Potential buyer having trouble getting mortgage

Eric1

WallyBird wrote: »

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.

Don't worry too much about it. People with your attitude are rare, they may still want to wait for you.
In my area at the moment, FTBs can only dream about 20% reductions

blue_monkey_2

Oh, and there are so many people adding conservatories or building extentions now because they have had another child but cannot afford to move to a bigger house so they have to make their house bigger.

Interestingly when talking about the cost of houses with people recently I've heard from several people who, as single people, were offered council houses in the early 90's because they were 'on the list'. They never lived in these houses - they rented them out - but they sold them on as soon as they could at a huge profit. These are the people the same age as me who currently are lucky enough to own.

But it just makes me wonder at what cost? The council did not really have their heads screwed on with that scheme did they?

Bufger

blue_monkey wrote: »

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.

I'm 25, my partner is expecting our first (shes 25) and we're both in reasonable jobs and bought our own home last year.

Everyone is perfectly capable of doing it, even in todays climate but they do need to plan it and save rather than accept debt as normality. We have saved for everything we own whilst still going out every couple of weeks. We just dont spend money on rubbish we dont need and we challenge our bills and we look for the best deal on everything - its not even a hardship, you get used to it quickly and forget that you're constantly saving money (and rather than being frugle on everything we use it to still have holidays etc).

We are by no means well off. We've never had a parents handout and we both worked hard for everything we have. Lazyness is the biggest cause of todays problems, that coupled with the fact that our government cant distinguish between those in need from those that cant be ars*d

I mean how many times have you heard 'those polish people taking our jobs' or 'those chinese working so hard for so little price us out of jobs' from people sitting on their backside in a pub spending money their family doesnt have. Nobody takes responsibility seriously anymore and it causes me to rant and act like im 20 years older than i actually am!

blue_monkey_2

Bufger wrote: »

I'm 25, my partner is expecting our first (shes 25) and we're both in reasonable jobs and bought our own home last year.

Everyone is perfectly capable of doing it, even in todays climate but they do need to plan it and save rather than accept debt as normality. We have saved for everything we own whilst still going out every couple of weeks. We just dont spend money on rubbish we dont need and we challenge our bills and we look for the best deal on everything - its not even a hardship, you get used to it quickly and forget that you're constantly saving money (and rather than being frugle on everything we use it to still have holidays etc).

We are by no means well off. We've never had a parents handout and we both worked hard for everything we have. Lazyness is the biggest cause of todays problems, that coupled with the fact that our government cant distinguish those in need from those that cant be ars*d

Can I ask what size house you have and whether your wife is going to go back to work though? This is the thing, the government seem happy to pay people childcare costs of £300 a week instead of encouraging people to bring up the children they have.

Edit: Just saw your edit - we don't go out, we are quite happy to stay at home. Did you see that problem on BBC1 recently 'when the immigrants left' or something and the number of people that did not turn up to do the work that the BBC found them. It was just embarrassing.

Bufger

blue_monkey wrote: »

Can I ask what size house you have and whether your wife is going to go back to work though?

Edit: Just saw your edit - we don't go out, we are quite happy to stay at home. Did you see that problem on BBC1 recently 'when the immigrants left' or something and the number of people that did not turn up to do the work that the BBC found them. It was just embarrassing.

Its a 3 bed terrace and she will start work as a childminder after a year on maternity. Ive also just taken a saturday job and we're looking at writing columns for an online company as we're both classed as 'professionals'.

You make do with what you have and ride out the storm. As long as you can find any extra income and minimise the financial impact through moneysaving its fairly easy to do.

Edit: yes i did see that program (or part of it before it made me too angry!). There are lots of people that work hard and fall foul of bad circumstances through little fault of their own, its those people i feel for. Those lazy people just grate on my nerves.

blue_monkey_2

Glad it is working for you Bufger and good luck with the new baby. I am not saying it cannot work, by your own admission are professionals and this makes a huge difference.

Right, Tuesday is supposed to be 'my day off', I always swear that I am not going to get involved with this HP threads, LOL.

RE your edit: LOL: Yes, I absolutely agree!!