First time buyers + Crash. Is this our chance?

kristianwilliams

HenryWeston wrote: »

It pushes out the people that shouldnt be buying anyway as they dont have a decent deposit.

I said this before. If you need a 100%, you should be renting. Buying a house shouldn't be easy. Its a) alot of money b) supposed to be for life (or until you out grow it/need to move) and c) should be a life changing event that you plan for.

If you cant save for a year / 2 years, you cant prove to the banks your responsible enough to repay.

I also have to ask, and this always makes me wonder.

People go into full time employment, still living at home, they then go "I want to move out" and they get a 100% mortgage without saving a deposit. How do they cope with the repayments? Shouldn't the deposit be you saving the mortgage payments for a year or two?

Sammz

kristianwilliams wrote: »

I said this before. If you need a 100%, you should be renting. Buying a house shouldn't be easy. Its a) alot of money b) supposed to be for life (or until you out grow it/need to move) and c) should be a life changing event that you plan for.

If you cant save for a year / 2 years, you cant prove to the banks your responsible enough to repay.

Of course you can prove to your bank you are responsible enough to pay. I'd been renting for 10 years in various situations and never missed a payment. Never missed any payment of any kind ever. My mortgage wasn't much more than rent at the time. Now my mortgage is £364 and rent would be £525. I'm in the best financial situation I've ever been. My own flat, no debt and money to save to get things done to the flat/waste on nights out with my mates.

EdInvestor

ruggedtoast wrote: »

I also hail from Sussex and I can assure you that people there are groaning under debt which has supported house price inflation totally dislocated from any sustainable underlying fundamentals. i.e. No one has any savings and the paltry wages companies in Sussex pay mean that hpi there is only going one way. And its not up.

Really? And yet, when you look at the figures, even at one of the poorer parts of the county, that is not what you see.

Sussex house prices

Posters should be aware that many property bears can be quite economical with the facts when it suits their interest.

WTF?_2

Sammz wrote: »

Of course you can prove to your bank you are responsible enough to pay. I'd been renting for 10 years in various situations and never missed a payment. Never missed any payment of any kind ever. My mortgage wasn't much more than rent at the time. Now my mortgage is £364 and rent would be £525. I'm in the best financial situation I've ever been. My own flat, no debt and money to save to get things done to the flat/waste on nights out with my mates.

Yep, things were good before house prices got silly and removed the fantastic opportunity (rent approx same a mortgage) that you had when you bought.

Maybe it won't be too long (2-3 years?) before that is once again an option which is open to people.

Treadmill

dolcevita wrote: »

This is 100% guaranteed

Lol, Have you got a crystal ball

Sapphire

Treadmill wrote: »

Lol, Have you got a crystal ball

You don't need to be any kind of genius or to be able to use precognition to anticipate that house prices will fall. From the information around everywhere about the greed of the moneylenders/over-extended debtors/government :mad: over the last few years, it must be obvious to even the greatest thicko that the giant pyramid scam is about to fail in a major way.

The sooner people remove the blinkers from their eyes, the better it will be for them. :cool:

Sammz

!!!!!!? wrote: »

Yep, things were good before house prices got silly and removed the fantastic opportunity (rent approx same a mortgage) that you had when you bought.

Maybe it won't be too long (2-3 years?) before that is once again an option which is open to people.

I was replying to the point that people shouldn't be given a 100% mortgage without being able to prove they can pay it. I guess I went off on a tangent. 100% mortgages were great for some of us.

Dan:_4

Sapphire wrote: »

You don't need to be any kind of genius or to be able to use precognition to anticipate that house prices will fall. From the information around everywhere about the greed of the moneylenders/over-extended debtors/government :mad: over the last few years, it must be obvious to even the greatest thicko that the giant pyramid scam is about to fail in a major way.

The sooner people remove the blinkers from their eyes, the better it will be for them. :cool:

That information has been around for years. The fact remains that it is not guarented we will see significant price falls.

The latest FT house price index, released today saw a flat month during March.
http://www.acadametrics.co.uk/ftHousePrices.php

And even the Halifax report released this week saw some price rises in certain regions.

No one knows what will happen, and the hyped up media is not evidence of a forthcoming house price crash.

Dan:_4

dolcevita wrote: »

...................It is by me.

Regardless of any optimism anyone may have, house prices are going to fall.

and that is a good thing not a bad thing.

Weather or not it's a good thing, prove it.

Treadmill

Sapphire wrote: »

You don't need to be any kind of genius or to be able to use precognition to anticipate that house prices will fall. From the information around everywhere about the greed of the moneylenders/over-extended debtors/government :mad: over the last few years, it must be obvious to even the greatest thicko that the giant pyramid scam is about to fail in a major way.

The sooner people remove the blinkers from their eyes, the better it will be for them. :cool:

Thats just an opinion, you can't guarantee anything can you ?