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Debate House Prices
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100% mortgages - it begins!
Comments
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I agree somewhat, but prices dont have to increase for their to be a healthy market, they can remain the same, and stable and this is healthy.
Absolutely. I think the healthiest property market is one where prices are fairly stable, and plenty of properties are changing hands. The knock-on effects are very welcome.
The problem with the UK, from what I have seen over the past couple of decades, is that the property market is treated like some sort of casino. We are told that the property market is vital to the economy (which it probably now is) and that HPI is a good thing. There is plenty of property !!!!!! on TV these days which reinforces this idea. This leads to high levels of HPI whenever lending conditions allow. If 100% mortgages were introduced now, I'm sure that HPI would take off again for a short period, before prices and transaction flatten out again. I think that 100% mortgages are just a sticking plaster, and a short term fix for HPI junkies.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
I am only too keen to see nil/low deposit mortgages come back into the markets. At the moment, my boyfriend hasn't got any disposable income to save so its all down to me and at this rate I'll be saving for another 2-3 years before I can get a decent deposit together.
Yet you expect to get a mortgage just like that? Its this way of thinking that needs to change!0 -
I am only too keen to see nil/low deposit mortgages come back into the markets. At the moment, my boyfriend hasn't got any disposable income to save so its all down to me and at this rate I'll be saving for another 2-3 years before I can get a decent deposit together.
I saved from the age of 16 to 26. Not just for a deposit, but I did have that in the back of my mind.
Like doire just said, it's the "I must have it now" attitude that needs to change.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Yet you expect to get a mortgage just like that? Its this way of thinking that needs to change!
Well I can afford the mortgage payments no problem, in fact they're likely to be on par with my rent payments but unfortunately it's the deposit that's the issue.
I'm not sure what you mean by 'just like that'? What else do you expect if someone can't get a desposit together? We earn a decent salary between just shy of £50k but my boyfriend travels from Cardiff to Bristol for his job every day so any potential savings are spent on travel costs. I'm not someone who doesn't know a thing about money; I work in investments myself so understand the pitfalls involved. I have an exemplary credit record, have no outstanding debts and have a proven track record in being able to keep up with payments. With respect, not everyone looking for nil/low deposits are irresponsible with their money.
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What else do you expect if someone can't get a desposit together? We earn a decent salary between just shy of £50k
From this information I conclude that you must be spending quite a lot of money every month. Unless you are renting an expensive property, I can't see why you are not able, or haven't been able to save up a few (or a lot of) grand.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
Well I can afford the mortgage payments no problem, in fact they're likely to be on par with my rent payments but unfortunately it's the deposit that's the issue.
I'm not sure what you mean by 'just like that'? What else do you expect if someone can't get a desposit together? We earn a decent salary between just shy of £50k but my boyfriend travels from Cardiff to Bristol for his job every day so any potential savings are spent on travel costs. I'm not someone who doesn't know a thing about money; I work in investments myself so understand the pitfalls involved. I have an exemplary credit record, have no outstanding debts and have a proven track record in being able to keep up with payments. With respect, not everyone looking for nil/low deposits are irresponsible with their money.
On the other hand, it's not unreasonable that someone wanting to spend say £150,000 on a house should have saved something up towards the cost.No reliance should be placed on the above! Absolutely none, do you hear?0 -
So can I just walk in a branch and apply?
I have always said if 100% comes back I will be first before the dust settles.
My deposit should be enough.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
Well I can afford the mortgage payments no problem, in fact they're likely to be on par with my rent payments but unfortunately it's the deposit that's the issue.
I'm not sure what you mean by 'just like that'? What else do you expect if someone can't get a desposit together? We earn a decent salary between just shy of £50k but my boyfriend travels from Cardiff to Bristol for his job every day so any potential savings are spent on travel costs. I'm not someone who doesn't know a thing about money; I work in investments myself so understand the pitfalls involved. I have an exemplary credit record, have no outstanding debts and have a proven track record in being able to keep up with payments. With respect, not everyone looking for nil/low deposits are irresponsible with their money.
Maybe so but things have changed now. The banks are more careful with their money. People need to realise that a deposit is required nowadays. Silly lending is gone and wont be back for a long time.What else do you expect if someone can't get a desposit together?
You can get a decent deposit together. Its takes time and sacrifice. Im not preaching im just talking from experience of myself having saved the past 3 years. 2 or 3 years may seem a long way away but what if the banks demand higher deposits during that time and you haven't started saving? You will be even worse off0 -
From this information I conclude that you must be spending quite a lot of money every month. Unless you are renting an expensive property, I can't see why you are not able, or haven't been able to save up a few (or a lot of) grand.
I only really started saving when I had my payrise last year. I've got about £4k saved at the moment; I'm now earning quite a bit more than my boyfriend hence him not being able to save, but for that reason, I pay more in the rent and when we moved into the house we're renting, it was unfurnished and we figured, buy the furniture now and then it's one less cost when we eventually buy a house. So a couple of grand went on house furniture, including white goods.
I also give my parents £150 every month as they have entered into an IVA (hence why I know firsthand that money needs to be managed sensibly) and that helps towards keeping them afloat. I save £350 p/m now and I'm aiming to increase that. I completely admit that being smarter when it comes to food-shopping or price comparisons on bills will help us save a bit more but the majority of the rest goes on food and bills. I always like to have a little headroom for unknown circumstances, such as new tyres (had to buy two last month!). But if I need to save for a 20% deposit then it's just not going to happen in the next year or two.0 -
Maybe so but things have changed now. The banks are more careful with their money. People need to realise that a deposit is required nowadays. Silly lending is gone and wont be back for a long time.
You can get a decent deposit together. Its takes time and sacrifice. Im not preaching im just talking from experience of myself having saved the past 3 years. 2 or 3 years may seem a long way away but what if the banks demand higher deposits during that time and you haven't started saving? You will be even worse off
No, and you're right - I would always advise people to save what they can. But it feels like I have been savig for years now; most of it got used up on other things like the house furniture and car insurance and then it's starting all over again. I'm 26 now and want to be able to have my own house, not pay someone else to pay off their mortagage. It's just frustrating when there are sensible people who can afford mortgage payments but not a deposit. I mean, even when I have enough for a deposit, I have to think about extra savings then for flooring and decorating and fees.
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