Wrong to buy?

nomoreboomandbust

The couple extolling the virtues of renting- in the house that was valued at 600k (just to underline what a great decision they had made- ie the house was way overpriced) forgot to say that the landlord probably only grants them a one year lease and after that he may decide to sell in which case their idyll is blown apart.

FTBFun

minnie123 wrote: »

I'm watching this at the moment and their has just been a couple on it who earn 60k between them looking at houses in the region of £170k and they have 15% deposit - they are saying they are unable to get a mortgage.

Do you think they must be leaving some info out such as bad credit/Debts etc... as a couple I know who earn approx 50k between them have just got a mortgage to buy a house for £165k and have put down a 10% deposit their mortage offer came through this week??.

On a 52k salary with a 15% deposit I bought a property for 178k - as a single earner - so yes I reckon there must be some bad credit history there.

It would not surprise me in the slightest if that small detail had been left out - it is an ITV programme after all - and after the debacle with the squatter-that-wasn't a couple of months ago not bothering to do any research seems to be their forte.

FTBFun

doire wrote: »

Rubbish programme. Not once did they mention that house rpices were too high.

Even the FTB's at the end said "we will have to wait until they loosen the regulation before we can buy"

Did they ever think that if prices fall they could have a chance to buy?

To be fair, that is actually an opinion rather than a verifiable fact.

shortchanged_2

I wonder if the buyers considered lowering their expectations and maybe bought in a less desirable location?

Alan_Cross

LilacPixie wrote: »

I've not watched it yet but is there really places where rent is a third of what mortgage payment would be presuming its a private rent and not LA or housing association??? Where I am renting privately compared to mortgage costs seem alot closer.

And that about sums it up.

ukcarper

doire wrote: »

Rubbish programme. Not once did they mention that house rpices were too high.

Even the FTB's at the end said "we will have to wait until they loosen the regulation before we can buy"

Did they ever think that if prices fall they could have a chance to buy?

If prices fell it might help them but it wouldn’t help the other people they interview, as they couldn’t be bothered to save for 4 years to get a deposit.

nomoreboomandbust

Where did they find the German couple who were renting ? their English was near perfect damn it, I wish my German was half as good as that (in fact -lets say 10% !), they must have lived in Uk at some stage

IveSeenTheLight

PasturesNew wrote: »

Cheap seats are usually a bad deal for renters.

I don't believe it is dependent on just the 'cheap seats' properties.
I do understand it can vary accross the country however.

Simple thing is to compare the rent with the mortgage interest.
In many areas, it can still be seen that the capital & Interest is less than the rent

westv

nomoreboomandbust wrote: »

Where did they find the German couple who were renting ? their English was near perfect damn it, I wish my German was half as good as that (in fact -lets say 10% !), they must have lived in Uk at some stage

I would say a large number of people in mainland Europe have a very good command of English without actually having visited here.

westv

nomoreboomandbust wrote: »

The couple extolling the virtues of renting- in the house that was valued at 600k (just to underline what a great decision they had made- ie the house was way overpriced) forgot to say that the landlord probably only grants them a one year lease and after that he may decide to sell in which case their idyll is blown apart.

Didn't they say they'd lived there for 9 years - or was that one of the other people on the programme?