Tighter lending rules mean 10-year wait for first-time buyers

Lance

This is soooooooooooooooooooo urgent it will be law, perhaps, by 2011! The FSA watched the bbble / crash and now they are giving serious consideration to making some proposals that may become binding sometime in 2011 perhaps.

davilown

ess0two wrote: »

You missed 'no life' off your list.

Nope, thankfully both the wife and I work full time so still get a little bit of play money!:p

davilown

Harry_Powell wrote: »

There are some others on here who would say that perhaps you should have bought a house before having kids? They might add that even birds build a nest before laying an egg.

Why buy a house young when it was ever so much cheaper to rent and spend all the money you don't own for a few years then pay it back for the next 8 years?
Everyone's situation is different and they don't fit the same shape.
Its all to do with affordability. Bank said I can have x as a mortgage providing I have a 25% deposit. I have no debt, both earn above national average, therefore I don't have to buy a 1 bed flat as a FTB. other people may do it that way, but many will not.

chichi128_2

Can you help as I cannot work out how to post a new thread and am deperate for some help??

Cheers chichi128

IveSeenTheLight

chichi128 wrote: »

Can you help as I cannot work out how to post a new thread and am deperate for some help??

Cheers chichi128

On the left hand side of the forum, below Martin's pic, there's a new thread icon.

P.S. welcome

treliac

ess0two wrote: »

You missed 'no life' off your list.

But that always was a fact of life... not many can 'have it all'. When I first started out as a FTB, as a single girl, I couldn't afford any social life so I got a weekend pub job... just to be able to get out into a social situation. That's where I met my husband.

neverdespairgirl

Raggs wrote: »

With half a house sale, you should have a bit of a jump on the rest of us though.

And I agree on not tapping rich parents! My parents aren't exactly rich, but they each own their own (modest) property, and get by, but there's no way I'm asking them for anything, they need to be enjoying their lives that they've worked hard to get, not subsidising my life anymore.

My parents aren't rich either, but they brought me up, educated me, etc, and now's not the time as far as I'm concerned to ask more money, when I'm adult, working, etc.

We do have a decent deposit, but inheriting one from the in-laws is a lousy return for what we've lost.

silvercar

Idiophreak wrote: »

How about if you can't save a deposit because you're busy paying your rent on time every month?

MissMoneypenny wrote: »

Take a second job/move into a flat share/move back in with parents.

If you can't save a deposit because you already have the (expensive) kids and need to stay close to their schools and your work, it is harder to become a home owner.

Harry_Powell wrote: »

There are some others on here who would say that perhaps you should have bought a house before having kids? They might add that even birds build a nest before laying an egg.

To which the usual suspects will respond that home is where you make it and tenants can bring up a family just as well.

Idiophreak

MissMoneypenny wrote: »

Take a second job/move into a flat share/move back in with parents.

All good ideas, but you're completely missing my point.

Doire stated that those that can't afford to save a deposit shouldn't be let near a mortgage. I was just pointing out that if someone manages to pay their (often more expensive) rent on time every month, there's no reason to suggest they wouldn't be able to pay a mortgage in the same way.

Raggs_2

Except rent covers more than just what the mortgage does. What happens when they need to make repairs etc? And whilst mortgage payments may be less than rent payments, if interests rates go up, it may not stay that way.