Cautious Coventry BS re-enters the 90% market.

silvercar

You'd hope the average FTB can afford it, otherwise there would be an above average number of repossessions.

chucky

Graham_Devon wrote: »

No.

Average salary for First Time Buyers is 37k. Whether thats single or couple. The average is 37k, averaged out over all FTB's.

All your "lets say" bit is rubbish. You are merely guesstimating, with absolutely no reference, picking figures out of the air to make your point. That couple that you have created to make your point can afford it, yes. But thats very different to the average.

am i going to have to explain this one to you in crayon?

Step 1 - let's take your FTB household income of £37k.
Step 2 - let's use a 3.5 salary multiple = £129,500 can be borrowed
Step 3 - add on the 10% deposit on to this = £14,400
Step 4 - add the the loan amount and deposit together, purchase property of around £144k using a 90% mortgage

Surely it can't be that difficult to understand?

Graham_Devon

chucky wrote: »

am i going to have to explain this one to you in crayon?

Step 1 - let's take your FTB salary of £37k.
Step 2 - let's use a 3.5 salary = £129,500 can be borrowed
Step 3 - add on the 10% deposit on to this = £14,400
Step 4 - add the the loan amount and deposit together and you can buy a property around £144k using a 90% mortgage

Surely it can't be that difficult to understand?

Indeed.

Quite different to what you said at the top of the page. Can talk about crayons all you like to try and divert the point. YOU said the stuff below, I disagreed. You are now disagreeing with yourself and basically saying I'm the stupid one.

You will now say this is not about FTB's, but you have thanked relaly who has said it is, and are now going on about FTB's....

Originally Posted by chucky
the averages across the UK would fit in quite comfortably in the criteria to get this mortgage

Land Registry £155,968
Nationwide £160,224
Halifax £160,973

Really2

Graham_Devon wrote: »

You are merely guesstimating, with absolutely no reference, picking figures out of the air to make your point.

Graham the Gander has just walked in complaining about what the Geese are getting.

Graham_Devon wrote: »

My thread talked about actual FTB's, ones that had bought that month. In this thread I was talking about families where one doesnt work the other does.

chucky

Graham_Devon wrote: »

Indeed.

Quite different to what you said at the top of the page. Can talk about crayons all you like to try and divert the point. YOU said the stuff below, I disagreed. You are now disagreeing with yourself and basically saying I'm the stupid one.

Originally Posted by chucky
the averages across the UK would fit in quite comfortably in the criteria to get this mortgage

Land Registry £155,968
Nationwide £160,224
Halifax £160,973

no Graham - you've got it all wrong again. these are the posts - we're talking about the £250k cap in Coventry's lending criteria.

Thrugelmir wrote: »

Lenders can still cautious on valuations and very tight on applications to constrict supply. The Coventry caps loans at a max £250k.

Thrugelmir wrote: »

A very average 3 bed in St Albans can cost nearly £400k. So in some areas not a lot in terms of actual property.

Agree FTB's would buy cheaper property than this.

Houses are cheaper than the national average here, but salaries are nearer £18k - £20k pa for the majority. So 90% would afford you at best a flat or a small house (in a not so desirable area).

chucky wrote: »

the averages across the UK would fit in quite comfortably in the criteria to get this mortgage

Land Registry £155,968
Nationwide £160,224
Halifax £160,973

why do you do it to yourself
is it just to get the Thanks off rewired?

Graham_Devon

Jesus.

Next time the Really and Chucky show decide to completely change what I'm saying, I aint gonna bother. If I can't understand what you are now arguing about, or why, chucky, I doubt anyone else will.

Conrad

Graham, chucky and really

All that counts is momentum - the market is expanding. Getting bogged down in detail just is'nt relevant.

Graham - Just as I said over and again to the bears, they would miss the bottom. They're in love with evidence, problem is, other buyers go ahead of the evidence curve and get the best prices. If you wait for the green light and a stack of evidence that the market has tunred, well of course that will be light years too late to bag a bargain.

Really2

Graham_Devon wrote: »

Jesus.

Next time the Really and Chucky show decide to completely change what I'm saying, I aint gonna bother. If I can't understand what you are now arguing about, or why, chucky, I doubt anyone else will.

Well read the thread and see where it descended in to made up drivel and an argument.
Then have a word with that poster.
But be aware talking to yourself can be a sign of madness.

chucky

Graham_Devon wrote: »

Jesus.

Next time the Really and Chucky show decide to completely change what I'm saying, I aint gonna bother. If I can't understand what you are now arguing about, or why, chucky, I doubt anyone else will.

you're mugging yourself off Graham

discussion was about lending cap at £250k and property prices in the UK - you jumped in about average properties and average FTB's income bla bla bla

they're two different things

Thrugelmir

Conrad wrote: »

Graham, chucky and really

All that counts is momentum - the market is expanding. Getting bogged down in detail just is'nt relevant.

Graham - Just as I said over and again to the bears, they would miss the bottom. They're in love with evidence, problem is, other buyers go ahead of the evidence curve and get the best prices. If you wait for the green light and a stack of evidence that the market has tunred, well of course that will be light years too late to bag a bargain.

The property bulls are looking backwards with little understanding of why the market moved as it did. Every market has a corrective phase before another bull run will commence.