Nationwide requiring min 25% deposits for new mortgages

izzybusy23

kunekune wrote: »

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.

Yeah, I have owned houses in the past too so it also feels a step back for me at my age.. unfortunately circumstances dictated my life which I couldn't avoid and here I am, back to square 1. And I hate the inspections too, for example, in the last one weeds poking through the stones out the front of the house was noted.. !!!!!!, its winter!!!! I don't do gardening in winter for nobody. That irked me slightly. I will fill in all the holes when I leave and carefully repaint them so they hardly notice.. but I am sure the LL will find a way to clobber part of my deposit from us for 'redecorating purposes'.

Did you STR then? Hopefully in 5 years time we will look back at this and thank our lucky stars we rented though huh?

seven-day-weekend

As well as the 'character' decor, the house on Rightmove has one of the ugliest loft conversions (externally) that I have ever seen.

I'd want to knock at least £50 grand off to put everything right.

Nationwide: Looks like people without the 25% deposit are going to have to pay more to borrow the money than those who do.

Hasn't it always worked like that?

pamaris

dannyboycey wrote: »

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.

Well, I am not a gambler. If I could get a 25 year or more fixed rate I would (I know they exist, but not with my piddly 5% deposit). I don't mind if rates drop. They are historically low now, so it makes sense to me to fix it. I am the type of person who can't stand not knowing what my incomings and outgoings are. I'd rather know that my payments aren't going up for at least 5 years.

edit: Funnily enough, we're not even FTB's... just considered FTB's since we have no chain and don't have £50k or more equity to use as a deposit.