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First-timers buyers learn to sacrifice

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Comments

  • GeorgeHowell
    GeorgeHowell Posts: 2,739 Forumite
    moneyinmypocket wrote: »
    100% mortgages will be fantastic once back - will help no end of yoof onto the ladder.

    Unless extra collateral is secured over and above the property 100% mortgages would pose a high risk of contributing to another banking crash. Shouldn't be allowed.
    No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.

    The problem with socialism is that eventually you run out of other people's money.

    Margaret Thatcher
  • mystic_trev
    mystic_trev Posts: 5,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Lucy put down a 10 per cent deposit on the newbuild two-bedroom flat in The Textile Building in London Fields, Hackney, east London, which she bought for £229,000 and exchanged on in September.

    I thought that's cheap. Had a look, 2 bed flats in that development are selling for around £450,000
  • GeorgeHowell
    GeorgeHowell Posts: 2,739 Forumite
    mystic_trev wrote: »
    I thought that's cheap. Had a look, 2 bed flats in that development are selling for around £450,000

    For £229,000 in Hackney it's probably a cramped, open-plan kitchen/diner/lounge, a tiny main bedroom and bathroom, and a large cupboard posing as a second bedroom.
    No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.

    The problem with socialism is that eventually you run out of other people's money.

    Margaret Thatcher
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    I am here. Posting in George's thread (and he doesn't know).
  • thorsoak
    thorsoak Posts: 7,166 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    thrifty-hayley wrote: »
    This post has just described my life :( I don't spend money on gap years, designer clothes, drunken nights out etc but according to a calculator on this site, its still still going to take me at least 5 years to save a deposit :eek:

    It took us 5 years to save for our first deposit .... but maybe the fact that escapes today's savers for deposits is the ages when we started - I was 17, and OH was 18!
  • coastline
    coastline Posts: 1,662 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    tara747 wrote: »
    Ha, easy then as there were no iPhones or gadgets when you were young, Grandad. :rotfl:

    and their parents were saying they shouldnt have...Monopoly and Snakes and Ladders..;)
  • londoncouple_2
    londoncouple_2 Posts: 17 Forumite
    Tenth Anniversary Combo Breaker
    edited 30 January 2013 at 3:48PM
    N/A removed
  • N1AK
    N1AK Posts: 2,903 Forumite
    Part of the Furniture 1,000 Posts
    moneyinmypocket wrote: »
    100% mortgages will be fantastic once back - will help no end of yoof onto the ladder.

    We could legalise the trade in body parts as well. All those poor people could use their kidneys to fund their house buying so everyone benefits right...? :rotfl:

    I'll never understand why a bank would be willing to offer a 100% mortgage. If someone couldn't even find 5% of the value for a deposit then there's no way I'd want to funding a loan for them. Obviously that hasn't stopped it happening and probably won't stop it happening again.
    Having a signature removed for mentioning the removal of a previous signature. Blackwhite bellyfeel double plus good...
  • grizzly1911
    grizzly1911 Posts: 9,965 Forumite
    N1AK wrote: »
    We could legalise the trade in body parts as well. All those poor people could use their kidneys to fund their house buying so everyone benefits right...? :rotfl:

    I'll never understand why a bank would be willing to offer a 100% mortgage. If someone couldn't even find 5% of the value for a deposit then there's no way I'd want to funding a loan for them. Obviously that hasn't stopped it happening and probably won't stop it happening again.

    Apart from the fact you can sell them a juicy Mortgage Insurance Guarantee and charge a fat fee I can't see why they would lend them 100% either. I certainly wouldn't.
    "If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....

    "big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    GeorgeHowell wrote: »
    Young people are increasingly realising the need for frugality in order to get on the property ladder.

    http://www.telegraph.co.uk/property/buyingsellingandmoving/9811510/First-timers-buyers-learn-to-sacrifice.html

    ?

    Its about time too!
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
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