Thousands trapped on first rung of housing ladder

julieq

Graham_Devon wrote: »

The clue is in the last 3 letters following "jet".

You do know what lag means don't you?

It doesn't mean you are propelled forward a day before the rest of the world.

Dear lordy, you are tragic.

Next time you take me to task for being rude to you Graham, I'm going to remind you of the thread in which you resorted to a poor ad hominem because you're too thick to understand that when it's 9pm on Saturday in Amsterdam, it's Sunday morning in Thailand.

Percy1983

I keep hearing this argument that there is no mortgages.

I got a mortgage at 4.99% 5 year fix with 10% deposit (yes £995 fee I will admit).

The end of the day bigger houses should cost you money, yes with rampant hpi it was easier as the equity just appeared, but it not any more.

Glad to be a FTB which has gone straight to a 2TB home really.

Interestingly I still think house prices should drop, yes that may lead to be being in negative equity, but hey I will just pay the mortgage and keep living in it, the mortgage is less than rent so I will still be winning. Will others end up in negative equity, I guess so but nobody will kick them out for it will they so no problems.

In short I would rather my (hopefully) children, brother and friends can afford housing rather than me make money I have done nothing to earn on hpi.

the_flying_pig

Graham_Devon wrote: »

...Lloyds are urging the government to give more support to second time buyers...

eh? i thoght Lloyds was a [small but ruinously costly] part of the government.

i assume that "more help" here is a euphemism for 'tends/hundreds of millions of taxpayers' money'? they should just say so. otherwise, well, STBs might get given the wrong thing.

olly300

Percy1983 wrote: »

I keep hearing this argument that there is no mortgages.

I got a mortgage at 4.99% 5 year fix with 10% deposit (yes £995 fee I will admit).

I'm glad your credit record was squeaky clean so you could get such a mortgage. Most people's weren't from 2000-2007 and mortgages where very easy to come by.

Plus I'm glad you aren't facing the threat of redundancy. Lots of people I know in all sectors are worried about job security.

WhiteHorse

brit1234 wrote: »

The so called good times were fueled by mass unsustainable debt which housing was the main contender.

Agreed.

The so-called 'boom' was never anything more than a vast bubble, based on the wildest property speculation.

It was created by greasy, opportunistic politicians and fuelled by consumer greed. It was doomed from the outset.

The only question was when the reckoning would come.

WhiteHorse

the_flying_pig wrote: »

eh? i thoght Lloyds was a [small but ruinously costly] part of the government.

Yes, odd that even though the banks are now 'owned' by the government, no real effort is ever made to curb their continuing excesses. Perhaps the boot is actually on the other foot?

i assume that "more help" here is a euphemism for 'tends/hundreds of millions of taxpayers' money'? they should just say so.

Yes, it is.

Graham_Devon

julieq wrote: »

Next time you take me to task for being rude to you Graham, I'm going to remind you of the thread in which you resorted to a poor ad hominem because you're too thick to understand that when it's 9pm on Saturday in Amsterdam, it's Sunday morning in Thailand.

Aye. And if you actually read what he says, hes in Amsterdam.

Unless he managed to get from Amsterdam to Thailand within 15 mins. Who is he, Santa Claus?

Laura1979

Not sure if this is the right place to post, but we have just secured a really good deal with Santander for our upgrade to a bigger house. They are prepared to lend us over 4 x our income, and thats total household income with tax credits included, it would be over 7 x our gross wages if nothing else were included. Nodody else has offered anything close to this, other lenders have offered us around 50-70% of what Santander will do. They seem to have a unique way of calculating affordability, they looked at our full income & outgoings & worked out what the payment would be on our required mortgage & deemed we could afford the payments rather than the standard income multiple.
We do have an excellent credit history & the ability to pull together the 20% deposit required (standard on a new build property). I'm not sure they would be so helpful for somebody with different circumstances, but its worth a try if people can afford the mortgage but can't find a lender who will do it.

olly300

Laura1979 Santander stated in the news this week how they will change their affordability criteria to actually look at what you spend. So if you have a habit of buying large gifts for people and go for a mortgage even if you could afford it if you didn't buy the gifts, they won't give it to you.

Blacklight

Interestingly the average Bentley now costs 10x the average joint household income. Studies have shown however that they are quite affordable for those who buy them.