Potential buyer having trouble getting mortgage

mbga9pgf

Its started already. Transactions were well through the floor last month and the number of props registered in the past 2 weeks on rightmove well exceeds last year, by almost double. PEople know whats coming post election.

Bufger

sounds to me like a FTB came along and on a whim decided they want to be a homeowner with very little deposit/knowledge and understanding of whats available to them.

Before even looking at properties i had worked out my complete top band - the very most i would go to so i could comfortably pay the mortgage and bills on one household wage if we needed to. I also saved for a year for the deposit + extra money for fees.

Your buyers buyer just isnt ready and hasnt done their research so why should you pay for their incompetance? yes a sale is a sale but i can assure you there will be further problems during the sale if they have little idea of the process. If they dont have enough deposit then how do they have the fee's for solicitors/surveyors etc. What if you help them out and then the house they're buying gets undervalued so they need to raise more cash?!

Sounds like you're being taken for a mug. Let the chain break, have a look at your figures and put your house back on at a realistic amount, spend some time with the EA on the pics and do a bit of sprucing up in your home and you'll have another buyer come along (hopefully without the baggage!).

Milliewilly

mbga9pgf wrote: »

Who said I worked for an airline? And I dont have kids, my wife works full time.




Oh, sat on my 100K deposit now, which makes all the difference, as opposed to a millstone of a property I cant sell and a shedload of negative equity to boot.

Hate to break sour news to you jack, the airline industry is international. So, when I DO elect to go work for them, with over 4000 hours heavy jet, I get to pick from Quantas, ANZ, Emirates or even Air Canada. BA and Virgin are both re-starting recruitment next year to fill the boomer retirement gap, even if I was stupid enough to stick round in the UK to get taxed to death.

Whilst you and your generation will be b*tching about how the younger generation upped and left and how unfair it is they are not going to pay for your extortionate cancer drugs and OAP homes, I will be enjoying the delights... with money earned by hard work as opposed to stolen from my grandchildrens pay statements before they are born.

Bitter lemons old boy. Whats up, sat on Negative Equity? To answer your question, Mervyn announcing the SLS would not be rolled over changed my view on a few things, as did the liklihood of a hung parliament, which will be disasterous for the UK economy and house prices.

Good little dit from that Idiot Anatole over at the Times:

That scale of public expenditure cutback will not go unnoticed in the housing market.

Maybe this will refresh your memory

http://forums.moneysavingexpert.com/showthread.html?t=2128257&highlight=south+lincolnshire&page=4

Posts #67 & #90.

Definate inferrance of having children in the present tense not future and being an ailine pilot / airline worker (although the decent ones do earn more than the £50K you also refer to - but you had a small problem with calculating net and gross salary didn't you).

I am 35 btw. I also earn considerably more than £50K but don't make a point of spouting on forums about it.

You contradict yourself - not paying for my cancer drugs and OAP homes but I am bitter at being sat on negative equity? I thought all old people were cash rich because of house price increases of '5 to 15 times'

If you bother to read any of my posts including one at #46 on the link you can see I am bidding c£300K cash for another house without having sold mine so no not in negative equity at all. Tiny mortgage of base + 0.17% on existing property so no point in paying it off until interest rates rise.

Toodlepip. Enjoy sucking your bitter lemons :rotfl:

mbga9pgf

Millie, get out more.... the fact you pulled that thread up says a lot about you...

As for my personal situation, I was talking about my childrens future, and not making a bad decision now. It may have been present tense, but it still applies.

As for my line opf work, I DONT work in the airlines, but do operate jets. There are other organisations that do that you know?


The fact you are talking about bidding 300K on a property on some web forum means what exactly? I suppose you want to tell me you are David Cameron next?

Milliewilly

mbga9pgf wrote: »

Millie, get out more.... the fact you pulled that thread up says a lot about you...

As for my personal situation, I was talking about my childrens future, and not making a bad decision now. It may have been present tense, but it still applies.

As for my line opf work, I DONT work in the airlines, but do operate jets. There are other organisations that do that you know?


The fact you are talking about bidding 300K on a property on some web forum means what exactly? I suppose you want to tell me you are David Cameron next?

Oooh a flounce!

My point about the cah bid is that I am not in negative equity as you presumed - I am not an old boy either as you presumed and I also earn more money than you. You need to get off your high horse. There are always people better off than you or me unless you are Roman Ambramovich or similar.

I can't afford a million pound house but I don't bleat that I am entitled because I have an education and do a technical skilled job.

The common theme of your posts of vile insults to the elderly or anyone who has been able to get on the property ladder in the last 10 years or so and seen their property increase in value are disgusting.

Cheerio.

WallyBird

Thanks to everyone for your helpful posts. I think I will just have to be patient and hope the reduced price will tempt more buyers.

Bufger, I think you may be right about our buyers' buyer not having done their research. The two marketed houses (mine and buyers) both look beautiful online (have checked theirs and had mine checked by others). It is the bottom of the chain that is the problem. Unfotunately, that is where I have least influence - I only have what information gets passed along the line:

B'sB --> B'sEA --> OurB --> B'sEA --> OurEA --> Us !!!

or something like this.

So frustrating! But thanks for all the help and support.
WB.

Eric1

WallyBird wrote: »

Actually, perhaps it should be "Ill-prepared time-waster viewed my potential buyers' house"

or, to be precise, "Ill-prepared time-waster viewed another time-waster's house".
Your potential buyer should have checked how proceedable the FTB was before accepting the offer.
Worse still, people up in the chain may think you are a time-waster too.



Just kidding

WallyBird

Milli and Mbg, Why the handbags? Perhaps you could start a new thread if you want to fight!

All I wanted to know was how free up a housing chain in a positive way, without exploiting people or being taken for a mug.

WB.

WallyBird

Eric1 wrote: »

or, to be precise, "Ill-prepared time-waster viewed another time-waster's house".
Your potential buyer should have checked how proceedable the FTB was before accepting the offer.
Worse still, people up in the chain may think you are a time-waster too.
Just kidding

Actually, you are right. Although I have done my best to keep them fully informed and would not try to stop them going ahead with another sale, if they got one (which looks like will happen soon).

I like to think we have been at least a fallback position for them, and may even have helped them, because they could say to other potential buyers "We already have an offer of £XXX...".

WB.

blue_monkey_2

Hi everyone,

I am in my late 30's, married with 2 kids, hubby is working, I run my own business around the kids. We are the average family you keep on hearing about.

Only this average family cannot afford to either rent privately or buy somewhere to live.

A 'few' years ago this salary would have enabled us to buy a home to live - not an asset - a home to bring up our children. But now, our salary would not even buy us a bedsit, let alone a family home, unless we had a HUGE cash deposit and as we have both pretty much been left to get on with things by our families to find our own way, then we do not have that advantage.

A generation ago there were families with 3 kids having had kids at 25ish, buying a house and having somewhere to live, the kids have roots.

This generation is lucky to have somewhere to live! People are putting off having children for as long as possible - I know many couples that are childless andf not through choice, they have a mortgage to pay and cannot afford children, but having babies has a deadline - this is usually the same time as the mortgage is paid. This will be the next generation of taxpayers that will pay for your health care, pensions and schools (to name by a few). This will leave a generation of children that have been born to those on benefits and will see this as a way of life as the only people who can 'afford' to have children are those on benefits. And I know many of these too. How many of those children will go on to get jobs having not seen their parents earn a working days wage?

The money we pay on rent (we do not get any benefits) could be paying for a mortgage if the house prices were at the same as they were 10 years ago - but we are in a Housing Association house. We have been able to spend lots of money on the house, decoration, internal and external works, because we have the money too. We are wasted tenants I think, we 'should' be houseowners.

That being said, I would not change where we live. The house we are in is valued at around 350k+ at the moment and we live in a very sought after village. There is no way, on this earth, that we could ever afford to live here. We have a beautiful house with a massive garden and we have a tenancy fot life - we would have once been the 'average housebuyer'. Now this seems to be a luxury to people who have either a VERY good job, wealthy parents or have been left money in a will. My husband does not even earn 'enough' to enable us to rent privately either - hence us getting this house we are in.

It is all very well private rents being high but who is paying that rent? It'll be the LA who pay it in benefits - it would be interesting to find how much is being paid in HB each month/year by the LA though. And we wonder why this country is in a mess. We pay all of our rent and we have a good life, we worked out that the amount we would pay in rent over the years would be less than we would pay in mortgage. Plus if our kids have nowhere to live they can go onto the tenancy later and get the house later too. A massive weight off my mind. Plus there is no issue with IHT and the kids fighting over 'their share'. We have no worries that we might lose our home, hubby loses his job and HB will pay the rent, likewise if he loses his overtime and his wage goes down, they top it up too.

Something HAS to give, it cannot continue this way, there are hardly any council/HA houses to go round and I know just how lucky we were to get somewhere to live. The only people who cannot see this are the EA/houseowners who still think they can sell their houses for 10 times they paid for it.

As someone mentioned, there are not enough people earning the salaries required to buy, there are not enough people earning the money to pay private rents, one day someone will will wake up and realise this. When we are back to a time when the average working family can afford to buy a HOME then we will be back on track.

You would not believe how many people have asked us whether we are buying our HA home and our reply? It's not worth it. We recently had new front doors, they come and service our boiler once a year, if we have an issue with something and it needs fixing they send someone out. The drains get blocked on Xmas day we call someone out and it is included in our rent.

Seriously, who do you think is better off? However, had prices been a rate where we could have afforded to buy then we would have bought. Greed is the reason behind it all, nothing else, just greed.

Interestingly, if an MP was a FTB they would not be able to afford to buy our house either without a 170k deposit either.

Things will change - but we will need a new generation of MP's having trouble finding affordable housing before the penny finally drops.