Nationwide requiring min 25% deposits for new mortgages

Generali

subjecttocontract wrote: »

The Nationwide move to require a 25% deposit will mean less FTBs and more demand for rental property........I suspect rents may now start to rise quicker.

They don't require a 25% deposit. They still require only a 5% deposit. You pay less than a pound a week extra for each £100k you borrow if you only have a 5% deposit on a 2 year fix.

kunekune

For Doozergirl, the house with the feature wall (and feature carpet in the bathroom):

http://www.rightmove.co.uk/viewdetails-19748561.rsp?pa_n=1&tr_t=buy

Guy_Montag

kunekune wrote: »

For Doozergirl, the house with the feature wall (and feature carpet in the bathroom):

http://www.rightmove.co.uk/viewdetails-19748561.rsp?pa_n=1&tr_t=buy

They seem to have an altar in the bedroom :eek:

chelseablue

kunekune wrote: »

For Doozergirl, the house with the feature wall (and feature carpet in the bathroom):

http://www.rightmove.co.uk/viewdetails-19748561.rsp?pa_n=1&tr_t=buy

I like the way it says 'character home' it certainly has plenty of that

Generali

Who looks at the decor with a view like that! I'd spend all day staring out of the window.

Lotus-eater

Great view, horrible carpet in the bathroom!
Why why do people have carpet in the bathroom...

kunekune

Strangely enough, I didn't think the view was up to much. We get used to great views around here. But there is a nice synchronicity between the wall in the living room and the crazy paving outside.

izzybusy23

kunekune wrote: »

Well the NW story was enough to make DH, a HPC zealot, move our goalposts yet again. I had accepted that we needed to save 10% (we STR but the house that was sold was in another country, with much lower prices), but he has now decided we need 25% deposit.

HOW many more years living in other people's houses, with the constant threat of having to move on? We have children, and it's important to be near good schools for them (this city does not have many, so ending up in the wrong catchment, or no catchment at all, on the date when we apply for secondary places, has serious consequences). I am fed up of not even being allowed to put up pictures on the wall. I am fed up of someone else's carpets and magnolia paint.

We are not young, no doubt what will happen next is that the banks will refuse to offer mortages to people over 45 and the goalpost will have been taken away altogether before we have a chance to settle properly. I feel like crying some days. It's my punishment from DH for wanting to move here, but 25%? That's another £35K. More than a year of my net salary.

I'm a HPC zealot and I totally sympathise where you are coming from though.. because I too am a fellow renter. However, I DO put pictures and mirrors on the walls because all the time I am renting that house it is my home and I am going to enjoy it as much as they enjoy my rent money each month.

To be honest I don't intend buying a house for the next 4 years by which time I will be 40, but saved up hopefully more than a 25% deposit whilst getting rid of my debt in the meantime.. renting gives me the freedom to do that instead of worrying about how I am going to pay my ever rising mortgage costs. I'd rather be renting than throwing my money towards a house that also will never be mine as all I could afford would be interest only and then end up in negative equity anyway. Apart from the threat of being moved on every 6 months, renting definately has advantages, so chin up chick!!

I have a 3 year old daughter and desperately wanted to be settled by the time comes for her to start school, but I know I won't be, so I have stopped worrying and accepted my situation as it is for the moment. Its a bummer, but all those desperately wanting a home will get one eventually.

Patience is a virtue and you will be rewarded!!!

kunekune

Our letting agent does not permit us to poke holes in walls and because it's a new build there were none there when we moved in! Our previous landlord was more laid back and that was a bit easier.

I think what makes this hard is that we have lived in our 'own' houses for over 20 years, and it feels like we've taken a step backwards. Notwithstanding that we never did very well in paying much off! I find inspections humiliating, for example. We are saving, and I can see all the advantages, I just didn't expect to be 46 and back in a rental. It's hard on the children having to be so careful too (they are 6 & 8). They want pets, and we have to say no.

dannyboycey

pamaris wrote: »

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.

I can understand why many (maybe most) FTB's are led down the 'fixed rate' path, but they don't always work out to be the best decision financially in the long run.