Nice mortgage calculator

Really2

chucky wrote: »

so not only can average house owners buy an average house.
average wage earners can also buy an average house.

if it's worse or better i don't know but it happens.

So a person on £30K could buy the average uk house (£150K 3 bed semi or terraced) on 4X their salary with a £30k deposit.

I can't work out is that is good or not

Graham_Devon

Really2 wrote: »

So a person on £30K could buy the average uk house (£150K 3 bed semi or terraced) on 4X their salary with a £30k deposit.

I can't work out is that is good or not

Well personally, I think it's definately a good step.

But it's the 30k thats the sticking issue. People in their 20-30's are not just walking around with 30k in their pockets, unless they have had help or are outside of the average.

They have to live, possibly in rented, and save that money also, and like you said, have a life.

ad9898_3

Really2 wrote: »

Indeed who the hell buys a 2-3 bed house when you are single

Me, buying a one bed detached is pretty impossible, not only that but who would buy any kind of one bed place, I can understand renting one, but buying to live in would be pretty short sighted in my view. Plus if your girlfriend/boyfriend moves in with you, you can kick them out if it doesn't work out, there is a lot to say for buying on your own.

I bet there are thousands of couples out there now who would love to split up and go there seperate ways, but because they stretched themselves jointly, they are knackered, and are destined to split and go bankrupt or stay together, miserably. Don't forget 50% of relationships don't make it long term.

Really2

Graham_Devon wrote: »

Well personally, I think it's definately a good step.

But it's the 30k thats the sticking issue.

If you were at home you could do it in a couple of years or two people in one year if they really held owning a home in such high regard.

i think people will have to get used to saving again, not a bad thing.

Graham_Devon

ad9898 wrote: »

Me, buying a one bed detached is pretty impossible, not only that but who would buy any kind of one bed place, I can understand renting one, but buying to live in would be pretty short sighted in my view. Plus if your girlfriend/boyfriend moves in with you, you can kick them out if it doesn't work out, there is a lot to say for buying on your own.

I bet there are thousands of couples out there now who would love to split up and go there seperate ways, but because they stretched themselves jointly, they are knackered, and are destined to split and go bankrupt or stay together, miserably. Don't forget 50% of relationships don't make it long term.

Exactly. Self sufficiency. Does not actually mean you are "single" in terms of girlfriend / boyfriend etc.

Graham_Devon

Really2 wrote: »

If you were at home you could do it in a couple of years or two people in one year if they really held owning a home in such high regard.

i think people will have to get used to saving again, not a bad thing.

But you want people to buy as couples. You have basically said so. So shouldnt they be living together before buying together?

Would be insane to buy together without even living together, and I think most of the country gets that.

Therefore, they have to rent. Therefore, how can they just save 30k?

Of course saving isn't a bad thing. But we do have to bring a sense of realism into it.

Really2

ad9898 wrote: »

Me, buying a one bed detached is pretty impossible, not only that but who would buy any kind of one bed place, I can understand renting one, but buying to live in would be pretty short sighted in my view. Plus if your girlfriend/boyfriend moves in with you, you can kick them out if it doesn't work out, there is a lot to say for buying on your own.

Depends how long you live with them now and what parental ties you have ( I am not even sure you could kick out a partner who had children from a previous relationship, but don't quote me).

Not knocking ownership but it was somthing I never thought of as an option when I was single. I always thought of testing the water by renting with someone before making the plunge.

MrDT

Really2 wrote: »

So a person on £30K could buy the average uk house (£150K 3 bed semi or terraced) on 4X their salary with a £30k deposit.

I can't work out is that is good or not

It'd be good for me if I wanted to stretch myself to the max with a large salary multiplier to buy a house that will no doubt drop in value over the next couple of years. I don't (though I would buy if the place was at the right price).

I think it's good news that the potential FTBs out there are being saved from themselves tbh. Plenty out there still want to buy a house at any cost. In m area those are the ones that were previously dependent on 100% mortgages. Cutting them out of the market does them a heap of good (not that they see it), it probably does the whole system some good too, what with the fact they won't need to be repo'd in a couple of years (they will no doubt be on a teaser 2yr fix or worse a teaser tracker at something insane like BR+4%) and the houses won't have to be auctioned off at a loss, losses that have to be written off. Must help stability.

The FTBs complaining that the deposits required are too high will see it as a bad thing as it stops them buying. They should keep saving and buy either when they have enough saved or prices have dropped enough for them to buy. This has to happen, an equilibrium will be met eventually. They should see the high deposit requirements as a blessing, but don't.

I imagine reduced effective demand (less people who both want and CAN buy) won't hurt me either, less competiton means lower prices "innit"

Really2

Graham_Devon wrote: »

But you want people to buy as couples. You have basically said so. So shouldnt they be living together before buying together?

Would be insane to buy together without even living together, and I think most of the country gets that.

Therefore, they have to rent. Therefore, how can they just save 30k?

Of course saving isn't a bad thing. But we do have to bring a sense of realism into it.

No graham I said the average FTB is a couple it's a fact sorry. i can't change it.

Yes I agree they should live together but it depends on how fast you want the goal. Some people live with their parents or one of the couples parents and save it's not madness.

Really2

MrDT wrote: »

I imagine reduced effective demand (less people who both want and CAN buy) won't hurt me either, less competiton means lower prices "innit"

You just need more house going on the market than coming off now

But the fact is surely lending is actualy easier than last year you can get 10% mortgages now.