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

Jonbvn

The amount of the salary is somewhat irrelevant, since in most cases, a person with a larger salary will most likely buy a larger more expensive house. I'm sure that the person looking for a mortgage wasn't looking to buy a 2 up 2 down!

moanymoany

They must be taking home about £6k a month...

The woman has had her house on the market for over a year - that covers the peak. I would suggest that either the house is not up to standard and/or she was asking too much. I saw grim furniture and fish tank which according to 'Selling Houses' and 'House Doctor' is a big no no. Put in no effort and ask too much equals no sale.

In my road last year there were several houses up for sale and the only one not sold was overpriced.

I do think the reporter should have asked more questions. I have noticed that BBC reporting is very much playing down the possibility of a difficult time ahead. Most of the information I read is from the internet and usually international economical and financial commentators.

I agree with the poster who said it must make the lower paid (i.e. most of us) think they will never get a mortgage.

dudleyboy

mrstinchcombe wrote: »

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!)

Are you a bailiff?

baby_boomer

Or pawnbroker / loan shark / CAB director ?

I must agree that the original story is a daft piece of journalism about a very foolish couple.

However I do remember a piece about 3 years ago which claimed, then, that you needed £100K pa in London to keep up with a "middle class" lifestyle if you had two children.

That would be £112K+ in today's money.

dudleyboy

moanymoany wrote: »

I do think the reporter should have asked more questions. I have noticed that BBC reporting is very much playing down the possibility of a difficult time ahead. Most of the information I read is from the internet and usually international economical and financial commentators.

I've noticed this too; same goes for ITV.

Channel 4 News and BBC2's Newsnight do a much better job of reporting more informatively, no matter how unpleasant it is to hear, although, of course, the majority of folk are watching Emmerdale and Big Brother's Big Mouth (or whatever it's called these days) during those times.

But I totally agree - it's the Internet that's providing me with the majority of my information (and I too mean international economical and financial commentators, rather than sensationalist websites and discussion forums frequented by crackpots... present company excluded )

If it wasn't for the information age I think we'd all be far less empowered and informed than we are now and far less able to make balanced decisions for ourselves.

The BBC should be ashamed of themselves for reports like this.

ginvzt

moanymoany wrote: »

T
The woman has had her house on the market for over a year - that covers the peak. I would suggest that either the house is not up to standard and/or she was asking too much. I saw grim furniture and fish tank which according to 'Selling Houses' and 'House Doctor' is a big no no. Put in no effort and ask too much equals no sale.

We had a fish tank and sold the house... I think if it is kept clean that there is nothing wrong about it!!!! Why would a fish tank be a 'no no'????
The only problem with a big fish tank is moving it to the new house!!!!

Ian_Griffiths_Halifax

There are houses in the price range affordable to First Time Buyers, the problem is they don't want them.

Most FTBs now want 3 bed semis and not 2 up 2 downs. That leaves the 2 up 2 downs to BTL landlords and they are struggling to get the finance.

It's time for a reality check and start at an affordable level and work up.

baby_boomer

Ian_Griffiths_Halifax wrote: »

It's time for a reality check and start at an affordable level and work up.

Or just wait for prices to come down so you don't have the hassle of redecorating twice or doubling your stamp duty contribution to Gordon's coffers?

dudleyboy

Ian_Griffiths_Halifax wrote: »

There are houses in the price range affordable to First Time Buyers, the problem is they don't want them.

Most FTBs now want 3 bed semis and not 2 up 2 downs. That leaves the 2 up 2 downs to BTL landlords and they are struggling to get the finance.

It's time for a reality check and start at an affordable level and work up.

I think you're probably right but then you've also got to look at the age of the average FTBer nowadays. When we come to buy we'll definitely be looking at 3 bedroom homes first and foremost. The average FTBs aren't 18-year-olds anymore, they're late 20s/early 30s, and either have or want to start a family.

On the off chance that the FTBing couple wants more than one child, and that those children may not be/aren't of the same gender, then a 3 bed is what they'll likely be looking for.

In the past decade, when prices were climbing, it was easy to start small and climb the ladder to a bigger property if you needed it. The next decade won't be quite so simple and so I'm aiming to buy accordingly and I think many other FTBers of the same age will be doing the same.

Besides, 3 bedroom semis will be far more affordable in the coming years than they are now.

Trollfever

The average age and affordability for first time buyers can be found in the CML statistics ML2:

http://www.cml.org.uk/cml/statistics