Good News for First Time Buyers

Dithering_Dad

CHR15 wrote: »

Sounds more like a :spam: post to me.

Just what I was thinking, but better written than the usual tripe. The spam content is tripe though.

Well done to all contributors who saw through this thinly veiled spam and tore it to bits. I doubt LadyEmlyn will be getting many customers from this particular thread!

LadyEmlyn

carolt wrote: »

No, it really depends on where you see house prices going. In a rising market it would be fantastic - fix the house prices at today's levels, but only pay when it's convenient. But they didn't offer it then - wonder why not? :rolleyes:
.

It's actually been going in this country for about the last 5 or 6 years - it's just not that widespread - so people have benefitted from a rising market with this too. And as I say, it's been a fairly standard way of buying and selling houses in the US and Oz for a lot longer than that.

And, no, I'm not here to spam anyone - just thought it might be of interest to people but it seems I've ruffled some feathers somewhat...

barnaby-bear

LadyEmlyn wrote: »

Well it's mainly aimed at people who can't get a mortgage at the moment for whatever reason i.e. the banks want 10% and they don't have it or they might have a blip on their credit rating (which can be ironed out over time).

I.e. people who financial professionals have assessed the risks and decided these people SHOULD NOT get a mortgage.... there's a reason for the deposit toi buffer against negative equity and if you can't save a deposit (especially as rental yields so low and renting often cheaper than buying) your finances aren't stable enough to take on a mortgage... and a 'blip' in a credit rating often indicates a financial basket case.... if you can't buy a house using mainstream lending you REALLY shouldn't be buying one at all - sounds like a scheme to off load stuff that isn't selling on those blinded by desperation/stupidity/greed/I-want-it-now...

LadyEmlyn

You're right that they shouldn't get a mortgage now - that's why, when they come to get a mortgage, they have been able to repair their credit rating over time and get themselves a nice deposit to show the bank that they're reliable and able to pay.

And it's not always someone's 'fault' if they have a blip on their credit rating, it could be an unpaid phone bill that they're not aware of or something minor like that....people aren't always financial disasters just because they have a marked credit rating.

barnaby-bear

LadyEmlyn wrote: »

You're right that they shouldn't get a mortgage now - that's why, when they come to get a mortgage, they have been able to repair their credit rating over time and get themselves a nice deposit to show the bank that they're reliable and able to pay.

And it's not always someone's 'fault' if they have a blip on their credit rating, it could be an unpaid phone bill that they're not aware of or something minor like that....people aren't always financial disasters just because they have a marked credit rating.

Hmmm so commit to getting a mortgage in the future based on current circumstance - hmm sounds like financial muppetry.... why don't they just do the mainstream saving a deposit.... a misdirected phone bill can be sorted but usually credit 'blips' that stop mortgages and can't be explained resolved do indicate financial basketcases....

It's clearly a stupid idea aimed at the financially unstable want-it-now not when they can afford aimed to benefit poeple who can't sell - stupid idea full stop - such ideas and crazy SO schemes only surface when mainstream computer says no and usually it's saying NO for a reason...