Advice plz...Deposit for new mortgage

sophievenusdoom

TrickyDicky wrote: »

The mortgage may be cheaper, but the repairs, redecoration, new white goods and buildings insurance will make up the difference. Then what happens when house prices fall and you're trying to move?

Owning a house is far more complicated than renting. PLus, like you said, you already blew £10k on a wedding, which could have bought your house.

If you cannot earn enough here, how about finding a new job elsewhere in the country?

Instead of expecting the banks to help you out - why dont you try helping yourselves?

I think you are making a huge assumption about the decorative repair of the OP's parents house. He might not have to make any repairs or redecoration...they might be moving into a house with white goods, so might leave theirs?

Whose to say they will want to move? If so, why does it have to be when the prices fall (if they ever do!).

I don't find owning a house at all more complicated than renting, in fact the other way round in my experience!!

10K would not have "paid for the house", but I guess would have been a nice start to a deposit!

I think you are being a little unrealistic and even a little harsh on the OP to suggest he simply uproot and move because his earnings are not great. How do you know that he does not have family commitments in the area that he is in etc? It is not always as simple as you imply!!

Funky0803

Why don't I just upsticks and move away from family and friends and everything i hold dear in life??? MMM let me think about that one!! Pratt. Oh to be as perfect as you.

I came on here looking a little advice instead i've had a barrage of abuse from people making general assumptions about my situation. It was a simply question of will the banks ever drop the deposit? This was only a general query for others who might find themselves struggling to get a deposit. I thought that maybe people might have put on some decent advice for others to look at, my god how wrong was I? What in gods name does my getting married have to do with my query or for that matter the general state of repair of my parents house - what the hell does this have to do with "will the banks ever drop the deposit"!?

What a terrible forum!

TMoose

Funky0803 wrote: »

Why don't I just upsticks and move away from family and friends and everything i hold dear in life??? MMM let me think about that one!! Pratt. Oh to be as perfect as you.

I came on here looking a little advice instead i've had a barrage of abuse from people making general assumptions about my situation. It was a simply question of will the banks ever drop the deposit? This was only a general query for others who might find themselves struggling to get a deposit. I thought that maybe people might have put on some decent advice for others to look at, my god how wrong was I? What in gods name does my getting married have to do with my query or for that matter the general state of repair of my parents house - what the hell does this have to do with "will the banks ever drop the deposit"!?

What a terrible forum!

It's not often that I'm prompted to post on here...

However, you have been offered some advice, and some answers to your question "will the banks drop their deposit". In case you missed it...

Will the banks drop their deposit? "No. Almost certainly not".

It was then explained to you as to why that was the case.

How can I save for a deposit? "Cut your expenditure or raise your income".

It was then explained to you how you could do that, and why this is also a good idea when it comes to buying your own home.

It seems that you are not/were not willing to take this advice on board, and are looking for a quick solution to what is a not a quick-fix sort of problem in these post-credit crisis days.

I would also like to note, that I do not own my own home, and am trying very hard to save a deposit. Hopefully I will have 10% raised within the next 18months. This has required sacrifices, and personal lifestyle choices (such as moving away from my friends/family).

I hope you find your way to your own home, but to call this forum useless because it doesn't give you the answers you want is a little harsh.

Kind Regards

Moose.

sophievenusdoom

Funky0803 wrote: »

Why don't I just upsticks and move away from family and friends and everything i hold dear in life??? MMM let me think about that one!! Pratt. Oh to be as perfect as you.

I came on here looking a little advice instead i've had a barrage of abuse from people making general assumptions about my situation. It was a simply question of will the banks ever drop the deposit? This was only a general query for others who might find themselves struggling to get a deposit. I thought that maybe people might have put on some decent advice for others to look at, my god how wrong was I? What in gods name does my getting married have to do with my query or for that matter the general state of repair of my parents house - what the hell does this have to do with "will the banks ever drop the deposit"!?

What a terrible forum!

By and large it is a good forum that provides essential advice in relation to financial issues.

It just seems as though the previous poster has some problem with you. Maybe because (in their opinion) you were prepared to lay out £10k for a wedding, but do not appear to prepared to lay out the same for a deposit on a house. That being said, as I previously stated, I think they have been a little harsh with you in trying to prove their point (a lot of which was more opinion based loosly on assumptions rather than actual fact!)

Don't take it too seriously, and don't allow it to disuade you from posting on here in future should you have any further queries...we're a nice bunch really

TrickyDicky

The problem with banks dropping their lending criteria to 5%, is that when this happens, the next group of people come along saying "I cant save a 5% deposit, but I can afford the mortgage, why cant I get a 100% mortgage". With this coming along, alot of people might start getting a feeling of deja vu. Didnt we already call the banks "irresponisble" once?

A bank is not there to help you, it is there to make a profit. Currently, helping you and making a profit dont align.

Funky0803

TrickyDicky wrote: »

The problem with banks dropping their lending criteria to 5%, is that when this happens, the next group of people come along saying "I cant save a 5% deposit, but I can afford the mortgage, why cant I get a 100% mortgage". With this coming along, alot of people might start getting a feeling of deja vu. Didnt we already call the banks "irresponisble" once?

A bank is not there to help you, it is there to make a profit. Currently, helping you and making a profit dont align.

At last, in plain english... Thank you for answering my question.

ViolaLass

Funky0803 wrote: »

At last, in plain english... Thank you for answering my question.

Have you read the papers or watched the news over the past few years at all? What trickyDicky outlined isn't purely hypothetical - it has happened rather recently (which is, I think, why it took so long for it to be spelled out for you).

I'm still a bit confused by someone who is willing to scrimp and save to spend an enormous amount on their wedding but then outraged when the banks expect them to do the same to buy a house. Remember, the banks don't have to lend you money; you have to demonstrate that you are a sufficiently safe bet for them to risk their money on and that includes proving that you can live within your means and save.

If you can afford the mortgage now but can't save while renting, what will you do when interest rates go up?