Large Deposit Requirements Exclude a Generation of FTB's

Graham_Devon

doire wrote: »

As opposed to all those FTB locked out when prices were sky high. Did you complain then? Crocodile tears.

Wasn't it "some people will never be able to afford a house" back then? :think:

Mindyou, house prices were rising then. Now they are falling, I am really starting to see the compassionate side of Hamish

ruggedtoast

HAMISH_MCTAVISH wrote: »

http://www.guardian.co.uk/money/blog/2010/oct/12/mortgage-deposits-first-time-buyers


Only an idiot thinks falling house prices will help the lost generation of locked out FTB's.

I'm no mathematician, but as far as I know 25% of something thats less than something greater is a smaller number than 25% of that greater thing.

I'm not a whizzy Aberdonian property tycoon with a grand total of two flats my mum bought for me though, so what do I know.

FTBFun

doire wrote: »

As opposed to all those FTB locked out when prices were sky high. Did you complain then? Crocodile tears.

Bit pedantic of me, but an FTB who is unable to buy isn't really an FTB...

des_cartes

HAMISH_MCTAVISH wrote: »

http://www.guardian.co.uk/money/blog/2010/oct/12/mortgage-deposits-first-time-buyers


Only an idiot thinks falling house prices will help the lost generation of locked out FTB's.

Only an idiot would fail to understand that lenders want 30% deposits because the know house prices are 30% overpriced. Lenders are not stupid. If people are stupid enough to want to buy a house with a 2010 price tag then it is the stupid buyer who will lose their money, not the lender.

the_flying_pig

Yawn.

The paper quoted in the guardian article is an advocacy piece written by a company, Genworth Financial that sells mortgage insurance and that probably desperately needs looser lending.

The fact that they've got an academic on board is neither here nor there - for the right price it's very easy to find someone half credible-sounding to agree with any advocacy line.

The very same outfit were squealing about the need for higher LTVs even in 2006 and 2007 URL]http://www.genworth.co.uk/content/genworth/uk/en/About_Us/mi_publications.html[/URL, although I'm not sure I can fully get my head around what looser lending by 2006/2007 standards could possibly mean... perhaps some kind of law mandating life imprisonment for any household that doesn't take out at least one 110%+ LTV mortgage every six months?

I also note that most of Hamish's post quotes from a numbskulled guardian journo [rather than the report she's supposedly writing about], who says much sillier things than are in the report & who for whatever reason has lots of history as a pwoperdee ramper/advocate. A notable example of this is the highly dubious line that lower prices don't help FTBs. No academic employed by a UK univerisity with any kind of credibility would ever spout such drivel.

lemonjelly

HAMISH_MCTAVISH wrote: »

http://www.guardian.co.uk/money/blog/2010/oct/12/mortgage-deposits-first-time-buyers


Only an idiot thinks falling house prices will help the lost generation of locked out FTB's.

You forgot these in your OP Hamish:
:beer::j:D:T:beer::j:D:T:beer::j:D:T

doire_2

FTBFun wrote: »

Bit pedantic of me, but an FTB who is unable to buy isn't really an FTB...

You know what i meant

ruggedtoast

On another note. Oh My God look at Hamish's post count. 6000 posts since January 2009. And almost 9000 thanks from users, many of which were himself.

I spend far too much time on here and have amassed just over 2000 since November 2007.

DervProf

Graham_Devon wrote: »

Or are you just nudging me to go out and get that LED TV?

You know it makes sense.

Do it.

If not for yourself, for your nation.

DervProf

HAMISH_MCTAVISH wrote: »

The one thing that first time buyers pray for to help them achieve their goal will, ironically, probably make the situation even worse.

And you know what FTBs pray for now ? Hamish, you really are amazing.