As a quick aside, has anyone had any historical experience with the following?
I don't mind if property prices did dramatically overshoot reality as long as I've drawn down my LOC's based on these 'ridiculous' values and used it accordingly.
What I want to know is has anyone had any experience in the past with Banks realising that because the property market 'comes back' that their security is no longer as great and they decide not to continue the LOC capacity?
How secure is a LOC?
I don't mind if property prices did dramatically overshoot reality as long as I've drawn down my LOC's based on these 'ridiculous' values and used it accordingly.
What I want to know is has anyone had any experience in the past with Banks realising that because the property market 'comes back' that their security is no longer as great and they decide not to continue the LOC capacity?
How secure is a LOC?