Really depressed by the news about Help to Buy...

1865ST

HAMISH_MCTAVISH wrote: »

Nobody has to do that.

If you want to, there's nothing stopping you from renting for life, and buying several rabbit hutches for your landlord instead.;)



It has been very difficult at the historically normal, prudent, and sensible 90% to 95% level. With up to 9 out of 10 applications being rejected, or offered only at much higher rates or LTV's.

As the banks have had to shrink the pool of borrowers to match the much smaller pool of funding available.

Mortgage rationing, plain and simple.

However the current schemes are helping to repair the broken mortgager market and restore functionality.

So that is now ending.

what are the success rates at 85-80% that's what I've been aiming for to give myself a better chance!

HAMISH_MCTAVISH

1865ST wrote: »

what are the success rates at 85-80% that's what I've been aiming for to give myself a better chance!

Now?

Pretty decent.

Although thats only because the other "govt scheme", funding for lending, has kicked in.

Although you'll still pay a higher rate, despite being no more statistically likely to default, than someone with a 60% loan.

As the banks are still desperately and shamelessly profiteering to try to rebuild their balance sheets. Despite UK residential mortgage lending having the square root of naff-all to do with the financial crisis.

1865ST

HAMISH_MCTAVISH wrote: »

Now?

Pretty decent.

Although you'll still pay a much higher rate, despite being no more statistically likely to default than someone with a 60% loan, as the banks are desperately profiteering and trying to rebuild their balance sheets.

what sort of rate could i best hope for?

Slightly_Squiffy

I think that, at the end of the day, if the Tories really, truly wanted to help out buyers they would introduce a sliding scale stamp-duty. I'm buying in London with my fiance and we were trying to keep under the £250k mark, but after pulling out of a purchase due to multiple women being stabbed in the building we were buying in, we have decided to up our limit. And, we figure if we're already taking 3% on the chin on a property at £275k, why not spend the extra £2.5k and max out at £350k and make that hike above the 1% threshold worth our while? It's utterly depressing here in London, ringing up to view a place the same day it goes live on the real estate website and having someone practically laugh at you, saying it's already in a bidding war.

Though it will be nice to know that the lower paid London workers (and lets face it...without them, London ceases to function) might actually have a shot at claiming their own piece instead of it being completely overrun with the wealthy trustafarians and white collar city boys.

HAMISH_MCTAVISH

1865ST wrote: »

what sort of rate could i best hope for?

Try google.

mrginge

I love graphs like that. So easy to manipulate to show whatever you want.

Excellent use of scale and a starting point which gives rise to a nice steep trend line. The peaks and troughs around that line even add to the air of authenticity,
To cap it all off by extending the trend line out to give a nice picture of the future is superb.

I'm not sure whether the poster actually believes the 'message' in the graph or is simply using it to further their own agenda, either way most semi intelligent people will see this for what it is, a misleading piece of garbage.

HAMISH_MCTAVISH

mrginge wrote: »

most semi intelligent people will see this for what it is, a misleading piece of garbage.

And most intelligent people will look at the facts and realise it's the most probable outcome.;)

mrginge

HAMISH_MCTAVISH wrote: »

And most intelligent people will look at the facts and realise it's the most probable outcome.;)

Nice comeback.

HAMISH_MCTAVISH

mrginge wrote: »

Nice comeback.

Happy to debate the facts if you want.

Although I rather suspect you have no inclination to do so.

Preferring instead to cling on to the misguided and wholly irrational viewpoints of the crashaholics.

demontfort

Hamish I can't even be bothered to read the house price ramping tripe you write, it makes as much sense as a chocolate fireguard. HTB, FLS and 0.5% interest rates are just government meddling in the housing market to keep the price bubble inflated. The mortgage market was dysfunctional from 2000 to 2008 (Liar loans, Inside Track BTL, Northern Rock Together) and has in fact been functioning how it should have been the last few years before the brain dead politicians blundered in. Just like 100% mortgages, 95% mortgages should be consigned to the dustbin and 90% mortgages should be offered on a very limited basis.

As I see Cameron babbling incoherently today, I can well and truly say the lunatics have taken over the asylum. I honestly believe that just like you Osborne and Cameron have lost the plot and in their desperation for a short term vote winning economic fix are willing to sell the future of our country down the river leading to yet more destructive boom and bust. America has had already had it's Sub Prime crisis explode ours is ticking away nicely right now. :rotfl::rotfl::rotfl::rotfl: