It's harder for FTB's

lemonjelly

Despite the arguements that the housing market/economy has stabilised, I think there are a number of posters who do still hold concerns. After all, QE isn't filtering through (yet), the banks still aren't lending to each other, unemployment is expected to get worse, national debt is scary, credit isn't becoming more available (yet), business' are still struggling etc etc.

To compound this, we now have this news http://www.moneysavingexpert.com/news/mortgages/2009/09/first-time-buyer-mortgage-famine-gets-worse?utm_source=forum&utm_medium=sidebar&utm_campaign=box

Surely FTB's being denied access to the market can't be a good sign of the state of the economy?

Hope MSE don't mind me using their news story

Graham_Devon

lemonjelly wrote: »

Surely FTB's being denied access to the market can't be a good sign of the state of the economy?

Depends on whether you have an interest in keeping those would be FTB's paying your investment mortgage for you I guess.

Thrugelmir

lemonjelly wrote: »

Despite the arguements that the housing market/economy has stabilised, I think there are a number of posters who do still hold concerns. After all, QE isn't filtering through (yet), the banks still aren't lending to each other, unemployment is expected to get worse, national debt is scary, credit isn't becoming more available (yet), business' are still struggling etc etc.

To compound this, we now have this news http://www.moneysavingexpert.com/news/mortgages/2009/09/first-time-buyer-mortgage-famine-gets-worse?utm_source=forum&utm_medium=sidebar&utm_campaign=box

Surely FTB's being denied access to the market can't be a good sign of the state of the economy?

Hope MSE don't mind me using their news story

Reading the article it all sounds so simple. If only it was.

As an article it doesn't seem to have been researched, more likely edited from another piece.

tek-monkey

Graham_Devon wrote: »

Depends on whether you have an interest in keeping those would be FTB's paying your investment mortgage for you I guess.

Exactly, the BTLs don't want FTBs.

ess0two

Its always been hard for ftb's,past or present.

Graham_Devon

ess0two wrote: »

Its always been hard for ftb's,past or present.

The key was hard"er"

edgex

tek-monkey wrote: »

Exactly, the BTLs don't want FTBs.

but the BTL's are themselves on very shaky ground:

they have mortgages tied to assets that are still falling in value
there are more properties being put on the rental market, that will create a fall in rental values
the banks see BTL mortgages as some of the highest risks, as they are reliant on a tennant that they dont know


i know 3 people that have within the past year, moved back into parents houses from rental properties, all of whom are still employed.

the_ash_and_the_oak

ess0two wrote: »

Its always been hard for ftb's,past or present.

agree w this. I think in the past it was just as hard to buy a house as it is to buy a flat today

Graham_Devon

edgex wrote: »

but the BTL's are themselves on very shaky ground:

Nah, see, it's all about yield.

So were told anyway. Not so much to do with the asset rising in value, but about the 5% yield.

chucky

lemonjelly wrote: »

Despite the arguements that the housing market/economy has stabilised, I think there are a number of posters who do still hold concerns. After all, QE isn't filtering through (yet), the banks still aren't lending to each other, unemployment is expected to get worse, national debt is scary, credit isn't becoming more available (yet), business' are still struggling etc etc.

To compound this, we now have this news http://www.moneysavingexpert.com/news/mortgages/2009/09/first-time-buyer-mortgage-famine-gets-worse?utm_source=forum&utm_medium=sidebar&utm_campaign=box

Surely FTB's being denied access to the market can't be a good sign of the state of the economy?

Hope MSE don't mind me using their news story

apparently the FTB's entering the market are at the same percentage that they've always been.
However, they are FTB's with larger deposits.

not sure about FTB's being denied access but more it's currently been harder with respect to mortgage finance.

on the other hand you could say that many FTB's have the opportunity not to pay stamp duty and can get cheaper property than those FTB's buying in 2005, 2006 and 2007.

ess0two

Graham_Devon wrote: »

The key was hard"er"

Hard,Harder either way,its never been easy.