Past bad credit rating and buying through shared ownership!

scatz

Running_Horse wrote: »

What area are you?

There are plenty of terraced houses in the south east for less than £100,000.

Ok, whatever you believe. If you can find them then show them to me!

Properties £100k or less in our area;

http://www.rightmove.co.uk/property-for-sale/East-Sussex.html?maxPrice=100000&minBedrooms=3&index=10

Average prices in our area (terraced £164k);

http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/21ud.stm?t#table

Hard facts so please don't try and tell me there are suitable properties for less than £100k in an area I am well acquainted to!

PS: I'm not in Medway!!!!

East Sussex

thequant wrote: »

like many other deluded buyers in this market, he's probably aiming way out of league and expects to live in a "nice" are

Not deluded at all. I'm not asking for a four bedroom detached house in a gated community now am I? I am after a suitable property in an area that both I and the wife work, where the children go to school and where family and friends are! Problem being that house prices in the south east rise and rise effectively pushing everyone out of the market, apart from these city dwellers who buy to rent (at extortionate prices) and maintain properties very poorly indeed!

Facts are;

Annual change in house prices across the UK - 5.5%
Annual change in house prices across Greater London - 10.2%
Annual change in house prices across South East - 12.3%

Massively above the countries average which is why I have been saying we are in a unique geographical location and being pushed out of the market! Hence forth, once again, would need around £50k deposit to purchase a half decent property as mortgage lenders don't take into account the difference in house prices from area to area.....fact! I have been trying to say this all along. Now, you show me any average earning family that would be able to amass a £50k deposit!

What you are all effectively saying is that because I cannot raise an unachievable deposit then I am mismanaging my money! I am not, there is absolutely no way in which such a deposit could be raised!

I can afford the repayments on a mortgage of a suitably sized house but getting the mortgage is a different story all together because lenders do not factor in the higher prices from area to area!

Lastly, the mention of equity is rather annoying me! As I may have already mentioned, some people buy a mortgage in the hope it will rise in price so they can sell on at a profit and move to a larger property or take the money........not what we want. We have our family so wouldn't need to up size and we are not interested in making money out of a house as we merely wish to buy for a life long home!

@DV, you are right and I apologise for lowering myself to the same level but I'm afraid that the last comment was one to many!!

jc808

scatz wrote: »

The option of buying a home outright now or even within the next couple of years based on house prices here in the South East is not and never has been a viable option,

Thamesmead, Medway, Gravesend, parts of Dartford, Sheppey, Maidstone

All with housing (not flats) in your price range
So why cant you afford?

Oh the old 'want a big house, great area, in an expensive area - cheap'

Unrealistic.

jc808

DVardysShadow wrote: »

You'll probably choke on the next bit. Having fought your way out of debt, you have had to adopt a certain lifestyle - .

But they havent - a windfall has recued them, and their blindly following the same path again. You can lead a horse to water...

thequant

scatz wrote: »

Massively above the countries average which is why I have been saying we are in a unique geographical location and being pushed out of the market! Hence forth, once again, would need around £50k deposit to purchase a half decent property as mortgage lenders don't take into account the difference in house prices from area to area.....fact! I have been trying to say this all along. Now, you show me any average earning family that would be able to amass a £50k deposit!

you need to either lower your expectations, or work harder and earn more money.

A lot of people would like a ferrari, but are realistic that they wont ever have one, those who desperatly do,go out, work hard and get the money for one.

moaning about how unfair everything else is, is not going to help you out.

just one last thing, you mention the property prices and speculate as to how any "average" family can afford them. simple fact people can afford them,thats why they are the price they are.

maybe you just need to admit you don't earn enough.

jc808

scatz wrote: »

I cannot raise an unachievable deposit then I am mismanaging my money! I am not, there is absolutely no way in which such a deposit could be raised!

Then you cant afford it.

Unless we're all wrong, and are not in posession of the full facts of your case. We are sorry about this error on our part. Maybe you earn more than you let on. Perhaps you have a sizeable deposit that isn't equivalent to half a mouldy peperami fallen down the back of your sofa. We are possibly wrong to believe you have a bad credit history.

There is always the option that you are capable of saving more than the change of a lottery scratchcard from a pound coin.

Or maybe you just can't afford it...?

scatz

jc808 wrote: »

Thamesmead, Medway, Gravesend, parts of Dartford, Sheppey, Maidstone

All with housing (not flats) in your price range
So why cant you afford?

Oh the old 'want a big house, great area, in an expensive area - cheap'

Unrealistic.

Jeez, try reading my previous posts please. For one, I'm not in the area's you mention (which are cheaper than our area).

Secondly, I'm not after a huge house for cheap money. I am after a suitable house for the right money. In fact, we would be down sizing slightly from what we currently rent!

jc808 wrote: »

But they havent - a windfall has recued them, and their blindly following the same path again. You can lead a horse to water...

Incorrect, the windfall helped, we were quite ahppily working our way out of debt and would have done so by now! Are you saying I shouldn't have cleared the debts with the windfall!! We are not blindly following the same path again. We have absolutely no other creditors and our circumstances are quite different from when we had the debt in the first instance! For one, we have two incomes now rather than the one that we did have!

thequant wrote: »

just one last thing, you mention the property prices and speculate as to how any "average" family can afford them. simple fact people can afford them,thats why they are the price they are.

maybe you just need to admit you don't earn enough.

We earn £40k between us and have no creditors! You say we don't earn enough yet I have shown figures which would give us a monthly amount of £1200 after everything else has been paid. Are you telling me that £1200pcm is not enough to have a mortgage and to have contingency funds!

You come to my area and ask families if they can afford to buy a house on the open market, they will all say they can't. Unless of course they earn upwards of £60K which is above average earnings.

Fact - area has way above average house prices
Fact - area has lower than average earnings. Our specific area's average earnings are 83% of the regional average earnings

Our wages are probably at the higher end of the earnings in our area!

What is it that people are misunderstanding. Because as far as I can tell, the only argument people have are based on area's which are nothing like ours, they are based on incomes and housing costs nothing like ours, they are based on saving for a deposit which is not achievable (for the reasons I have stated time and time again). I asked for input regarding SO. Fair enough, if you don't think it's the right option then leave it at that, don't keep on about deposits, the fact we are financially inept (when we are not).

I suspect, and am only suspecting, that most of you replying are sitting pretty in a house you bought when they were cheap and you have earned a nice bit of equity. If that's the case, goods for you, I'm happy for you. I am not, I am not getting any younger and have only so many years before the whole idea of purchasing has flown the nest and is no longer an option through any means what so ever. Why then is it such a bad proposition that I am considering SO!

jc808

scatz wrote: »

Jeez, try reading my previous posts please. For one, I'm not in the area's you mention (which are cheaper than our area).

Secondly, I'm not after a huge house for cheap money. I am after a suitable house for the right money. In fact, we would be down sizing slightly from what we currently rent!



Incorrect, the windfall helped, we were quite ahppily working our way out of debt and would have done so by now! Are you saying I shouldn't have cleared the debts with the windfall!! We are not blindly following the same path again. We have absolutely no other creditors and our circumstances are quite different from when we had the debt in the first instance! For one, we have two incomes now rather than the one that we did have!



We earn £40k between us and have no creditors! You say we don't earn enough yet I have shown figures which would give us a monthly amount of £1200 after everything else has been paid. Are you telling me that £1200pcm is not enough to have a mortgage and to have contingency funds!

You come to my area and ask families if they can afford to buy a house on the open market, they will all say they can't. Unless of course they earn upwards of £60K which is above average earnings.

Fact - area has way above average house prices
Fact - area has lower than average earnings. Our specific area's average earnings are 83% of the regional average earnings

Our wages are probably at the higher end of the earnings in our area!

So youve admitted you cant afford a house in the area you want. What now? Stand outside Parliament and shake your fist?

Downsize more (Flat? Small flat?) Or just move outside the area to where you can afford. Or rent.

thequant

scatz wrote: »

We earn £40k between us and have no creditors! You say we don't earn enough yet I have shown figures which would give us a monthly amount of £1200 after everything else has been paid. Are you telling me that £1200pcm is not enough to have a mortgage and to have contingency funds!

You come to my area and ask families if they can afford to buy a house on the open market, they will all say they can't. Unless of course they earn upwards of £60K which is above average earnings.

Fact - area has way above average house prices
Fact - area has lower than average earnings. Our specific area's average earnings are 83% of the regional average earnings

Our wages are probably at the higher end of the earnings in our area!

£40K between both of you is £20k each, which puts you both on below average earnings (I believe the figures is around £25k), as you are in the south east,this means you are probably even further below the average figure,as the £25k is a national average.

the figures speak for themselves, you don't earn enough to own your own home.if you earn below average wages,then you need to accept that you have to accept below average housing.

quick question,are you both receiving tax credits and is that part of your £40k figure ?

Running_Horse

scatz wrote: »

Ok, whatever you believe. If you can find them then show them to me!

Properties £100k or less in our area;

http://www.rightmove.co.uk/property-for-sale/East-Sussex.html?maxPrice=100000&minBedrooms=3&index=10

Average prices in our area (terraced £164k);

http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/html/21ud.stm?t#table

Hard facts so please don't try and tell me there are suitable properties for less than £100k in an area I am well acquainted to!

PS: I'm not in Medway!!!!

East Sussex

You are searching £100,000 when £110,000 would be realistic to offer less on. You are also not looking for an average house, but a FTB house; big difference. If you had a deposit saved up you could look at £120,000 houses, which is where we came in. You want to jump on the property ladder without a deposit, and that is no longer possible due to a little thing called the credit crunch.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E61534&maxPrice=120000&minBedrooms=3

scatz

Thank you all for your input but I'm not going to continue with the thread. It's quite obvious for whatever reason that the question I asked isn't being answered so I believe it best all round if we finish it.