Homebuyers could be forced to put down a deposit of at least 15 per cent

mitchaa

ILW wrote: »

Why not save the deposit, get the house and THEN have the children. Just a suggestion.

Infertility perhaps?

*MF*

Is it rent -v- saving for a deposit?

Is it can do one but not the other as well?

Is it can pay the rent, can save a bit for the deposit, but look how long that is going to take, and what will prices do meanwhile?

Is it that a re-think and re-modelling and then an expansion in Shared Equity Schemes is the answer? One which doesn't leave it as an either or, but matches what is wanted - the purchase of a house, with what can be afforded in any individual case.

mitchaa

Cat695 wrote: »

Hence why i said proposals.....and not approvals

And seeing as the 3 x salary came from the FSA then I think its a little more than ideas floated around the internet.

As i said in my previous post, they have deferred it 6 months until september before they rediscuss their idea.

No-one has confirmed/denied if they meant 3x singular or 3 x joint either.

chucky

Graham_Devon wrote: »

Just shows you havent a clue what you are on about....again.

The point was about saving £833 a month (sorry, ONLY £833 a month).

People could pay their mortgage on that. But they can't pay their rent AND pay for their lives, AND pay for their families AND save those amounts.

You want people to save 10k a YEAR, on an average salary of 24k a year, before tax, leaving them around 19k per year.

So you are giving them 9k a year to live on AND pay for their entire families lives.

No seriously, I'm not the one living on a different planet here. You may find this extremely scary from a landlord perspective with your BTL mortgages, as house prices will have to plummets, but people just can't do this, and your just making yourself look silly now.

Graham - as you know not everyone can buy a property.
so to summarise your rant above some have to move so that they can buy in their local area - that's market forces unfortunately.

if house prices go up - it's market forces.
if house prices go down - it's market forces
people have to live with it and just get over it.

to add to me it doesn't really matter someone else is into BTL or not - it should matter even less to you what my investment strategy is.

btw they're is lots of things that we can discuss off-topic. take your pick from the below seeing that you're trying to get personal...

we can go further we can talk about the mistake of buying a Shared Ownership?
or shall we talk about you living alone and being lonely?
shall we discuss tyre prices?

let's be sensible and stop being a complete g1mp

ILW

Graham_Devon wrote: »

And your supposed to live on the streets knitting clothes from used teabags and fag ends in the meantime?

Not at all, rent a 1 bed flat until you have saved the deposit, its all you need if you put off having the kids until you are secure. Either that or just resign yourself to renting.

Dan:_4

FSA have not specified a mutiple number, only that they will discuss capping mortgage lending using salary mutiples. It is only the media that have suggested the 3 x salary number.

StevieJ

I vote for a 10% deposit, they can always bring back that insurance aginst borrowing over 75% like they used to have. Whatever happened to that

ninky_2

chucky wrote: »

that's really going to hurt people that can't get a deposit together.

they're going to have to be keep on renting and hope for house prices to drop .

if you can't get a deposit together you're not in a good position to be buying a house as it suggests a lack of disposable income and therefore vulnerability to interest rate changes.

the prices will drop as a result of curtailing lending.

i think we should stop mortgage lending altogether or go to a system similar to the one they have in iran (lendingwise, not ideologywise). but things are going to have to get a lot worse before anyone will consider such radical ideas....

Dan:_4

ninky wrote: »

i

i think we should stop mortgage lending altogether

Stop mortgage lending altogether? Please explain

*MF*

Maybe he has enough on his plate - Lord Turner, that is - but at least one of the reasons why he has postponed a report on income multiples etc is because he knows the EU are also looking into this whole area.

Never forget that the FSA are legally bound by Directives from the EU (many of their existing rules are EU instigated) - and no matter what we think, or what Lord Turner thinks - it may well be the EU who decide this whole matter.