in 2005 say, he can now buy a 4/5 bedroomed detached for roughly £180,000-£200,000+ Keeping his 3 bedroomed house, renting it at £500 a month which works out at £6k a year, then when the market bounces back, sell the 3 bedroomed house for a decent price. Bit of a Paul_J'er, just an example. [/quote]
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