Loan for house deposit

housebuyer_abc

PROLIANT wrote: »

What a load of twaddle!

Why should first time buyers be penalised by having to find a huge deposit? How are we supposed to get a house when it would take about 10 years to save for a deposit, it is not 100% mortgages that caused problems it was those of you seasoned borrowers who tried to keep up with the Jones's and borrowed 110%, 150% when you knew damn well you could not afford it!

If you can demonstrate your ability to pay rent and you do not have an adverse credit record then that should be enough to secure 100% of the money to buy your first home.

Whats wrong with saving for ten years - I know loads who do that - are you saying that you should be able to do it quicker LOREAL style (because you think you are worth it)

Also I just looked on rightmove, even in London you can pick up properties in and around the 120K mark (not great I grant you - but it's a home)

So are you saying you can't manage to save 12K over 3 to 4 years for something you desperately want - if the answer is no then you can't afford a house - houses tend to cost mor ethan this in essential maintainence alone.

If you want to spend more then you aren't buying a house out of necessity rather to suit your wants, fashion or whims - or day I say it to keep up with the Chardonnays, Porsches, Cruz's and the likes

The advice the OP was given was sound, you're little sour grapes rant just goes to show that it usually requires a mature head to enter the property market

PROLIANT

housebuyer_abc wrote: »

Whats wrong with saving for ten years - I know loads who do that - are you saying that you should be able to do it quicker LOREAL style (because you think you are worth it)

Also I just looked on rightmove, even in London you can pick up properties in and around the 120K mark (not great I grant you - but it's a home)

So are you saying you can't manage to save 12K over 3 to 4 years for something you desperately want - if the answer is no then you can't afford a house - houses tend to cost mor ethan this in essential maintainence alone.

If you want to spend more then you aren't buying a house out of necessity rather to suit your wants, fashion or whims - or day I say it to keep up with the Chardonnays, Porsches, Cruz's and the likes

The advice the OP was given was sound, you're little sour grapes rant just goes to show that it usually requires a mature head to enter the property market

No need to get snotty with me hinney!

I have been renting since the age of 17 when I left home, I can service a mortgage no problem at all within my affordable means.
I pay £310 per month rent, I can get a mortgage for £395 per month, why should I have to wait until I am in my 40's to be able to buy a house?

iolanthe07

why should I have to wait until I am in my 40's to be able to buy a house?

Why shouldn't you? The world owes none of us a living, let alone a house of our own.

PROLIANT

iolanthe07 wrote: »

why should I have to wait until I am in my 40's to be able to buy a house?

Why shouldn't you? The world owes none of us a living, let alone a house of our own.

Oh get off your "I'm alright jack high-horse", where in any of my post's have I stated the world owe's me a house or a living?

I have worked since the age of 13 paying my way and now I wish to buy a house and I am refused access to the market because of the current "middle aged" crowed screwing it up for my generation by over-borrowing, the idealistic views on here are that of mummies and daddies boy's and girl's and in the real world not everybody has access to savings or have the luxury to be able to save.

housebuyer_abc

PROLIANT wrote: »

No need to get snotty with me hinney!

I have been renting since the age of 17 when I left home, I can service a mortgage no problem at all within my affordable means.
I pay £310 per month rent, I can get a mortgage for £395 per month, why should I have to wait until I am in my 40's to be able to buy a house?

Why????

Oh dear- houses cost £100K you can afford £395 per month - go away do the math and tell me why you shouldn't be able to buy until you have a decent deposit.

Life ain't fair - thats the real reason, why should a bank take all the risk so that you can own a property?

housebuyer_abc

PROLIANT wrote: »

Oh get off your "I'm alright jack high-horse", where in any of my post's have I stated the world owe's me a house or a living?

I have worked since the age of 13 paying my way and now I wish to buy a house and I am refused access to the market because of the current "middle aged" crowed screwing it up for my generation over-borrowing, the idealistic views on here are that of mummies and daddies boy's and girl's and in the real world not everybody has access to savings or have the luxury to be able to save.

I want to buy a space rocket but I'm priced out of the market because NASA charge so much and get huge rebates from the US taxpayer, you probably think this isn't relevant and just stupid but break it down...

I want something that if others were not willing to pay over the odds for would be cheaper ... people pay more for it therefore price goes up .... I can't afford

Sounds like your house situation to me

PROLIANT

housebuyer_abc wrote: »

Why????

Oh dear- houses cost £100K you can afford £395 per month - go away do the math and tell me why you shouldn't be able to buy until you have a decent deposit.

Life ain't fair - thats the real reason, why should a bank take all the risk so that you can own a property?

Mortgage for £64,000 = £395 pcm
House in Gateshead/Newcastle £56-70K....you do the math. :think:

CHR15

PROLIANT wrote: »

House in Gateshead/Newcastle £56-70K....you do the math. :think:

Is that for ALL of them?? :j:j

Raggs_2

Well in theory if you can afford 395 you've been saving your 85 pound difference so far, that's basically 1000 pounds a year, FTB only need 5% (10 would be nicer, but hey). 5% is going to be around 3 - 3.5k, so that's 3 years saving (assuming you get a slight pay rise, willing to cut back around 15 pound a month).

Not 10 years, 3, maybe less if you have any savings already, or get strict about saving.

samhuzz

Now I'm not saying that the OP should even THINK about doing this, but just wondered, if he/she did take out a loan, how long would it take for it to show on their credit report? And how far along in the mortgage application process would the lender (on the mortgage) check his/her credit report? Just in theory, not suggesting anyone should do this, as it would be fraud I'd have thought.