100% 1st time buyer mortgage

Cat695

michael1983l wrote: »

no you pay back a re evaluation if you request it.


I don't understand how you end up paying more in the long run like you said. Well as we have seen (current HPC) people remortgage and get greedy (new car etc) so what you DID pay off is suddenly added on.

Also you don't need to save that ammount as I explained just remortgage to cover it after 5 years.ONLY if house prices rise remember not all houses had 40k added in the boom......and the last time HPC it took over 8 years before they even looked like they were going to rise[/quote]

michael1983l

So Cat let me get this straight, your basing your argument on an assumption at re-mortgage time people will borrow more than they need?

Your second point is invalid as well, say the prices do rise in that time, surely its better to be on the ladder than off it, as you will have to raise an even bigger deposit. 60% of my property will inflate and if I pay the other 40% off between 4 and 5 years I can pay back the original loan if I am not moving home and the market hasn't dropped.

Mini_Bear

Buying a house is not a right but a priviledge. People seem to forget that buying a property is not for everyone. if you cant afford to save even a 5% deposit plus fees i would really consider whether you could afford a mortgage if interest rates went to 8 or 9% ie mortgage rates may b 3% above this base rate.
Interest rates will have to go up to stave of inflation which is becoming apparent even now in things like food prices.

Cat695

michael1983l wrote: »

So Cat let me get this straight, your basing your argument on an assumption at re-mortgage time people will borrow more than they need?

Your second point is invalid as well, say the prices do rise in that time, surely its better to be on the ladder than off it, as you will have to raise an even bigger deposit. 60% of my property will inflate and if I pay the other 40% off between 4 and 5 years I can pay back the original loan if I am not moving home and the market hasn't dropped.

ANd you're basing your asssumption on House prices will increase in 5 years which has NEVER happened after a reccession.(within 5 years)

that people will remortgage

That people can afford to save 400quid upwards a month to pay off the capital without interest.

If they haven't tightened their belts to save up for a deposit what makes you think they can save up for this?

michael1983l

Cat695 wrote: »

ANd you're basing your asssumption on House

That people can afford to save 400quid upwards a month to pay off the capital without interest.


I have explained this bit 3 times now so I assume I am wasting my time saying it again

If they haven't tightened their belts to save up for a deposit what makes you think they can save up for this?


I have also explained this bit in detail so I wont bother repeating myself

I see I am wasting my time having this discussion with you as you are disregarding facts I have placed before you in replacement with nonsense to support your own argument.

michael1983l

Mini_Bear wrote: »

Buying a house is not a right but a priviledge. People seem to forget that buying a property is not for everyone. if you cant afford to save even a 5% deposit plus fees i would really consider whether you could afford a mortgage if interest rates went to 8 or 9% ie mortgage rates may b 3% above this base rate.
Interest rates will have to go up to stave of inflation which is becoming apparent even now in things like food prices.

House prices prices in the last 15 years have quadroupled, average wages have increased by on average under inflation.

This is the current governments fault, not the homebuyer. If us first time buyers do not buy people who own their own home will soon see your investment crash. You should be grateful that first time buyers are being given their right to buy.

Are you saying if you can't afford a deposit that you shouldn't be allowed to buy?

I have been paying a private rental agreement that is more than what my mortgage will cost. Why should I pay somebody else's mortgage for them when I can pay my own?

Greedy landlords have increased the housing market artificially, forcing the first time buyer out. I know people with 7 or 8 properties because they bought at the right time in the 90s before Labour screwed the housing market. This is a big part of the reason we are currently in recession.

Cat695

michael1983l wrote: »

I see I am wasting my time having this discussion with you as you are disregarding facts I have placed before you in replacement with nonsense to support your own argument.

Your not placing ANY facts before me...you are using assumptions

HOUSE PRICES HAVE NEVER RISEN IN THE 5 YEARS AFTER A RECCESSION

so your remotgage theory has no weight to it.

michael1983l

Cat695 wrote: »

Your not placing ANY facts before me...you are using assumptions

HOUSE PRICES HAVE NEVER RISEN IN THE 5 YEARS AFTER A RECCESSION

so your remotgage theory has no weight to it.

The housing market is at or near its bottom, there is only one way you can go after that. In general the people using these schemes are at the bottom of the market, there is very little chance in 5 years time that these properties will be worth less than what they originally bought it for.

Cat695

michael1983l wrote: »

The housing market is at or near its bottom, there is only one way you can go after that. In general the people using these schemes are at the bottom of the market, there is very little chance in 5 years time that these properties will be worth less than what they originally bought it for.

they said that during the last reccession......8 years later they finnally went up.....you do the maths.

Harrybrattbakk

The abbey offer a 95% mortgage (£2,499 Product fee) at 7.09% Fixed for 5 years. The clydesdale bank also offer a 95% mortgage but im unsure of the product fee and intrest rate