Vote on 3x salary mortgage cap

MrFonzerelli

Dan: wrote: »

I can't believe this debate is still going on...

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house regardless of anyone else or the future of the economy.

Yeah, 3 x salary is a stupid idea. Far too risky.
Anyone with half a brain knows it should be 2 x salary.

lostinrates

Cat695 wrote: »

and it always makes me laugh when people say.....is this thread/debate still going on....your not forced to come and read it

But compulsion is strong. I'm a victim to the whim of my curiosity. I'm fighting, with all my mite (sp?), the Kerry Katona thread.....

Graham_Devon

Dan: wrote: »

I can't believe this debate is still going on...

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house regardless of anyone else or the future of the economy.

Why do we need to put people into groups?

I have a mortgage. I'm most probably in negative equity. But I also want a 3x cap.

I can see, that long term, a return to sensible lending will help everyone.

I cannot seem to grasp why people want to be leant so much. What on earth is the problem with saving a deposit to move up to a bigger home if you so desire?

As for the future of the economy, we have seen what excessive lending does.

51% want a 3x cap so far on this poll. That speaks volumes above trying to put people into little bear / bull groups.

But, what I really don't get, is that people calls others bears because they want to see property prices drop etc. But they also call them bears because they want responsible lending in the economy. Surely they can't be both?!

stevetodd

lostinrates wrote: »

That poll might have been more fun to be honest.
FWIW I'm a Chinese Dragon :cool: So I still couldn't have voted.

I couldn't have voted either I am a fire rooster, guess the FSA cut back back on rooster voting

stevetodd

MrFonzerelli wrote: »

Yeah, 3 x salary is a stupid idea. Far too risky.
Anyone with half a brain knows it should be 2 x salary.

Good news for folks with a full brain then, 4 x salary, yahoo!

Dan:_4

Cat695 wrote: »

So a FTB that only earns 20k a year in wiltshire is suddenly going to be able to afford a house.....i think not

I think not as well.

Cat695 wrote: »

I earn 36k on my own and I'm still thinking it could stretch me with a 100k mortgage and a 45k deposit and I have very little out goings now.

If you think you will be stretched with your figures above, I don't think you will ever be brave enough to take the plunge and buy a house.

Cat695 wrote: »

Its still going to be hard for many people to get a mortgage only the need to sell will have to drop their price.

It's never been easy for first time buyers to get a mortgage. Why do people think this is something new. Sacrifices will need to be made.

Cat695 wrote: »

and it always makes me laugh when people say.....is this thread/debate still going on....your not forced to come and read it

This will not happen anyway. The government want to get banks lending agian, not put in measures to restrict it further.

lostinrates

Dan: wrote: »

. Sacrifices will need to be made.

I'm getting low on stock...I can probably offer uo two lambs and chicken, will that do?

mrs-puff

It seems the only people who are demanding a cap on 3 x salary mortgage lending are those desperate FTBers determined to get a cheap house

And of course, without desperate FTB's.. the housing market would be where exactly ? Ah yes, exactly where it is now... crashing at mega speeds because few FTB's can afford or get the finance needed for expensive houses.:rolleyes:

b0rker

Graham_Devon wrote: »

Why do we need to put people into groups?

I have a mortgage. I'm most probably in negative equity. But I also want a 3x cap.

I can see, that long term, a return to sensible lending will help everyone.

I can only assume that you are 1 year into a 10 year fixed rate at 3.99% or something.

Dan:_4

mrs-puff wrote: »

And of course, without desperate FTB's.. the housing market would be where exactly ? Ah yes, exactly where it is now... crashing at mega speeds because few FTB's can afford or get the finance needed for expensive houses.:rolleyes:

err. Has everyone forgotten the credit crunch. It's that thing that started in 2007 which prevented banks from lending money for mortgages.

Plenty of FTBers around then.