100% Mortgage for Reposession House

leveller2911

Put it this way, theres no way you SHOULD be able to borrow 100%..If you have no savings as a deposit do what the rest of us do,work hard and save.If you haven't bothered to save or can't save then its obviously not for you.

I know its a very new way of thinking but Its the way forward. I have worked my socks off, have just under £40k saved up and still won't buy because prices are still out of my reach.If I rent for the rest of my life then so be it.Its not the be all and end all to own a house.

Sorry if its not what you wanted to hear but its partly due to people having 100%-125% mortgage that the country is in a bit of a tis..

VIGILANT22

misssarahleigh wrote: »

You may be trying to help by saying it's not possible but it somes across as more of a 'i know better than you attitude' (i saw your comments on a post similar in content to this)

Yr bang on the buttton with both thots..:)

misssarahleigh

leveller2911 wrote: »

Put it this way, theres no way you SHOULD be able to borrow 100%..If you have no savings as a deposit do what the rest of us do,work hard and save.If you haven't bothered to save or can't save then its obviously not for you.

I know its a very new way of thinking but Its the way forward. I have worked my socks off, have just under £40k saved up and still won't buy because prices are still out of my reach.If I rent for the rest of my life then so be it.Its not the be all and end all to own a house.

Sorry if its not what you wanted to hear but its partly due to people having 100%-125% mortgage that the country is in a bit of a tis..

!!!!!!. I thought the mess was made from bankers playing with numbers that didn't exist. I think those people on 100%-125% mortgage's play a very small part in the mess.

Look, simple fact is i have a 2k saved. I have only been working 9 month after leaving university with a degree that means sod all.

My mother has done bloody well as a single parent but saving isn't an option. She would pay out roughly the same amount she does now renting if she were to repay a mortgate. We live in a crap area and flipping fed up.

There are very few people i know that could possible save 40k (If at all) and you have to grasp the normal average everyday people cannot afford to save this amount of money. I personally don't know anybody with a sum of savings that could cover a deposit.

That doesn't mean we don't work hard because i can tell you we do just that. Reality is paying rent is just as expensive as a mortgate but you get nothing back.

I don't see how you can make crass comments basically implying 'we're not worthy' but you cleary are with you 40k.

It's not a fact of can't save or won't, it's a matter of how do u save when all your money is spent on living.

So my apologies that you have done so well saving and are not in a better position (40k as a 10% deposit would mean a 400k house, nice, if your saving to deposit more than price's are in your reach, your just not buying)

Anyway, shall leave you all. No doubt you will have a few comments after my post but since all everyone has done is judge, make sarcastic comments and tell me i'm basically being stupid i shall fine help from another source.

CloudCuckooLand

How do you know that mortgage payments would roughly equal the rent, if you haven't found a 100% mortgage company to ask their rate and calculate the payments ?

CloudCuckooLand

If its any consolation you are not alone, in being priced out and/or finding difficulty raising a deposit.

That's why its distinctly possible house prices will fall further this year, so plug away at saving and see where you are for some Xmas-time bargains.

andrewmp

Do you not think it's a bit short sighted buying a house with your mother? What happens when you want to move out (maybe after getting married etc). Owning half of a house might stop you being able to buy a house for you and your husband.

brit1234

misssarahleigh wrote: »

!!!!!!. I thought the mess was made from bankers playing with numbers that didn't exist. I think those people on 100%-125% mortgage's play a very small part in the mess.

lol :rotfl:This has to be a wind up.

This whole mess was caused by people doing 100-125% mortgages, lying about income with self cert mortgages, gift deposits, short term mortgage rates that reset to higher values accross the western world. Principly people being riskly loaned money for mortgages they could aford and this debt being packaged up with other mortgages and sold off through securitisation packages and sold again. When people started defaulting no one knew where the bad debt was, no one trusted the other finacial assets and hence with held credit.

Here is a simple and funny video on it.

http://www.youtube.com/watch?v=mzJmTCYmo9g

If this is not real I recomend:

Dan_1976

brit1234

I am afraid your not almost there. 100-125% has caused very few issues these are full status mortgages no lie's. I would agree self cert and telling fibs have caused problems, mainly pushing the house prices up and now probably arrears.

However you cant blame the borrowers for bankers and stockbrokers for wraping the high risk debt up as triple a stock.

Put it all together and pop! Bubble burst!

redlady_1

on the off chance that this is not a wind up...what do you think you will be paying with regards to an interest rate? People with a 10% deposit are having to pay over 7% interest rate. And then your credit rating must be squeaky clean. And how many times salary do you think you will get? It just won't happen when you start digging deeper into these things.

You have to go without to get on the market. How much are you prepared to give up?

opinions4u

misssarahleigh wrote: »

Having a 10, 20, 30% deposit doesn't mean your any more likley to pay your mortgage.

Actually, you're quite wrong with that statement.

The bigger a personal stake a borrower has in a property, the less likely they are to default on their mortgage payments.

When I worked with arrears customers many years ago there were statsitics that showed 100% borrowers were 3 times more likely to go in to arrears than 95% borrowers. The ratio becomes more significant as deposit size increases.

If somebody has a personal stake to lose if they fail to pay their mortgage, they are significantly more likely to prioritise their finances to protect that stake. The bigger the deposit, the higher the likelihood of making the mortgage payment.

It's a fact. It's quite clear.

i shall fine help from another source.

A bit harsh to penalise those who help!