"Severe" Mortgage Rationing - BA Pilot struggles to buy house

nearlynew

Graham_Devon wrote: »

The thing I find so stupid about this story, and so far fetched, is the whole thing over him nearly losing his house, because of a THREE MONTH issue.

Apparently the developer was understanding, and the developer would have sold to someone else.

Erm. Who? Developers are crying out for buyers. Yet this story makes out that he was about to lose it. Sounds a bit fishy to me.

They could make TV show out of people like this ...

"I'm a debt junkie get me out of here"

Going4TheDream

HAMISH_MCTAVISH wrote: »

http://www.bbc.co.uk/news/business-14836788

But of course, this professional pilot with British Airways must be mistaken. Mortgage Rationing does not exist. Such a creditworthy applicant would be approved immediately.

Right?:cool:

The borrower perhaps didnt meet those particular lenders criteria. 'The problem was that lenders were fussy about the variability of his earnings, which are made up of a basic salary plus flight pay, which depends on how many hours he flies, and a subsistence allowance'

Ive love reading your posts but I am sure you can come up with something better than that, Seems a pretty 'weak' argument to substantiate your theory of mortgage rationing to me.

OptionARMAGEDDON

I can include my allowances in my salary calculator? Wish I had bl00dy known that. 20% of my salary comes in the form of allowances and additional pay.

GMS

Without knowing his full circumstances the article is pointless.

Did he have adverse credit? Being a pilot does not mean he would be exempt from missing payments.

Does he have credit commitments? Could have a Porsche on finance which is lowering his affordability. Could have huge credit card bills and/or loans.

A broker would have found a lender to accept the income type.

Herbie_Hancock_I_wish

Well being a pilot is certainly not a secure job . I have friend who is one and often laid off . Sort of moves about the world where ever the jobs are . Yes he is a fully qualified commercial pilot . I understand that the amazing wages that pilots were paid is not always the case .

The above comment regarding wages does not apply to Aberdeen Airways of course . Like their housing , they just keep going on up and up .

geneer

The bulls see piloting as being a very easy job.

For example, if a plane takes off from ground level, jets up to 40,000ft, stalls, nosedives and smashes straight into the ground its not a crash.
If you compare the starting level, and the finishing level, its clearly stagnation.

Xiderpunk

Herbie_Hancock_I_wish wrote: »

Well being a pilot is certainly not a secure job . I have friend who is one and often laid off . Sort of moves about the world where ever the jobs are . Yes he is a fully qualified commercial pilot . I understand that the amazing wages that pilots were paid is not always the case .

The above comment regarding wages does not apply to Aberdeen Airways of course . Like their housing , they just keep going on up and up .

Depends hugely on experience, a good training captain will be on a six figure salary with most captains in the region of 60-100k. Flight Officers however are generally poorly paid (often embarrassingly so) whilst repaying 50K+ loans for training and type ratings.

Therefore it is no higher paid than most other professional jobs. However it is the best office in the world to work in.

robmatic

geneer wrote: »

The bulls see piloting as being a very easy job.

For example, if a plane takes off from ground level, jets up to 40,000ft, stalls, nosedives and smashes straight into the ground its not a crash.
If you compare the starting level, and the finishing level, its clearly stagnation.

Did that sound wittier in your head?

geneer

HAMISH_MCTAVISH wrote: »

:rotfl:

It's not my generation being hurt. We're the ones with the houses worth far more than we paid for them AND benefiting from the lowest rates in history.

It's the FTB's forced into enriching their landlords that are being hurt.....

Not that you care of course.:cool:

I was unaware it was only your generation who had to service debts Hamish and benefiting from lower interest rates.

I would also point at that as you did in fact buy your current residence mid 2007, your assertion that it is now worth "far more" than you paid for it is unlikely.

You appear to be under the impression that ALL FTBS are forced to rent. In point of fact theres another way to describe FTBs would be "competition".
Less competion for those FTBS prudent enough and with the ability to save up the required deposits is in fact quite a good thing.
You really must stop trying to paint FTBS as a homogenous unified mass of thoughtless house buyers. Its so noughties.

As for your generation, hows the pension fund doing?

Herbie_Hancock_I_wish

geneer wrote: »

I was unaware it was only your generation who had to service debts Hamish and benefiting from lower interest rates.

I would also point at that as you did in fact buy your current residence mid 2007, your assertion that it is now worth "far more" than you paid for it is unlikely.

You appear to be under the impression that ALL FTBS are forced to rent. In point of fact theres another way to describe FTBs would be "competition".
Less competion for those FTBS prudent enough and with the ability to save up the required deposits is in fact quite a good thing.
You really must stop trying to paint FTBS as a homogenous unified mass of thoughtless house buyers. Its so noughties.

As for your generation, hows the pension fund doing?

His pension . Well what do you think . Hamish gets nothing wrong . Left equities when the market peaked at around 7,000 . Got into BS during the foot and mouth scare as that was becoming scarce . Of late I hear he once again did well , invested in cotton kilts just as the market boomed .