Incentives for users to buy my property

lostinrates

brit1234 wrote: »

For all the first time buyers out there I would try to save as much as a deposit as you can. We have about 2 years of price falls so be patient and save.

Oh Brit, you make me smile, but its not so easy. I will not last another 2 years living with parents, lol. Looking for something suitable to rent but I'm really tight and I'm reluctant to pay in rent what we can be saving.

brit1234

lostinrates wrote: »

Oh Brit, you make me smile, but its not so easy. I will not last another 2 years living with parents, lol. Looking for something suitable to rent but I'm really tight and I'm reluctant to pay in rent what we can be saving.

Stick with it if you can. I have spent the last 5 years in a key worker box room, its been a bit grim and I have resisted all my mates trying to get me to buy over the years and now have a £30,000 deposit.

The longer you grim and bear it the more properties come down, far more than you could save at the moment. Its about £5,000 drops a month at the moment.

good luck

lee_d_m

All,

Thanks for your comments, most appreciated as always. Was kind of just thinking out loud with this idea. The main reason being is that I'm competing with the developers who are offering these deposit paid/stamp duty paid schemes. So I thought well, if I can't beat them, then join them. It's really an option I'd like to have if I got in a situation where I needed something extra to seal the deal as it were.

I take it that as no-one has said otherwise, it is technically legal for me to do this ?

Cheers again

Lee

p.s. the "users" title was meant to be "buyers". It's what you get for working in IT I think !:D

obsessed_saver

Have a look at the following threads on this very same subject:
http://forums.moneysavingexpert.com/showthread.html?t=1006717
http://forums.moneysavingexpert.com/showthread.html?t=956789
http://forums.moneysavingexpert.com/showthread.html?t=960635

Dithering_Dad

brit1234 wrote: »

Stick with it if you can. I have spent the last 5 years in a key worker box room, its been a bit grim and I have resisted all my mates trying to get me to buy over the years and now have a £30,000 deposit.

The longer you grim and bear it the more properties come down, far more than you could save at the moment. Its about £5,000 drops a month at the moment.

good luck

Lordy! 7 years (5 years gone and 2 to go) in a grim box room (so grim s/he named it twice!) just to save a few quid on a house purchase and have 'one over' your mates who I assume will have had upto 7 years of living in their own home.

Rather you than me.

Gorgeous_George

The problem is that the banks are asking for large deposits and wannabe buyers do not have them.

By offering to pay the deposit, you are helping someone who otherwise cannot make an offer. The bank will value the property and will base their offer on their valuation. The borrower will stil need to find 90% (if 10% deposit required) of this valuation.

In summary, I see nothing wrong with this arrangement but you are, effectively, gifting the cashback part of the deal.

I'm sure some FTBers will be saving huge deposits but many more are b!!!!!!!!!!g. Forget house prices and credit crunches for a minute and there will be many people who would like to buy a house at the moment. The longer the problems exist (with mortgage approvals), the more wannabe buyers there will be living in rented or with parents.

Of course, as people change their status to dead, there will be larger (non-FTB) homes coming onto the market. Will these be devalued to FTB levels so that they can be sold or will they sit empty until the credit crunch passes?

GG

pickles110564

brit1234 wrote: »

Stick with it if you can. I have spent the last 5 years in a key worker box room, its been a bit grim and I have resisted all my mates trying to get me to buy over the years and now have a £30,000 deposit.

I apologise, no wonder you are so bitter and twisted, using every chance to have a pop after living out of a cardboard box for all that time.
A little bit worried for you though if all you could save was £30k with so little overheads that is probably why you have been trying to talk up over 50% drops.;)

brit1234

Dithering_Dad wrote: »

Lordy! 7 years (5 years gone and 2 to go) in a grim box room (so grim s/he named it twice!) just to save a few quid on a house purchase and have 'one over' your mates who I assume will have had upto 7 years of living in their own home.

Rather you than me.

No, moving into a reduced rent key worker flat for a while in a central London location 200m from the tube.:D

Unfortunately I feel sorry for a lot of my friends especially the ones on 100% interest only mortgages and the others who can't sell with the price dropping well below what they bought it for.

I bet every one who bought in the last couple of years is now starting to regretting it.

obsessed_saver

Found this:

http://forums.moneysavingexpert.com/showthread.html?t=997007

and this article:

http://www.fool.co.uk/news/property-home/mortgages/2008/06/25/oops-i-committed-mortgage-fraud.aspx?source=uemfoleml0010038

Dithering_Dad

brit1234 wrote: »

No, moving into a reduced rent key worker flat for a while in a central London location 200m from the tube.:D

Unfortunately I feel sorry for a lot of my friends especially the ones on 100% interest only mortgages and the others who can't sell with the price dropping well below what they bought it for.

I bet every one who bought in the last couple of years is now starting to regretting it.

It doesn't sound like you're sorry for your 'friends', it actually sounds like you're gloating. I'm glad you're not one of my mates, that's for sure! :rotfl: