You can not afford to buy a house if...

dizziblonde

Ours is over 30 years I think. With the age of my partner (whom the mortgage calculations were based upon as my income's erratic and difficult to prove - so just an added bonus) he'll still be well into his working life by the end of the mortgage. Working patterns have changed - I don't think the 25 year gold standard should be gospel anymore.

Yes it's fixed, we're paying more for the security of a longer term fixed rate period - and we're well aware interest rates are going to go up.

Don't borrow up to your eyeballs, remember that the roof over your head is your PRIORITY bill to pay (my cousin's never quite got this part right), keep an eye on the future (I remember the mega high interest rates), don't believe glossy brochures and when you get your keys - actually enjoy it - rather than letting people try to pee on your party.

Jimmy_31

HAMISH_MCTAVISH wrote: »

*sigh*

Prices are where they are because supply failed to keep up with demand. No other reason.

And seeing as how we're now building less houses than at any time since the late 1800's, and are about to see the biggest generation in history reach FTB age, then prices are going to be booming again soon enough.

Now stop this hpc propaganda nonsense. It's bad advice, against the forum rules, and you should know better.

Absolute bo11ox hamish.

Is it just a coincedence that there was a massive house price boom at the same time the banks started their irresponsible lending.

Is it just a coincedence that house prices are falling now that the banks have stopped their irresponsible lending.

Plenty of supply where i live but still no buyers.

Plenty of new build houses that have never been lived in are currently for sale where i live but still no buyers.


Now stop this hpbooming propaganda nonsense. It's bad advice, against the forum rules, and you should know better.

Jimmy_31

HAMISH_MCTAVISH wrote: »

You're being forced to enrich your landlord.

Buying a house is hard enough already..... You shouldn't be forced to also buy a big chunk of a house for someone else.

Maybe things would be easier for the poster you are referring to if BTL was banned, then they wouldnt be enriching a landlord, they could just be paying off the mortgage on a house that was a lot cheaper before The BTL greed helped house prices to become a joke.

Jimmy_31

HAMISH_MCTAVISH wrote: »

I'm just chuckling at the fact you can't ever come up with any credible responses.

You would just ignore any credible response that you recieve.

Just like you ignore all the other credible responses that you recieve.

HAMISH_MCTAVISH

poppysarah wrote: »

The points made in my initial post would all make good rules for the FSA to help ensure future borrowers didn't end up repossessed.

No, those points would stop a handful of repossessions at the cost of preventing millions from ever getting a mortgage.

Which is particularly absurd even by your normally crackpot standards.

At the moment huge numbers of repos are being held by banks

No they aren't. That's just another discredited hpc meme.

the taxpayers can not afford to let the ponzi scheme fail or carry on.

You should probably learn the difference between a ponzi scheme and a pyramid scheme if you plan on making such assertions.

Regardless, the UK housing market is neither. All wealth tied up in housing is recycled to future generations, and always will be unless we abolish "death".

It's an insane position for a country to be in.

No, what's insane is a proposed set of FSA rules that would have prevented the housing minister of the UK from getting a mortgage.

Hence why they've been scrapped.

Whilst everyone cries about student debts of 27k being horrendous, they seem quite happy to allow FTB to get stamp duty exemption on properties up to 250k.

Does that now strike you as strange.

No.

What does strike me as strange is the increasing levels of bitterness and jealousy towards homeowners you've been displaying of late.

Never mind though, there'll be another crash along in a decade or two. Maybe you'll be better prepared by then.;)

lilab_2

Poppysarah I really don't understand what exactly your point is.

Running_Horse

lilab wrote: »

Poppysarah I really don't understand what exactly your point is.

Her point is, the lunatics on the house price forum get bored rehashing the same old arguments to the same old similarly entrenched lunatics. So every once in a while they invade this forum in the hope of rehashing their tedious arguments to a new audience.

Can this not be moved to the forum it belongs in?

dorset_nurse

Running_Horse wrote: »

Her point is, the lunatics on the house price forum get bored rehashing the same old arguments to the same old similarly entrenched lunatics. So every once in a while they invade this forum in the hope of rehashing their tedious arguments to a new audience.

Can this not be moved to the forum it belongs in?

Well put

Idiophreak

poppysarah wrote: »

• You have to have a gifted deposit. Possibly an issue, if you *have* to be gifted the deposit...
• You whinge about not being able to afford stamp duty Again, if you literally can't afford stamp duty, might be a problem
• You extend the mortgage term over 25 years.Don't see anything wrong with this. Plenty of people start long and overpay for flexibility.
• You can afford it on the fixed rate but not if it went up.Everyone's guilty of this. Just a question of how high the rate needs to go before you're in trouble.
• you can't save a deposit yourselfThere's a different between "can't" and "don't" - just because you've not saved a deposit doesn't mean you're unable to - you can just save yourself a couple of years by not bothering
• you are looking at interest only mortgagesBy definition these people aren't trying to buy a house...
• you can only afford to be a % of a propertySo your argument is if you can only afford to buy 75% of a property, you can't afford 100% of a property. Shocking.

Lord knows how you found 17 people willing to thank this closed-minded drivel. People are all different and aren't going to fit neatly in to your tidy little boxes.

mlz1413

poppysarah wrote: »

• You have to have a gifted deposit. ie builder incentives, vendor paying deposits and gifted deposit mortgages
• You whinge about not being able to afford stamp duty the whinge bit implies to those who CAN afford it just like to moan before paying
• You extend the mortgage term over 25 years. if you HAVE to go for 30 plus years and not if you WANT to
• You can afford it on the fixed rate but not if it went up. foresight - so you don't end up not being able to pay in the future
• you can't save a deposit yourself you can't put this any more plainly
• you are looking at interest only mortgages again foresight
• you can only afford to be a % of a property as in shared ownership schemes

I see nothing wrong with parents/relatives helping out with deposits but these are not part of the gifted deposits that I believe OP is pointing to.

I have an interest only mortgage and I use so I can overpay when I want and how much I want - but I agree that if I could not be considered for a repayment mortgage then I would not be in the right position to take on a long term financial commitment.


50 years ago you had to save for one year the value of the mortgage (monthly payment) you wished to apply for before you could get an interview with a mortgage advisor. I'd love to see this come back! what is wrong with proving for 12 months that you are responsible enough to take on a 25 year commitment?