MG good for me

edited 30 November -1 at 1:00AM in Mortgages & Endowments
16 replies 1.2K views
reallyjammyjamreallyjammyjam Forumite
53 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Am I the only person that thinks this is a good idea?

Maybe I'm being shortsighted, maybe I'm being selfish in that I'm not looking ahead to the next x amount of years at the housing market and I'm just thinking about myself getting on the housing ladder. But it's true, I admit it. I am just thinking about myself and I can't believe that I'm the only one.


Like a lot of people currently renting, the mortgage repayment really isn't a problem. It's basically substituting out rent and paying the bank instead of Mr Landlord. It's the deposit that takes the time, and unless you are a) still at home or b) very high disposable income or c) are young and have the next ten years to save so not really a problem.


If course I realise now should probably have started saving when I was 16 😀 but bit late for 'should of's now and to be fair I don't know many of my friends who spent their footloose and fancy free 20-something days thinking about house deposits.


A bit if a rant but I wanted to stick up for my kind. Something to balance the 'if they can't even save 10% then they shouldn't be getting a mortgage' posts 🙈
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Replies

  • owitemisermusaowitemisermusa Forumite
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    Erm, you've lost me completely...
    Tough times never last longer than tough people.
  • amnblogamnblog Forumite
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    Most people trying to get on the housing ladder with smaller deposits will think the Help to Buy Mortgage Guarantee is a good idea - you are not alone.

    The critics appear to be those who won't benefit from the scheme - strangely enough.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • squeekssqueeks Forumite
    309 Posts
    A bit if a rant but I wanted to stick up for my kind. Something to balance the 'if they can't even save 10% then they shouldn't be getting a mortgage' posts ��

    I'm not entirely clear, what is your kind?

    Financial : savings amount (5% deposit?), no outstanding debt, debt, bad credit history, continuous/spotty employment history or self employed etc....

    Age range

    Partnered up/single/living in shared accommodation, looking to start a family, already have kids etc.

    Are you just looking to move from rented to equivalent home owner? - would that be a flat, starter home, small family home, home in certain school areas etc... ?
  • Let_Us_SeeLet_Us_See Forumite
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    amnblog wrote: »
    The critics appear to be those who won't benefit from the scheme - strangely enough.


    Surely, critics are not simply people who will not immediately benefit from H2B? When they are huge cuts in education, health, armed forces, police and social benefits how can any government justify underwriting 20% of mortgage borrowing and their panacea that the property market will kick start the whole economy is clearly nonsense.
  • kingstreetkingstreet Forumite
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    Let_Us_See wrote: »
    Surely, critics are not simply people who will not immediately benefit from H2B? When they are huge cuts in education, health, armed forces, police and social benefits how can any government justify underwriting 20% of mortgage borrowing and their panacea that the property market will kick start the whole economy is clearly nonsense.
    The government is underwriting no more than 15% and this is going to be backed by the indemnity scheme the lenders will pay into, to create the fund to pay out the guarantee in the event of repossession.

    This will have limited, if any, impact on the taxpayer and may even turn a profit in the longer term.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • dimbo61dimbo61 Forumite
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    It is not a rant to be asking WHY can you not save 10% deposit or MORE!
    I love holidays in Ibiza, Iphones, Imac, nice clothes, BMW,s and going out but if you earn £20-25K a year how do you save for a deposit?
    Now renting means you ring the Landlord if the roof leaks, the cooker stops working or the boiler needs a service/safety check.
    If you have a half decent LL they will look after the Home you rent while you live there.
    Many people want to be on the PROPERTY LADDER and many people are still in Negative Equity from 2007/2008 having bought at the top of the last housing boom with NO DEPOSIT and 100/120% mortgages.
    I think it is a GOOD IDEA if you go into it with your Eyes Wide Open and have plans to repay the Loan over the 5 years it is 0% interest.
    In 5 years time you could have 20% equity when you look at remortgage time.
    Only My views
  • kingstreetkingstreet Forumite
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    dimbo61 wrote: »
    have plans to repay the Loan over the 5 years it is 0% interest
    There is no loan.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • owitemisermusaowitemisermusa Forumite
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    Oh, it's about getting a mortgage as an FTB? Fantastic that folks could decipher the OP. I was lost.

    Carry on.
    Tough times never last longer than tough people.
  • ThrugelmirThrugelmir Forumite
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    Let_Us_See wrote: »
    their panacea that the property market will kick start the whole economy is clearly nonsense.


    I doubt that the Government, Treasury or the BOE believe this to be the case for one moment. This has more to do with perception and need to fog over the envitable bad news that the autumn statement will bring.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • I see that the post I wrote yesterday on my phone didn't come through.

    so to be brief - Sorry Owit I clearly started this thread in my head and didn't actually put the whole thing to 'paper' - yes MG meaning Help to Buy Mortgage Guarantee!

    Squeeks in response to your queries -
    My kind does make me sound like some sort of alien :/ I meant as in:
    renting at mo, living with partner, I am 30 my partner is 35. Used to have a lot of debt, been working to pay it off for house buying. Now only have around £3500 credit card.
    Looking to start family, so we are looking for a 'family' house. Ideal scenario would have been to buy a small flat and work our way up the chain but missed the boat on that one now.

    So in essense, my point was that far from this scheme being some sort of easy ride that a lot of people seem to think it is, it's good for use because we can get on the ladder sooner then we would have been able without it
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