Ftb's Are Back!!!!!!!!!!!!!!!!!!

pandamonia

confused31 wrote: »

Maybe you are aiming to high go for a property that is not has much money, your trying to run before you can walk, why dont you buy a little flat for you and your missus for about 60,000 pound??

then you will have a decent deposit and you will be on the ladder;)

Most first time buyers dont go straight in for a 140,000 pound property, your aiming to high

i earn alot of money for a FTB also there is no 60k flats around here unless you want to get shot, 130k-140k is only a 2 bed semi or terrace.

also flats are unsellable, i can afford the house easily but what i cant get is a reasonable mortgage at 4-5% 2 year fixed isnt wise i need 5-10 to be safe.

i can lend 150k on my own salary with most lenders

woody252506

pandamonia wrote: »

that lacks any kind of rational thinking.

fixed at 6% for two years means you pay top rate during the lowest rates on record and then get hit with high inflation rates and end up paying 6-9% since u cant remortgage through lack of equity.

you need to fix for 5 years to make it worth it

It all depends on circumstances though.

What if your on that rate and the house you get is between 30% and 40% less than what it was at its peak price?

Like I say it depends on individual circumstances, affordability in comparison to salary and the amount you pay for the house. Saying anyone taking that rate out needs their head read is too much of a generalisation. If that was the case then no FTB at all would be buying and no houses at all would be sold to them.

pandamonia

woody252506 wrote: »

It all depends on circumstances though.

What if your on that rate and the house you get is between 30% and 40% less than what it was at its peak price?

Like I say it depends on individual circumstances, affordability in comparison to salary and the amount you pay for the house. Saying anyone taking that rate out needs their head read is too much of a generalisation. If that was the case then no FTB at all would be buying and no houses at all would be sold to them.

No it doesnt matter at all on circumstances. i think youre totally incorrect.

2 year fixed 6% means you pay a fortune with ZERO security. this mortgage leaves you overexposed in the interest rate market. Soon there will be serious inflation and when that happens interest rates rise.

do you fancy being stuck with ZERO equity on a lenders SVR?

it offers no benefits at all other than being able to buy now in a falling market.

if you cant see the danger in this then you are obviously one of the people who caused this mess of people being repossessed

also the 1.3k worth of fees for 2 year fixed?

confused31_2

pandamonia wrote: »

i earn alot of money for a FTB also there is no 60k flats around here unless you want to get shot, 130k-140k is only a 2 bed semi or terrace.

also flats are unsellable, i can afford the house easily but what i cant get is a reasonable mortgage at 4-5% 2 year fixed isnt wise i need 5-10 to be safe.

i can lend 150k on my own salary with most lenders

thats the thing now, the banks will only lend to people who have got good deposits, i know its a bit late saying it now, but maybe you should have started saving earlier.

How long have you been saving?

themanbearpig

confused31 wrote: »

Maybe you are aiming to high go for a property that is not has much money, your trying to run before you can walk, why dont you buy a little flat for you and your missus for about 60,000 pound??

Or they could exercise some self control and wait for prices to fall further, and buy what they want later with the money they have. You can't even get mortgages for flats with many lenders, so if that isnt enough of a sign for people to back away from them, then they deserve to lose their money.
Let's face it, by now even those with no interest in the market know about the housing price crash, and there is still a long way to go before the market stabilises (except for those that are deluded by their vested interests).

pandamonia

confused31 wrote: »

thats the thing now, the banks will only lend to people who have got good deposits, i know its a bit late saying it now, but maybe you should have started saving earlier.

How long have you been saving?

my salary has rose sharply last 2 years so ive not been saving long, but i save alot now, much more than most could afford, i can save 20% faster than most can save 10% but this isnt the point, i earn alot more than most people my age looking to buy. so i know most are in an even worse possition, ill be one of the first to be able to buy when things improve but what about the vast majority that cant?

confused31_2

ive just looked if you was a first time buyer going for a first time property of 80,000 pound and you had 25000 pound deposit you would get a 5 year fixed deal for about 4.5%.

now thats a good fixed rate there havent been deals like that for about 5 years.

I know what ou have done pandamonia, you have seen thein the middle of last year that houses are falling and then started saving, its a bit late but i think you will be okay.

confused31_2

themanbearpig wrote: »

Or they could exercise some self control and wait for prices to fall further, and buy what they want later with the money they have. You can't even get mortgages for flats with many lenders, so if that isnt enough of a sign for people to back away from them, then they deserve to lose their money.
Let's face it, by now even those with no interest in the market know about the housing price crash, and there is still a long way to go before the market stabilises (except for those that are deluded by their vested interests).

I dont know where you get your information from if you can get a decent deposit toegther and you are financially sound you will get a mortgage.

With lapse lending we got in this mess, and if you are waiting until this happens again i think you will be waiting a long time, so get saving.

pandamonia

confused31 wrote: »

ive just looked if you was a first time buyer going for a first time property of 80,000 pound and you had 25000 pound deposit you would get a 5 year fixed deal for about 4.5%.

now thats a good fixed rate there havent been deals like that for about 5 years.

yes but you cant buy anything for 80k that would be considered a wise choice.

this is 25% deposit and i bet less than 10% of the nations FTB have 25% for their first home. since fees and furniture and appliances will bump that past 35k.

pandamonia

confused31 wrote: »

I dont know where you get your information from if you can get a decent deposit toegther and you are financially sound you will get a mortgage.

With lapse lending we got in this mess, and if you are waiting until this happens again i think you will be waiting a long time, so get saving.

5% fixed 90% LTV for 5 years for creditworthy decent earners isnt bad lending, its very smart lending.

thats all we are asking

We are being treated as Sub Prime when personally i am AAA