Earning over £100,000 a year and can't get a mortgage?

bo_drinker

Surely the !!!!!! has hit the fan when some goattied bearded tw4t who earns 100k and does not have a deposit can not get some credit. Still he can tell his mates how much he's on, bet he doesn't tell them of the lack of pot to pi55 in he hasn't got. w4nk3r.

Ian_Griffiths_Halifax

bo_drinker wrote: »

Surely the !!!!!! has hit the fan when some goattied bearded tw4t who earns 100k and does not have a deposit can not get some credit. Still he can tell his mates how much he's on, bet he doesn't tell them of the lack of pot to pi55 in he hasn't got. w4nk3r.

:rotfl:

Well, that's one way of saying 'I don't think he's telling the truth'.

[Deleted User]

Read between the lines.

You would have expected better of the BBC then to create a negative spin for no reason. If somebody cant afford a deposit then they cant afford to save and thus they cant manage their money in a way to be able to pay a mortgage.

The press has been overly negative about the current situation, no matter how much house prices drop I suspect they will still be incredibly expensive. Banks are a monopoly of money making you take savings give 5% you take loans you charge 8%. Until of course some hedge fund hell bent on making money of course pays a line of actors to stand in front of a bank looking irate and gives a nice meal to a journo.

Compared to the recessions in the 70s and 90s we have never had it so good.

Scousebird_2

Ian_Griffiths_Halifax wrote: »

What a load of rubbish. Why doesn't he have a deposit? Have they only just started earning that level of income and so can't prove it's sustainable? Can they prove the income at all?

That's a poor report. It doesn't explain why he can't get a mortgage and just scares people with lower incomes into thinking, 'well if he can't get a mortgage then I haven't a chance'.

Poor sensationalism journalism yet again.

It's about time that the statistics were made public of the %age of mortgages that were applied for which were approved, not just the number of approvals.

When you take into account the sheer number of people who have moved house within the last 5 years or so, it's not surprising that fewer home mover applications were submitted, but many people aren't applying for mortgages (a big difference to 'not having them appproved') due to all the negative comments coming out of the media just now.

Again I agree, it's not that the banks are declining more Mortgages, Customers simply aren't coming into the branches to ask for the Mortgages, in the fear that Advisers will say no! So, the media are approaching this wrong and are misleading the consumer. Shame the FSA has no juristiction over this, because if it was a bank reporting about a competitor in this way, the bank would be bloomin slaughtered!

Nightmare....

If you don't ask....you don't get!!

Scousebird_2

bo_drinker wrote: »

Surely the !!!!!! has hit the fan when some goattied bearded tw4t who earns 100k and does not have a deposit can not get some credit. Still he can tell his mates how much he's on, bet he doesn't tell them of the lack of pot to pi55 in he hasn't got. w4nk3r.

LOL!!!!!!!!!!

mrstinchcombe

I think someone who earns over £100k and cannot save a deposit must spend it on similar vices to Max Moseley.

I only earn a poor £24,500 and I manage to save a little a month (although luckily my job is "safe" for when the recession comes!)

dopester

The only sense in that video was the woman (00:40) who said "people just can't afford to buy houses now".

Affordability, for the masses, depends on how much they can borrow, and the banks don't have enough liquidity to lend to everyone at these hugely inflated house price levels.

No matter how much liquidity the banks get access to via BoE/Treasury, the demand has to be there to use it. With a few exceptions like £100,000-per-year-boy, I still don't think such a scheme would restart FTBs back in to the whole process at levels of previous years.

And the banks know/fear how much property is overvalued and still might be unwilling to ease lending to customers at such levels, with the smart banks having profit opportunities in many other different markets away from UK property which has had more than its run. Such an extended scheme would also create a deeply artificial market and the market will know it and fear it.

IveSeenTheLight

m00m00 wrote: »

100k a year ?

I'd save up for 18 months or so and buy somewhere for cash outright.

You quite often refer to buying outright in a year or in this case 18 months.
Even with this high earnings, 100k will probably mean a take home of around 60k after income tax, nat insurance and pension.

Even with no other outgoings, this is only 90k after 18 months.

Do you expect to buy outright properties for 90k (Well it can be done but I doubt someone on 100k a year wants to buy a 90k property)?

Even then, what do they live on in the 18 months

I would hazard a guess, that if they were to buy outright in 18 months, they would need to be looking for a property about 45k and even then that would be good going saving 45k in 18 months given they have no savings so far.

Lets make it straight, the majority of people will not be able to buy properties outright with cash in a year or 18 months. A few might, but not the majority.

If the majority could, then everyone would be scrambling for property in 12 to 18 months time

IveSeenTheLight

Ian_Griffiths_Halifax wrote: »

It's about time that the statistics were made public of the %age of mortgages that were applied for which were approved, not just the number of approvals.

When you take into account the sheer number of people who have moved house within the last 5 years or so, it's not surprising that fewer home mover applications were submitted, but many people aren't applying for mortgages (a big difference to 'not having them appproved') due to all the negative comments coming out of the media just now.

Fully Agree.
I said the same in this post
http://forums.moneysavingexpert.com/showpost.html?p=12756947&postcount=14

AceCobra1

When did Danny say that he doesn't have a deposit for a house? I watched the video twice and I didn't hear him saying anything to do with deposits?