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

franklee

ukcarper wrote: »

Average family doesn’t buy average house average house first time. I agree with your calculation but that should be for a first property what type of property that is open to debate when the above criteria was used it was probably a 2/3 bed terrace

These aren't typical FTB, they're an average family with children in a Typical 3 bed SD property which I took to mean 3 bed semi detached . In the example that they will have saved up the 20% deposit (36K for the 180K house or 22K for the 110K house) shows that they will have been saving for a while, mitchaa suggested it would take ten years to save that much. Perhaps similar families may accumulate some equity from their first property, I think that would take years too without house price rises bailing everyone out any more.

A typical FTB would buy a one or two bed flat, so where would they put the children? Typically having more than one child is the reason to move to a 3 bed semi which is the property type mitchaa suggested in his example and I was using the same family and property.

chucky

Graham_Devon wrote: »

About as likely as the recession being a good thing for the BTL landlord though

and as likely as those that believe that Shared Ownership is a good thing

Graham_Devon

chucky wrote: »

and as likely as those that believe that Shared Ownership is a good thing

and as likely as those who have nothing left reverting to the same thing twice in a single thread

ninky_2

Further to my earlier post about Iran and how absence of mortgage lending leads to home ownership, see this article.

It's about how the Iranian govt if tackling the 'problem' that 1.5 million families do not currently own a home. As opposed to 17.5 million families that do.

If only we could boast anywhere near these figures in this country.

http://www.iran-daily.com/1386/3022/html/economy.htm

chucky

Graham_Devon wrote: »

and as likely as those who have nothing left reverting to the same thing twice in a single thread

ok - i'll work on something else, leave it to me
the price of tyres for your Fiat Uno?

let's be friends Graham

Graham_Devon

chucky wrote: »

ok - i'll work on something else, leave it to me
the price of tyres for your Fiat Uno?

let's be friends Graham

I drove a Fiat Uno once. The seats were like a hammock tied to a tube of steel.

Tygermoth

I am 37 yrs old, work hard. I had three jobs (lost two to companies going in to administration) My other half works min 50hrs overtime per month. We are in private rental (which PCM is well over and above the mortage amount for any home we would wish to buy)

We have no children, we have no social life. Every penny is used till it squeaks, but to get the required deposit would take so many years it would be not worth the effort as we would likely be too old to enjoy it.

All i can envisage is us living in this rental forever.

Why did we not start saving earlier i hear you ask? well there was uni, moves for careers, reduction in monies for training, a period of unemployment (during which our savings kept us afloat, as they should). When we finaly settled in our Jobs its too late. We both now will not consider a family as we cannot consider a rental as secure (our previous landlord, for example, had let people in to our house for viewings and then sold the property while we were none the wiser)

Today after going to see a mortage advisor he basicaly stated - HA rent (for security). Part buy or Homebuy is all we can hope for.

So today I give up.

ninky_2

Tygermoth wrote: »

I am 37 yrs old, work hard. I had three jobs (lost two to companies going in to administration) My other half works min 50hrs overtime per month. We are in private rental (which PCM is well over and above the mortage amount for any home we would wish to buy)

We have no children, we have no social life. Every penny is used till it squeaks, but to get the required deposit would take so many years it would be not worth the effort as we would likely be too old to enjoy it.

All i can envisage is us living in this rental forever.

Why did we not start saving earlier i hear you ask? well there was uni, moves for careers, reduction in monies for training, a period of unemployment (during which our savings kept us afloat, as they should). When we finaly settled in our Jobs its too late. We both now will not consider a family as we cannot consider a rental as secure (our previous landlord, for example, had let people in to our house for viewings and then sold the property while we were none the wiser)

Today after going to see a mortage advisor he basicaly stated - HA rent (for security). Part buy or Homebuy is all we can hope for.

So today I give up.

My heart really goes out to you. Unfortunately, some on here will have no sympathy for your predicament. They see no problem with out of control mortgage lending that has seen masses of people unable to get secure housing and others in ridiculous amounts of debt they will spend the rest of their working lives attempting to pay off.

Mortgages are a flawed economic concept. Housing is a basic need. Imagine if it was universally accepted that we had to borrow money to fund our other basic human needs.

ukcarper

Out,_Vile_Jelly wrote: »

Sadly not everyone's parents lives conveniently near sources of employment. The most miserable months of my adult life were spent living at home- a rural area with limited opportunites for graduates meant I could hardly save up anything anyway. Not all parents are in the position to house their adult offspring, and not everyone wants to settle down straightaway, even if they think they have found Miss/Mr Right. Basically I don't think you can generalise about FTBers given the wealth of career and travel choices available to young people today.

I have 20k saved up and absolutely no debts- some days I'm quite proud of this, others I look at property prices in London and laugh hollowly, as 20k is utterly meaningless in that context and I may as well have nothing.

Someone I know rented a room in a house share and saved very hard for a deposit it can be done if you are prepared to make some sacrifices

ninky_2

ukcarper wrote: »

Someone I know rented a room in a house share and saved very hard for a deposit it can be done if you are prepared to make some sacrifices

for goodness sake. when will this holier-than-thou approach to those who can't escape the clutches of overpriced private rentals to put a secure roof over their head stop?

so if you live in a shared house, eat value baked beans and have no social life, you might possibly just be able to get an interest only deal on some overpriced shoebox in a grotty area that you will spend the rest of your working life paying off?

this is not the society i want to live in. it's unbelievable that in the 21st century we can't offer each other a better quality of life.