Making a 'silly' offer on a new house?

neas

while i understand your frustration to get on the ladder.. these schemes are a bit of a con. They help you on but you got to ask yourself... why?

Why cant you afford a normal house for a normal couple like yourself? why do you not have any extra income at all to save for a deposit? If you can cover the mortgage now... what happens if you lost your job, could you secure one soon without going into arrears.

My parents... and grand parents believed in the 'rainy day' fund... savings that were there incase things didnt go to plan.. but from the sound of it you won't have enough money under this scenario to cover the 'rainy days'.

Also.. as some have pointed out if interest rates sore and you dont get a 5-10 year fix (which is more expensive atm) then probably you will be hit with increased mortgage rate in a couple years time.

Then again each to there own, its a risk and if you think its financially viable (even if it isnt) then take it... life is too short to not make a few mistakes.

dancingsammyt

Well, as to why we can't afford - like I said in my first post, we are forced into the position where due to the size of our family, we have to rent a big house which is more expensive than we'd like - that's just the way the rental market is and, much as we'd be prepared to rent a smaller place or stay with family to save up, it just can't happen with the size of our family.
Therefore, we are having to pay rent and bills which are within our budget, but we end up 'breaking even' each month or only having a small amount over.
This is why we are so frustrated, because looking at what the mortgage payments would be on a bigger place than we are renting, we'd be paying well over £200 less each month and therefore be better off, and also be able to save for a 'rainy day' fund as neas suggested or being put aside to buy back the 30% equity. As for our jobs, they are very secure so will not ever be a problem.
Hopefully people can see why this is frustrating, we just feel a bit stuck in a dead end at the moment, so although the HBD scheme has its flaws, it's really the only option we can see being able to change our current position...

dancingsammyt

Well...just shows what a state the housing market is in and/or just how much the price of new houses is inflated... we got everything we asked for - decreased price, offer of deposit paid by developers, help with fees etc. We actually decided not to go with it as we'd rather have a smaller house which we can furnish nicely and not be stressed about higher mortgage payments just for the sake of having one extra bedroom which we don't really need. But like I said, it just shows that it's worth asking for help with buying at the moment - the developers need to sell houses quickly!