Credit Crunch Update

2 May 2008

Today at the coalface;

3 mortgage lenders WAVE, SALT and Mortgages PLC (owned by Merril Lynch) have halted any new lending - (they have no money but will not admit it) - Halifax will no longer be offering variable rate mortgages to new customers (hmmm) - Mortgage Express release only 2 rates for buy to let at 85% borrowing - a stonking 6.89% for a 3 year fixed (ouch) - no one wants rates that high - the buy to let market is dying on its arse day by day as more and more lenders withdraw from the market or up their rates.

Never mind though, Gordo (Brown) and Ally (Darling) are at the helm. As the captain of the titanic may have said "Feck the icebergs, FULL STEAM AHEAD!!!" Alaistair my Darling, set the thrusters to warp factor 5 (she' ll not take it captain!!! She's ganna blow . . . . that would be bad and disapointing!

Talking of bad and disapointing - Labour get mullered at the polls in the local elections - Gordon Brown says it has been a "bad and disappointing" election for Labour, as the party suffers its worst council results in at least 40 years. Bad and disapointing. dudes, thats like me cutting my hands off and calling my my wife on my blood stained phone to explain "something bad and disapointing" just happened.

Get the message Gordo, once the teflon Don (Blair) left the building he left you in a world full of pain & we are spiralling into a U bend. At least Bush is trying to steer the good ship USA ship out of recession - Gordo and Ally are making John Major look like JFK! 

Note to government - dudes - sit down - stop looking like you have walked out of a road traffic accident and govern - sort out the city and the banks, they are killing the mortgage market. You are gonna be booted out at the next election but grow a pair and help us all NOW before its too late.

Sorry peeps, don't want to sound negative but we are heading into hard times. I am lucky, my remortgage is due next year. When hostages appear gaunt faced on videos we see on TV, they have been forced to say - "the food is good, they are treating us well...."

- extreme analogy but thats how I feel & the reality is " the food is expensive, I am not being treated well & its getting worse!!!

Ah well - Bank Holiday is here. My local offy has a credit crunchingly good 4 cans of Red Stripe for £3.30 (bonus is they are in date as well- result) plus a large bag of Sensations Chilli Crisps (in date as well) for 89p. Thats a night in for £4.19 - who says I don't know how to par-tay (apart from my wife) The credit crunch is here and I am shopping smarter to make my ££ go further.

Watch this space Amigos and have a great Bank Holiday!!