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FTB Discrimination "incredibly unfair", now pay thousands more for mortgages
Comments
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I just find all of this so funny. One week hamish posts how houses have never been more affordable... then he sticks up this.
I think I mentioned this earlier.
Many times I asked him to justify his claim (or the claims of the item he posted) that property was at peak affordability (for FTB`s, I think).
Never got an answer, probably never will.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
i can only speak for London but there is a shortage of good properties.
there is not a shortage of flats but there is a shortage of family houses.
Bang in the centre of town, where I live, there aren't really any family houses.
But there's no shortage of property on sale, inventory's been going up, if anything....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I think I mentioned this earlier.
Many times I asked him to justify his claim (or the claims of the item he posted) that property was at peak affordability (for FTB`s, I think).
More straw man arguments from someone on the wrong side of trying to justify FTB's being ripped off by the banks.
The average mortgage payment, as a percentage of income, is indeed below the long term historical average.
But that's IF you can get a mortgage.
And that in no way detracts from the fact that FTB's are being ripped off in comparison to non-FTB's, and paying thousands of pounds a year more.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Not sure how FTB's are being ripped off. A FTB with a 15% deposit will get the same if not a better rate than a homeowner moving with the same deposit won't they?
People have to come to terms with the facts that the days of 2006-2007 when banks lent non existent money to anyone any everyone with the attitude that prices only went up so if someone defaulted it did not matter are over. Mortgages are lent now based on risk and the simple facts are someone with a 10% deposit is more of a risk than someone with a 30% deposit whether they are a FTB or not.
Many of the Banks are broke and they need to make money again. People are living in fairy land if they expect banks to lend to people at below base rate or at .50% above as they used to when they thought they had so much money they did not know what to do with it.
Once banks sort themselves out then margins will come down but it could be up to 5 years before this happens. In the meantime the sorted out banks like HSBC will cream off the best risk borrowers. Credit has always been lent in the past based on risk so I'm not sure whats the difference would be now.
As for bears well I suspect anyone wanting a crash in the past would have made sure they had saved up a reasonable deposit and it is what most young couples wanting to buy in the future will have to do. More young people will stay at mum and dads whilst they save and with rents being similar to most interest only mortgages in many areas people should still be able to savea deposit over a 3-5 year period.
The reality is many young couples especially without kids are not that bothered about owning. Its only the thought of missing the boat with prices which draws many of the young in. With prices unlikely to go anywhere over the next few years or so many people unable to get a mortgage will be able to save to get a deposit.
The real issue in the future will the new affordability tests and this I suspect will make house prices more affordable to the young in the future.0 -
you obviously went to the wrong area (s)I spent a few days working in London last week. There does seem to be a shortage of good properties from what I saw. The place looked quite run down.
you obviously spoke to he wrong peoplelistened to the waffle (why do people in London have to use "flowery" words to say simple things ?) and witnessed so many people looking quite unhappy, I was glad to leave the place pronto.
have you ever been to Merthyr or Hartlepool...0 -
if you could have a deposit to get the good mortgage deals, it's not too hard to justify.I think I mentioned this earlier.
Many times I asked him to justify his claim (or the claims of the item he posted) that property was at peak affordability (for FTB`s, I think).
Never got an answer, probably never will.
for FTBs i don't think you can unless they're in the above group.0 -
if you could have a deposit to get the good mortgage deals, it's not too hard to justify.
for FTBs i don't think you can unless they're in the above group.
Bugatti Veyrons at peak affordability*
* For recent lottery winners.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
HAMISH_MCTAVISH wrote: »Eh?
Whats so hard to understand?
Bears wanted restricted mortgage lending.
Bears got restricted mortgage lending.
FTB's now pay more for housing than they did, and a generation are being excluded.
Simple really.
About three weeks ago, we got this from our resident "expert"......HAMISH_MCTAVISH wrote: »And some good news for FTB's.......
Houses for FTB's are significantly more affordable now than the long term 25 year average.
If I were a potential FTB`er, reading Hamish`s posts would have me really confused.
So come on Hamish, is it a good or bad time for FTB`ers ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
That's junkies for you. they don't think straight.
all they care about is their next fix."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
Good spot, Derv.
Hamish's opinions vary like the wind - if it's suggested low numbers of FTBs may impact on high house prices, then it's magically a great time for FTBs to buy - never been better. If, on the other hand, it's suggested that house prices might have fallen and be falling further, thus making it easier for FTBs, then suddenly we hear that interest rates are sky high and about to shoot up higher for FTBs, thus locking the poor dears out of the market.
Followed by numerous gloating smileys.
Hamish is nothing if not inconsistent. It's like his position on the economy. When it's doing well, apparently, then house prices must rise. If the economy is doing badly, however, then interest rates must be kept low forever, thus ensuring - you guessed it - that house prices will keep rising indefinitely.
The end doesn't so much justify the means as define it.
I suspect Hamish must be very fat, given his desire to both have his cake and eat it. On every occasion.0
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