Why prices wont stop falling any time soon

davilown

wolvoman wrote: »

What happiness does it being to other families?
Are these other families homeless at the moment?

Or is it a sort of sneering happiness, that comes from buying something cheaper than someone else paid for it. That's not my definition of being happy.

Ok, a man buys a new car for £20k, sells it a year later for £12k to 2nd man. 2nd man is happy to get a nearly new car for nearly half the price.

The man who bought the car initially new he could lose money if he sold. Why can't the second man be happy with a bargain???

What we have to remember is that a lot of us were lucky not too buy in the last seven or so years and can take advantage of the situation.

davilown

In fact, really its like 'keeping with the Jones' but you'll be able to buy a bigger, better and more importantly cheaper house than their - all because they wanted to get it before you!:D

On a separate note though, what will a combined income of £60k with a deposit of £20k get me on Hayling Island next year?

Mini_Bear

oh my partner and i are both invesment bankers - there ive said it, we really arent all that bad!!!

Dopester - we have a vulture fund and are mortgage free too, but its made me think what a terrible thing we will profit from - other families miseries. Still i agree this has to happen theres no boom without bust - i just didnt think it would be in my own back yard.

Old_Slaphead

RHYSDAD wrote: »

MEWed?.........

To make a high pitched shrieking sound - like that of a cat.

Also acronym - Mortgage Equity Withdrawal (ie cashing in some of the your house price rise).


Most people who have MEWed excessively are now mewing excessively

gjchester

pandamonia wrote: »

The banks only have so much money and they arent lending it to people with much less than 40% deposit.

We have easily got a mortgage on 25% deposit, in fact we had a choice of around 20 deals and could have got most of them on 20% but the 25% makes a big difference in interest rates. The broker has seen mortgages set up with just 10% deposit but not too often of late. Whoever said you need 40% was being over pessimistic

YMMV but thats my experience in the last month.

pandamonia

gjchester wrote: »

We have easily got a mortgage on 25% deposit, in fact we had a choice of around 20 deals and could have got most of them on 20% but the 25% makes a big difference in interest rates. The broker has seen mortgages set up with just 10% deposit but not too often of late. Whoever said you need 40% was being over pessimistic

YMMV but thats my experience in the last month.

the difference between 10% and 40% can be as much as £300 per month.

its not fair on the ftb since their costs are highest.

gjchester

pandamonia wrote: »

the difference between 10% and 40% can be as much as £300 per month.

its not fair on the ftb since their costs are highest.

That wasn't my point. You can get a mortage now with a 10% deposit, Sure you pay more if you have less deposit but thats nothing new. When you got the 100 or 125% mortgages the rate was always higher than you would have got with a 70 or 80% LTV. FTB's have always have paid more as they generally want a higher LTV.

Nothings changed other than people trying to talk the world into a depression, there is mortgage money about and you don't need 40% deposit to get it despite what I suspect the Daily Mail have been printing.