If you bother to read the financial press, these have been strange times indeed. The silly season wasn’t so much silly as terrifying at times, causing me to remember why being perhaps somewhat less well informed is often to be happier.
I received a letter recently from a newish financial institution I had never heard of wanting to lend money to my company on spec. Haven’t seen one of those for a while, maybe forever. Touting for lending business.
Then one of my credit cards wrote to advise they are more than doubling my credit limit, me having made no such request.
And today on Twitter I read that the 100% mortgage is back. I should reveal at this point that all of my mortgages are 100% at least and had I been with Northern Rock I would have taken advantage of their 125% mortgages which many deem as the most evil of all evil things. I do not, obviously, and I’d love to know how many of NR’s customers with their 125% product were among the defaulters, if any.
Lenders make a lending decision, borrowers make a borrowing decision. It’s a two-way thing. And where a financial institution can see a way to make a buck, they will be right in there with an offer. And that’s three offers as I see it.
So, with the papers full of “bad” financial news and scaremongering, but real life full of apparent green shoots in the financial sector, what do you think is going on? Which news do you choose to believe?