Boris announcement on new deposit scheme?

tim_london

Comms69 said:

eidand said:

Comms69 said:

eidand said:

Comms69 said:

The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining. 

You're letting your emotions get a bit out of hand here. There is literally zero issue, as long as one can afford the repayments and doesn't borrow too much. I've bought my first house in 2007 with a 0% deposit ( yup, one of those 100% mortgages ) and I built up nice equity over time which now helped me buy a much nicer house in a very nice area as well.
I did not stretch too thin though, I knew my limit and stuck to it, on both occasions.

Literally i'm not emotional in the slightest. The reality is that unemployement will double in next 3-4 months. Anyone buying at 95% now needs to really question why.

Everyone's circumstances are different which is why blanket statements don't hold much water. People who work in tech for example won't really be affected by whatever happens next. Same goes for other professions. 

again it depends on sectors. If they rely on public sector contracts they very much will be affected. 

Ok ok you win, here's your internet badge.  Can you stop derailing the thread now?  

Crashy_Time

eidand said:

Comms69 said:

eidand said:

Comms69 said:

The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining. 

You're letting your emotions get a bit out of hand here. There is literally zero issue, as long as one can afford the repayments and doesn't borrow too much. I've bought my first house in 2007 with a 0% deposit ( yup, one of those 100% mortgages ) and I built up nice equity over time which now helped me buy a much nicer house in a very nice area as well.
I did not stretch too thin though, I knew my limit and stuck to it, on both occasions.

Literally i'm not emotional in the slightest. The reality is that unemployement will double in next 3-4 months. Anyone buying at 95% now needs to really question why.

Everyone's circumstances are different which is why blanket statements don't hold much water. People who work in tech for example won't really be affected by whatever happens next. Same goes for other professions. 

So tech not affected by major recessions? Finding that hard to believe, and if other professions are unaffected why bother backstopping wages and trying to get the banks to lend to people who can`t afford decent deposits at all! Something in your logic just doesn`t add up IMO.

Comms69

tim_london said:

Comms69 said:

eidand said:

Comms69 said:

eidand said:

Comms69 said:

The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining. 

You're letting your emotions get a bit out of hand here. There is literally zero issue, as long as one can afford the repayments and doesn't borrow too much. I've bought my first house in 2007 with a 0% deposit ( yup, one of those 100% mortgages ) and I built up nice equity over time which now helped me buy a much nicer house in a very nice area as well.
I did not stretch too thin though, I knew my limit and stuck to it, on both occasions.

Literally i'm not emotional in the slightest. The reality is that unemployement will double in next 3-4 months. Anyone buying at 95% now needs to really question why.

Everyone's circumstances are different which is why blanket statements don't hold much water. People who work in tech for example won't really be affected by whatever happens next. Same goes for other professions. 

again it depends on sectors. If they rely on public sector contracts they very much will be affected. 

Ok ok you win, here's your internet badge.  Can you stop derailing the thread now?  

Public forum etc etc. /wave

Crashy_Time

Gycraig said:

Comms69 said:

Gycraig said:

It’s quite obvious when I said “current scheme” I meant the one that the thread is talking about ...

feel free to enlighten me on how renting someone else house and paying someone else’s mortgage for another year is a safer option

If you lose your job, you aren't going to face a repossession which will ultimately destroy your credit history. Additionally you wont be liable for any massive repairs that may come up e.g. new roof. You also arent tied down in an unstable economic climate to a single area... But you know that's looking at the bigger picture

The ccj I would get for not paying my rent / not being able to pay my rent would also cripple me for 6 years. 

You say unstable job market, it’s constantly been an unstable job market, there’s always a boogey man round the corner, don’t buy until brexit is done, don’t buy until Covid is done. 

The things mentioned would still be pretty sucky whether I put 5-10-15% deposit down as well. I paid 10 percent and have savings and would still be pretty fked if I had to buy a new roof. 

There is constantly a reason not to buy houses, yet the prices keep rising. 

No it hasn`t, not like this, and there has been nothing like Covid or Brexit since this bubble started, 2008 was a blip on the horizon compared to this.

hippocrates1

I think it would be very beneficial someone like me, a doctor who is not going to be made unemployed but who is wasting money on renting. 

Crashy_Time

hippocrates1 said:

I think it would be very beneficial someone like me, a doctor who is not going to be made unemployed but who is wasting money on renting. 

A price correction or crash would be much more beneficial for you than being milked to keep a bubble afloat, and there will be less people looking for rented in the recession that B.J obviously knows will hit house prices therefore rents should be cheaper as well?

hippocrates1

Crashy_Time said:

hippocrates1 said:

I think it would be very beneficial someone like me, a doctor who is not going to be made unemployed but who is wasting money on renting. 

A price correction or crash would be much more beneficial for you than being milked to keep a bubble afloat, and there will be less people looking for rented in the recession that B.J obviously knows will hit house prices therefore rents should be cheaper as well?

Landlords won’t reduce rent charges 

MobileSaver

Crashy_Time said:

there will be less people looking for rented in the recession that B.J obviously knows will hit house prices therefore rents should be cheaper as well?

Why would there be less people looking for rented in a recession? Wouldn't there be more renters if less people can afford to buy a house? Otherwise where are all the current renters going to live? You are not still seriously suggesting they're all going to move back in with mum and dad are you?

Similarly, the UK population increases by several hundred thousand every year and most (all?) predictions expect this to continue for many years to come...

... so where are all these new people going to live if they're not renting or buying a house?!?!

Crashy_Time

hippocrates1 said:

Crashy_Time said:

hippocrates1 said:

I think it would be very beneficial someone like me, a doctor who is not going to be made unemployed but who is wasting money on renting. 

A price correction or crash would be much more beneficial for you than being milked to keep a bubble afloat, and there will be less people looking for rented in the recession that B.J obviously knows will hit house prices therefore rents should be cheaper as well?

Landlords won’t reduce rent charges 

Are you really a doctor?

Crashy_Time

MobileSaver said:

Crashy_Time said:

there will be less people looking for rented in the recession that B.J obviously knows will hit house prices therefore rents should be cheaper as well?

Why would there be less people looking for rented in a recession? Wouldn't there be more renters if less people can afford to buy a house? Otherwise where are all the current renters going to live? You are not still seriously suggesting they're all going to move back in with mum and dad are you?

Similarly, the UK population increases by several hundred thousand every year and most (all?) predictions expect this to continue for many years to come...

... so where are all these new people going to live if they're not renting or buying a house?!?!

Where were they living in July?
https://www.theguardian.com/money/2020/jul/15/london-rents-falling-tenants-coronavirus-lockdown
 Let`s see how next July pans out shall we before we jump to accept your "constant and unchanging (unless it`s up, LOL) demand" theory? Last two paragraphs of the article could have been written by you actually, quite sad really the desire to have people priced out of rents and basic accommodation forever....