FTB's "Missing Deal Of A Lifetime"

Linton

davilown wrote: »

Well, as ever Hamish, how can you be missing out n a deal of a Lifetime when you can't afford it? 25% deposit with average prices at 165k odd, when people are going to work part time or losing their jobs? Surely it would negligent to even contemplate buying when, if there is a real chance on redundancy.
Just keep bigging you own prowess on the housing market up - but please leave the rest of us out of it.

I am sorry if you want a house but cant afford the deposit and/or are facing redundancy. However not everyone is in this position - some of those who have prudently saved will buy now and will get the benefit Hamish described.

pardal51

Graham_Devon wrote: »

I think "have the right" is a bit strong.

People afterall, will spend their money on whatever they like.

Have the right: I meant "have the option/choice of".

I come from a country where, if you don't have your own place, you are on your own. That means you need to find money to pay the rent. However when you reach retirement age and you are still renting you need to use your pension (usually state pension) to still pay the rent. I can tell you that with state pension people can barely eat, let alone pay the rent. It is good to know other realities in life.

People in this country should be grateful because the government helps a lot.

Question: If I change my mind and spend my savings consuming, having the latest gadgets, branded clothing, eating out every other day; will I be housed, given money to buy food, etc (COnsidering I keep paying my taxes/NI contributions)? If so I might rethink my current strategy.

Graham_Devon

pardal51 wrote: »

Have the right: I meant "have the option/choice of".

I come from a country where, if you don't have your own place, you are on your own. That means you need to find money to pay the rent. However when you reach retirement age and you are still renting you need to use your pension (usually state pension) to still pay the rent. I can tell you that with state pension people can barely eat, let alone pay the rent. It is good to know other realities in life.

People in this country should be grateful because the government helps a lot.

Question: If I change my mind and spend my savings consuming, having the latest gadgets, branded clothing, eating out every other day; will I be housed, given money to buy food, etc (COnsidering I keep paying my taxes/NI contributions)? If so I might rethink my current strategy.

That's the same as a single (or a couple of) childless person(s) in this country. It's not unknown of here.

As to your question, depends on your circumstances. If you have a child, and you aint seen as purposely getting rid of money, most probably yes. If you are childless, no. Mindyou, could easily enough rack up holidays etc on credit, then take the "bankrupcy lite" option, if you feel a year without access to easy credit is worth it.

pardal51

Graham_Devon wrote: »

That's the same as a single (or a couple of) childless person(s) in this country. It's not unknown of here.

As to your question, depends on your circumstances. If you have a child, and you aint seen as purposely getting rid of money, most probably yes. If you are childless, no. Mindyou, could easily enough rack up holidays etc on credit, then take the "bankrupcy lite" option, if you feel a year without access to easy credit is worth it.

Graham, thanks for that. I was not aware how things work in these terms. Question: When you retire and have a grown up child how do you stand? Are you still able to be housed? What about nursing places? From where I come from you are literally stuffed.

Bloo_Loo

Hi Sibley and Hamish...Missing you..

davilown

Linton wrote: »

I am sorry if you want a house but cant afford the deposit and/or are facing redundancy. However not everyone is in this position - some of those who have prudently saved will buy now and will get the benefit Hamish described.

So how long would it take you to 'prudently' save the 25% deposit for an average house price of £250,000?

chucky

macaque wrote: »

The average age of the first time buyer is creeping up year by year.

this forum makes me chuckle at times

The Following 8 Users Say Thank You to macaque For This Useful Post: Show me >>
Bullfighter (Today), carolt (Today), hostie1985 (Today), pardal51 (Today), rewired (Today), sKiTz-0 (Today), treliac (Today), Wookster (Today)

these people actually Thanked macaque post even though it's factually incorrect - brilliant

HAMISH_MCTAVISH

Bloo_Loo wrote: »

Hi Sibley and Hamish...Missing you..

Well hello my little chemical toilet..... What brought you over here?

Am I being talked about over on hpc again?

Oh yes, there it is.
http://www.housepricecrash.co.uk/forum/index.php?showtopic=148846

tommy75

Hamish, Sibley and friends 1997 - 2007:




Hamish, Sibley and friends 2011:

Bloo_Loo

the easiest way to lose your prudent savings is to us eut and leverage up with temporarily cheap finance...and as volumes are falling and supply is increasing and lending is tightening, my opinion is that the downside risk is pretty large.

remember the debt doesnt decrease along with the house price....