Why do FTBs get all the help?

SelbyJay_2

I know that the market will really struggle get to back on it's feet until FTBs can get back in the game, but it seems to me that all the emphasis is being put on this group of buyers.

I'm not a FTB, want to move, but only have approx £10k equity in my home. I find it frustrating that i cant get a 95% mortgage even tho i'm an existing homeowner whos never got into any financial difficulty.

How come a FTB could get a 95% mortgage when i cant, when i'm surely less risk?

Yeah, i have some CC debts which are being drastically reduced month by month and then i'll have the extra income to save for a bigger deposit, i just find it frustrating that there isnt more help out there for homemovers.

Boohissboo ; )

moan over!!

koexelek

To be honest, first time buyers get very few privledges anyway.

it's all about size of deposit these days

adamzetec

I wish I was aware what help was available to FTB's? With the exception of Natwest/RBS and the Lloyds helping hand mortgage (not suitable for everyone) I can think of very few deals.

Surely you are an equally big risk and expense to the banks as you have such little equity in your home.

catpea33

95% mortgages? Where abouts are they? I'm a FTB but call the 'help' laughable. Do I really want a 90% mortgage at extortionate rates? No. Instead I'm been saving for a deposit for the last two years (and paying £12k off my landlord's mortgage) so that I can actually get a rate that's affordable. If it sounds like I'm complaining, I'm not. I'd rather be in a good financial position then hurry things along by getting the banks 'help' and potentially screwing myself in the future when rate rises make the already high FTB rate higher. So sorry for your situation but I think it's market-wide and FTB are in no better position thanks to the 'help' then you are.

Conrad

Slebyjay

without wanting to be waspish, I have to say you have taken a classic 'Daily Mail' style mental shortcut - your view is hugely generalised and unrealistic. I haven't been able to get any FTB a 95% mortgage. For the odd exceptional cases borrowing a low sum, there is a limited supply of 95% money, but that applies to non FTB too - for example with Nationwide existing borrowers.

You need a big reality check - the world has changed. High risk 95% lending was merely a passing fad, not the norm. Get saving, or don't move.

benjo

It could be argued that the help is there to allow ppl the chance to own their own home - something you dont need help with, since you already have your own home - granted it isnt necessarily the home you desire, but at least it is a home of your own and one that Im sure many FTB would bite your hand off for.

srob

I appreciate that you must be feeling frustrated but please appreciate that you have a home of your own.
I am stuck living with my husband and my 9 month old with my parents and 3 sisters, that's 8 of us in one home.

We would have to get 6 or 7 times our combined wages to buy a 2 bedroomed home here, we have to save every penny and have scrapped together £4000 in 6 months. The smallest deposit we have seen is 10% but it would take us another couple of years of saving and living with my family. Private renting is so high here we cannot afford even a one bedroom flat. Our only hope to live on our own as a family is through a shared-equity scheme we are waiting to hear from, if not we will have to live wih my family until we have saved loads and doubled our salaries...whenever that will be.

It's hard for everyone.

Thrugelmir

srob wrote: »

I appreciate that you must be feeling frustrated but please appreciate that you have a home of your own.
I am stuck living with my husband and my 9 month old with my parents and 3 sisters, that's 8 of us in one home.

We would have to get 6 or 7 times our combined wages to buy a 2 bedroomed home here, we have to save every penny and have scrapped together £4000 in 6 months. The smallest deposit we have seen is 10% but it would take us another couple of years of saving and living with my family. Private renting is so high here we cannot afford even a one bedroom flat. Our only hope to live on our own as a family is through a shared-equity scheme we are waiting to hear from, if not we will have to live wih my family until we have saved loads and doubled our salaries...whenever that will be.

It's hard for everyone.

If you can't afford to save. Whilst sharing a house. Can you realistically afford a mortgage together with running costs of a house?

It is hard. Always has been.

Idiophreak

Thrugelmir wrote: »

If you can't afford to save. Whilst sharing a house. Can you realistically afford a mortgage together with running costs of a house?

It is hard. Always has been.

They say they've saved £4k in 6 months

Thrugelmir

Idiophreak wrote: »

They say they've saved £4k in 6 months

To save a reasonable deposit requires a good level of regularly saving unfortunately. £666 per month doesn't go far in terms of mortgage repayments and costs of ones own house.

Idiophreak

Thrugelmir wrote: »

To save a reasonable deposit requires a good level of regularly saving unfortunately. £666 per month doesn't go far in terms of mortgage repayments and costs of ones own house.

Don't necessarily disagree with you, but to reply to a post where someone says they're saving that amount with "if you can't afford to save" is a little bit odd.

Did you mean to say "if you can't afford to save 2k/month" or similar? What's your suggestion of how much someone should be able to save before they should have the nerve to consider trying to own their own home?

In any case, you don't know what the OPs existing outgoings are...If they're paying most of the bills etc associated with running a home already, plus rent to their parents, £700 per month could well be enough to move up to living in their own home.