Renters: Angry and Insecure

chucknorris

angrypirate wrote: »

The introduction of 100% mortgages has only been relatively recently. Prior to the housing boom of the naughties it was the norm for banks to ask for 10%

Really? How come I bought a house with a 100% mortgage in 1992/3 then?

carolt

HAMISH_MCTAVISH wrote: »

http://www.guardian.co.uk/society/2010/aug/15/renting-buying-home

It's unfortunate that mortgage rationing is pushing home-ownership out of reach for so many at the moment when prices are affordable in so many places.

And with the ongoing shortage of housing and increasing population, price rises in the future will lock out even more.

No wonder Rightmove noted the "buying window" is the next 12-18 months.

From that one word, we can see that you were sorely misjudged, Hamish.

Clearly you care deeply about all those renters, and our feelings.

So I take it you would support any changes that would make it easier for those in this situation to buy their own place?

nembot

I would suggest the most angry and insecure person around these parts, started this thread.

headcone

oz0707 wrote: »

I have played that card before but there is a limit. A landlord isn't greedy for not taking up your offer after previously agreeing to a higher amount. Some might say your greedy for making the request.

Or stupid and out on his [EMAIL="ar@e"]ar@e[/EMAIL].

Spartacus_Mills

HAMISH_MCTAVISH wrote: »

http://www.guardian.co.uk/society/2010/aug/15/renting-buying-home

It's unfortunate that mortgage rationing is pushing home-ownership out of reach for so many at the moment when prices are affordable in so many places.

And with the ongoing shortage of housing and increasing population, price rises in the future will lock out even more.

No wonder Rightmove noted the "buying window" is the next 12-18 months.

Why do these renters think they are entitled to buy a house ?

chucky

Spartacus_Mills wrote: »

Why do these renters think they are entitled to buy a house ?

cos people on dis forum say dey can innit :eek:

silvercar

Spartacus_Mills wrote: »

Why do these renters think they are entitled to buy a house ?

Because some of them could have, and in retrospect should have, bought a couple of years ago. Then mortgages were available and deposits smaller. They waited and now can't raise the deposit or can't get the mortgage rate they need to now buy. Its made all the more painful that their contemporaries, who did buy, are enjoying very low mortgage rates making it the cheaper option compared to the rent they are now paying. That, together with their deposit savings gaining little interest is a triple penalty. Add that to house prices not falling as much as they would have hoped and that is four reasons why these renters are upset.

benb76

phil_b wrote: »

Sorry to go all grammar police, I know it's petty, but it's "you're". Just a bit of constructive .

No need to apologise, the difference between 'your' and the abbreviated 'you're' is fairly basic English, and something I remember learning at primary school at about the same time as learning the difference between there, their and they're!

Spartacus_Mills

silvercar wrote: »

Because some of them could have, and in retrospect should have, bought a couple of years ago. Then mortgages were available and deposits smaller. They waited and now can't raise the deposit or can't get the mortgage rate they need to now buy. Its made all the more painful that their contemporaries, who did buy, are enjoying very low mortgage rates making it the cheaper option compared to the rent they are now paying. That, together with their deposit savings gaining little interest is a triple penalty. Add that to house prices not falling as much as they would have hoped and that is four reasons why these renters are upset.

In that case they only have themselves to blame.

nembot

silvercar wrote: »

Because some of them could have, and in retrospect should have, bought a couple of years ago. Then mortgages were available and deposits smaller. They waited and now can't raise the deposit or can't get the mortgage rate they need to now buy. Its made all the more painful that their contemporaries, who did buy, are enjoying very low mortgage rates making it the cheaper option compared to the rent they are now paying. That, together with their deposit savings gaining little interest is a triple penalty. Add that to house prices not falling as much as they would have hoped and that is four reasons why these renters are upset.

It's common knowledge that renting is cheaper than repayment mortgages on similar properties, the only alternative is an interest only mortgage in which you technically rent your house off the lender. Many people choose not to overpay even in these times of low interest rates, even a few people on this very forum appear to be happier making hay while the sun shines and pretending there is no balance to pay at the end.

Price corrections don't happen overnight and I'm convinced we're on a downward trend - so wait I will.

I'm much better off renting, than I would be buying at todays prices. I live in a far nicer property than I could afford for just a couple of hundred quid over what I receive in rent from my tenants, without being tied down or paying ridiculous prices for a shoe box.