Best option finically

MobileSaver

alidai said:

MobileSaver said:

mi-key said:

BikingBud said:

mi-key said:

Weirdly if I put my income in as £100K a year, they are offering £449K  ! So they only seem to want to lend to people with high incomes ! 

If you are in a job paying minimum wage, are you likely to be made redundant and not find other work?

I would say the opposite. Most people who earn £100K have very specific skills that may be hard to find another job earning the same. If someone can afford a mortgage on minimum wage, then they can get ANY minimum wage job to earn the same.

I agree, people I know who are running businesses always seem to be crying out for minimum wage staff. In fact just today I noticed two "staff vacancy apply within"-type signs when I popped into town earlier.

Hahaha, do you really think the £100k jobs are being advertised on A4 pieces of paper in town centre shops!!

"minimum wage staff"

I think in small print on both signs it said something like "ability to read is essential" so it's probably not worth you applying...

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

You probably didn`t buy in May did you? Someone who did could test your theory though by putting their flat on the market.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

You probably didn`t buy in May did you? Someone who did could test your theory though by putting their flat on the market.

You're not making any sense; no I didn't buy in May but the OP initially got their mortgage affordability figure in May so that's when they could have bought.

Anyway, let's make it simpler for you, if the OP bought last month with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"?

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

New borrowers can borrow less for the same house, smart cash money sees the trend and also offers less than the OP paid.. Try using an app like PropertyLog to see how borrowing costs affect the market over time.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

New borrowers can borrow less for the same house, smart cash money sees the trend and also offers less than the OP paid..

The OP only bought in May and is planning on staying there at least 5 years so no-one is offering anything for their house right now, so they haven't lost any money on their purchase - what a silly thing for you to say.

The reality of course is that if they sell in five years they will probably sell for more than they paid so using your strange logic that must mean that they've actually made a profit already - well done OP, perhaps celebrate with a bottle of bubbly tonight?

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

New borrowers can borrow less for the same house, smart cash money sees the trend and also offers less than the OP paid..

The OP only bought in May and is planning on staying there at least 5 years so no-one is offering anything for their house right now, so they haven't lost any money on their purchase - what a silly thing for you to say.

The reality of course is that if they sell in five years they will probably sell for more than they paid so using your strange logic that must mean that they've actually made a profit already - well done OP, perhaps celebrate with a bottle of bubbly tonight?

No, that isn`t how the market works, similar houses that sell nearby set the value not someone trying to pretend that their purchase price isn`t exposed to market fluctuations because that isn`t a nice or comfortable idea.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

New borrowers can borrow less for the same house, smart cash money sees the trend and also offers less than the OP paid..

The OP only bought in May and is planning on staying there at least 5 years so no-one is offering anything for their house right now, so they haven't lost any money on their purchase - what a silly thing for you to say.

The reality of course is that if they sell in five years they will probably sell for more than they paid so using your strange logic that must mean that they've actually made a profit already - well done OP, perhaps celebrate with a bottle of bubbly tonight?

No, that isn`t how the market works, similar houses that sell nearby set the value not someone trying to pretend that their purchase price isn`t exposed to market fluctuations because that isn`t a nice or comfortable idea.

Yes that is how the market works and five years from now "similar houses that sell nearby" will probably also be higher than they are now.

A short while ago, contrary to all the publicly available evidence out there, you claimed house prices have dropped by 29% over the last year so I'm not sure many people have much confidence in your understanding of how the market works...

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

Sarah1Mitty2 said:

Your second point misses the point that I made, ... property is not a safe asset class for parking cash

No, you are the one missing the point and it's the same mistake the HPC crowd have been making for almost 20 years...For the OP and most people here, a property is not an asset class, it's their home! Until you understand this fundamental truth you will keep making the same mistake over and over again.

they were advised that values would likely drop so they should wait

Wait for how long? How long should people remain in a less-than-ideal home life when they could just get on with living their own life and independence? A year, five years, fourteen years perhaps and then realise what a monumental mistake they've made?

The OP's problem is exactly why choosing to wait is such a bad idea; currently house prices are continuing to rise and yet still their lender has dramatically changed the lending criteria making it much harder if not impossible for the OP to buy.

History tells us quite plainly that when prices are falling it's harder than ever to buy your own home.

But you have just told us that prices are still going up, but the OP`s bank have more than halved the amount they are willing to lend, how do you think that fits with your theory?

Er, because the two are not mutually exclusive?!?!

Just because it's harder to buy when prices are falling doesn't mean it can't be hard to buy when prices are rising. I'm not privy to the OP's personal financial situation or Halifax's particular lending criteria or any changes either have made in the last six months so can't give you a more detailed answer than that.

In the OP's case waiting has proven to be disastrous and as the OP themselves said a few days ago, "I should have bought before".

But if they bought before with a 110k mortgage plus 30k savings and borrowings and then the banks turned round and said "Sorry, everyone who could borrow 110k can now only borrow 50k" you must see how the OP loses money on their purchase in that scenario?

Um, no, you'll have to explain that please?

If the OP bought in May with a mortgage with a five-year fixed rate deal like most people, and today the Halifax changes its lending criteria, how do they "lose money on their purchase in that scenario"? I don't follow that at all.

New borrowers can borrow less for the same house, smart cash money sees the trend and also offers less than the OP paid..

The OP only bought in May and is planning on staying there at least 5 years so no-one is offering anything for their house right now, so they haven't lost any money on their purchase - what a silly thing for you to say.

The reality of course is that if they sell in five years they will probably sell for more than they paid so using your strange logic that must mean that they've actually made a profit already - well done OP, perhaps celebrate with a bottle of bubbly tonight?

No, that isn`t how the market works, similar houses that sell nearby set the value not someone trying to pretend that their purchase price isn`t exposed to market fluctuations because that isn`t a nice or comfortable idea.

Yes that is how the market works and five years from now "similar houses that sell nearby" will probably also be higher than they are now.

A short while ago, contrary to all the publicly available evidence out there, you claimed house prices have dropped by 29% over the last year so I'm not sure many people have much confidence in your understanding of how the market works...

No, valuations are done using recent sales, doesn`t matter if the OP is selling or not. On the other thread you seemed confused by base rates V mortgage rates, base rates are only really relevant once they translate into higher mortgage rates and then into prices, that can take many months to show up in the stats. The stats are showing transactions from before the mini-budget and you also have to consider that sales are falling, the point I`m making is that unless you sold and banked the money BEFORE the changes started to hit the mortgage market the money isn`t going to be there any more as banks will be telling new borrowers to offer lower than previously. It should all become clear as more up to date statistics become available.