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Nationwide requiring min 25% deposits for new mortgages

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  • kunekune
    kunekune Posts: 1,909 Forumite
    I know that. You know that. It was a miserable rant, in a forum chosen because you will all understand what he is on about! I just needed to get it off my chest, and felt much better once I'd done so, LOL.

    I have to persuade DH that it will at some point be worth taking the risk of purchasing another house. It's not about whether we can get a mortgage - we can - or whether we can afford a mortgage - we can - it's about whether he is prepared to take one one - right now he won't. So I am stuck. And while I appreciate his point, it hurts being a renter when you want a home and not a place to sleep.
    Mortgage started on 22.5.09 : £129,600
    Overpayments to date: £3000
    June grocery challenge: 400/600
  • Doozergirl
    Doozergirl Posts: 34,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kunekune wrote: »
    I know that. You know that. I have to persuade DH that it will ever be worth taking the risk of purchasing another house. It's not about whether we can get a mortgage - we can - or whether we can afford a mortgage - we can - it's about whether he is prepared to take one one - right now he won't. So I am stuck. And while I appreciate his point, it hurts being a renter when you want a home and not a place to sleep.

    :(

    We're buying a home now. We're tired of it too. We moved back into one of our own properties and it's just different. We're selling this one though to maximise our profit and buying one to live in and do up as we go (which I said I'd never do again either!) It will be our taste, it's ours to mess up and knock walls about. Just ours. It will cost a little bit more than rent when you consider lost interest on the equity, but I just don't care anymore. I fancy a bit of black damask wallpaper for a change!
    Everything that is supposed to be in heaven is already here on earth.
  • Jorgan_2
    Jorgan_2 Posts: 2,270 Forumite
    Doozergirl wrote: »
    :(

    We're buying a home now. We're tired of it too. We moved back into one of our own properties and it's just different. We're selling this one though to maximise our profit and buying one to live in and do up as we go (which I said I'd never do again either!) It will be our taste, it's ours to mess up and knock walls about. Just ours. It will cost a little bit more than rent when you consider lost interest on the equity, but I just don't care anymore. I fancy a bit of black damask wallpaper for a change!

    Doozer, are you a STR then? If so, how long ago did you sell up and have you noticed a difference in the type of property you can purchase as a result?

    Sorry for the thread hijack.
  • kunekune wrote: »
    I know that. You know that. It was a miserable rant, in a forum chosen because you will all understand what he is on about! I just needed to get it off my chest, and felt much better once I'd done so, LOL.

    I have to persuade DH that it will at some point be worth taking the risk of purchasing another house. It's not about whether we can get a mortgage - we can - or whether we can afford a mortgage - we can - it's about whether he is prepared to take one one - right now he won't. So I am stuck. And while I appreciate his point, it hurts being a renter when you want a home and not a place to sleep.

    But surely if a nicer home becomes affordable to you (i.e. a four bed, one in a nicer area etc) with prices coming down then it's better to wait?
    Keep the right company because life's a limited business.
  • My god you people love a moan don't ya? :rolleyes:


    I can see I'm gonna have a battle on my hands making you all happy go lucky people! :kisses3: :rotfl:
  • kunekune wrote: »
    I know that. You know that. It was a miserable rant, in a forum chosen because you will all understand what he is on about! I just needed to get it off my chest, and felt much better once I'd done so, LOL.

    I have to persuade DH that it will at some point be worth taking the risk of purchasing another house. It's not about whether we can get a mortgage - we can - or whether we can afford a mortgage - we can - it's about whether he is prepared to take one one - right now he won't. So I am stuck. And while I appreciate his point, it hurts being a renter when you want a home and not a place to sleep.

    It's obviously a 'man' thing, not wanting to buy at present.

    There are at least the three of us now on here (myself, Nenen and yourself) where the females want to buy and the males want to stay in rented.

    Must be a nesting instinct - either that or your OH's worry about money too much, like I do.
  • adr0ck
    adr0ck Posts: 2,374 Forumite
    Part of the Furniture Combo Breaker
    don't see what the problem is

    post office now do a 3 yr fixed rate @ 5.34%

    bargain fee of £399

    max LTV 95%

    so based on £150,000 example above would need to have a deposit of £7,500 to get a very very competitive rate
  • Doozergirl
    Doozergirl Posts: 34,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Jorgan wrote: »
    Doozer, are you a STR then? If so, how long ago did you sell up and have you noticed a difference in the type of property you can purchase as a result?

    No, I'm a Sell to develop, not a sell to rent, but renting is what happened of course! Only been in rented for about 18 months; there's no difference at all in what I can buy now.

    I was imaging something like a Passat, btw. :rotfl:
    Everything that is supposed to be in heaven is already here on earth.
  • Jorgan wrote: »
    Doozer, are you a STR then?

    Sexually transmitted rash? :confused:

    :p
  • pamaris
    pamaris Posts: 441 Forumite
    I got what I think is probably the last good deal for FTB's with a 5% deposit. 5.24% fixed for 5 years, £999 fee. No HLC. We are buying a lovely house, but it only has 2 bedrooms. The plan is to save extra every month and if at the end of 5 years we can't afford to move, we'll do a loft conversion for the 3rd bedroom.

    We also moved from a low HPI country to the UK- a bit over a year ago. We've saved like mad this year and ended up with £15k. We have to move out from mum in law's house and I just couldn't face the insecurity of renting after 8 moves in 7 years- including 3 moves overseas.

    If we hadn't actually found a house that we really, really liked in our price range then yes I would have waited... but we found a house we liked and decided to just suck it up and get on with our life; make the best of things.

    We are getting a "good deal" (ha ha) in that similar homes in the area were actually selling for £170k last year, and most are still listed at that price! We are getting it for £147k. It still hurts for a 2 BR terrace, but we can afford it and we'll be happy there... for a few years anyway- we'll have to move or convert in a few years because boy and girl will be sharing a room, and girl will be coming of age.

    It is a crappy situation, and I know that prices are going to fall. I think that at the end of 5 years we'll be OK though if we save a negative equity cushion.

    The Nationwide headline is misleading!

    Oh yeah, another thing I considered was that the good mortgage deals are disappearing (and fast!)... also it is unclear where interest rates are going (up probably)... so even if we took another 2 years to save a bigger deposit, our affordability situation might not improve.

    edit: I've already taken out redundancy insurance, and my OH already has disability insurance... so we'll be OK in that respect.
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