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State of the UK economy!!
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Author:  andrew692003 [ Thu Jul 08, 2010 7:58 am ]
Post subject:  State of the UK economy!!
So pissed off today I'm actually thinking of filling a bath with water, get some Coldplay on the stereo and go find a bread knife!! Only joking but you know what I mean.

I've had my eye going on the housing market for a while now, 34 = First time buyer(been paying off other peoples mortgages for the last ten year so thought it was time I bought my own.

Too cut a long story short House cost = £160,000
Deposit = £35,000
Money for furnishing = £15,000
Salary = Between £40 and £60,000

Bank tells me SORRY! We can only give you a 65% mortgage you need a deposit of around £67,000!!!!!

Jesus Christ.

Rant over.
Author:  Driver8 [ Thu Jul 08, 2010 11:07 am ]
Post subject:  Re: State of the UK economy!!
andrew692003 wrote:
So pissed off today I'm actually thinking of filling a bath with water, get some Coldplay on the stereo and go find a bread knife!! Only joking but you know what I mean.

I've had my eye going on the housing market for a while now, 34 = First time buyer(been paying off other peoples mortgages for the last ten year so thought it was time I bought my own.

Too cut a long story short House cost = £160,000
Deposit = £35,000
Money for furnishing = £15,000
Salary = Between £40 and £60,000

Bank tells me SORRY! We can only give you a 65% mortgage you need a deposit of around £67,000!!!!!

Jesus Christ.

Rant over.

:shock: Holy smoke Andrew! You need to find another bank! Or at least another lender!

Fortunately (or unfortunately depending on how you look at it! :lol: ) I've been chipping away at my mortgage for a while now so I've not been looking at mortgages for a while, but there are definitely better deals out there mate. You've got a decent deposit there - even better if you chuck some of your furnishing money into the deposit pot as well - so I'm sure a friendly mortgage advisor will be able to help you out. If you were to be able to get to a 25% deposit (you're around 4% short), so that's £6,400 extra on a purchase price of 160,000, then there are some good deals out there with 75% LTV.

Hope you find a decent deal soon.
Author:  andrew692003 [ Thu Jul 08, 2010 1:35 pm ]
Post subject:  Re: State of the UK economy!!
Cheers Driver, I'm of too The Royal BOS tomorrow, Santander and my bank(Halifax) on Monday. That was Lloyds TSB that came with that today, I thought the government was meant to be helping first time buyers but by the looks of that most of them will be up shit creek, I'm lucky, business is doing well so if worst comes to the worst and I have to rent for another year or so then at least I should have another 20-25 grand to put down. The mortgage man was adamant though that 65% was all I would get so that was that.

I'm also waiting for a Independant advisor to give me a call so hopefully things will work out.

I may have to sell my watches to scrape a few more thousand together :shock: I don't think so! :D

Cheers

Andrew

ps 65% of the value of the house which is £142,000 by the way. I'll need to offer £160,000 to get it!
Author:  akguppy [ Sat Jul 10, 2010 8:26 pm ]
Post subject:  Re: State of the UK economy!!
Dibs on your SOHC 125th Anniversary. :poke:
Author:  andrew692003 [ Sun Jul 11, 2010 3:37 am ]
Post subject:  Re: State of the UK economy!!
akguppy wrote:
Dibs on your SOHC 125th Anniversary. :poke:


Ha, I'll keep you in mind there Guppy! :wink:

Back to the OP, I've been offered relatively good deals from Santander and The Royal Bank(TSB), they seem to be very willing to lend me on 90% of the house value. I can't believe Lloyds could only offer me 65% :shock: surely they'll struggle to get any new people through the door with a policy like that!!

Cheers
Author:  VillageIdiot [ Mon Jul 12, 2010 9:48 am ]
Post subject:  Re: State of the UK economy!!
Be thankful you can get a place for £160,000. My younger brother's tiny 1 bedroom, 1 bathroom apartment cost just shy of £400,000.

I'm in the mortgage business, albeit in the US, and there are some better schemes out there for low deposit purchases; FHA loans and the like where you can put as little as 3% down. You'd still need mortgage insurance mind...
Author:  flowermi [ Mon Jul 12, 2010 10:41 am ]
Post subject:  Re: State of the UK economy!!
Hi pal,

Im an estate agent for my sins in greater london area and im sure theres better deals out there alot of banks dont want to lend money and this is why they are asking for over the top deposits. My best advice is to see an indepentant mortgage adviser should be able to find one down your local high street, or i can put you in touch with our personal one and she doesnt charge for arranging the mortgage.

Also at the moment the market is getting a little bit quieter which indicates to me prices will probally fall a bit before christmas so maybe you could get a better deal closer to then....

Flowermi.
Author:  andrew692003 [ Mon Jul 12, 2010 12:41 pm ]
Post subject:  Re: State of the UK economy!!
Cheers for the replies lads. Best deal for me seems to be BOS with a fixed rate of 5.99% over 4 years. I could get a 90% mortgage but there seem to be better deals when I get to 85%. So fingers crossed and if I can get the other half to agree I shoud be putting in an offer Tues. or Wed. :shock:

Cheers
Author:  VillageIdiot [ Tue Jul 13, 2010 11:06 am ]
Post subject:  Re: State of the UK economy!!
andrew692003 wrote:
Best deal for me seems to be BOS with a fixed rate of 5.99% over 4 years.


Yikes. In the US the company I work for is offering 30yr fixed for 4.875% with no points or costs to close! 7yr fixeds are at the low 3s!
Author:  andrew692003 [ Tue Jul 13, 2010 1:04 pm ]
Post subject:  Re: State of the UK economy!!
VillageIdiot wrote:
andrew692003 wrote:
Best deal for me seems to be BOS with a fixed rate of 5.99% over 4 years.


Yikes. In the US the company I work for is offering 30yr fixed for 4.875% with no points or costs to close! 7yr fixeds are at the low 3s!



Jesus :shock: I'm applying for a visa tommorrow then! :D

Cheers
Author:  Driver8 [ Wed Jul 14, 2010 6:40 am ]
Post subject:  Re: State of the UK economy!!
VillageIdiot wrote:
andrew692003 wrote:
Best deal for me seems to be BOS with a fixed rate of 5.99% over 4 years.


Yikes. In the US the company I work for is offering 30yr fixed for 4.875% with no points or costs to close! 7yr fixeds are at the low 3s!

OK guys, I don't want to start an international argument here - I'm just genuinely interested! :D

Now, as far as I know the global recession was triggered (at least in part) by sub-prime lending in the States. Here in the UK (as Andrew has demonstrated) lenders have HUGELY tightened their belts to the detriment of any Joe Public who doesn't have a serious sum of money (or equity) available for use as a deposit. Now without starting an international incident here :wink: , the numbers that VillageIdiot has quoted (including just a 3% deposit being required :shock: ) don't strike me as an industry taking an overly responsible approach to the situation. Either that, or it shows a typical knee-jerk, or perhaps more accurately, a profiteering, reaction from the UK market. :evil:

Now I freely admit that while I may work in Finance, I'm not a mortgage expert by any stretch of the imagination, but either way, it seems that once again the good old British public get stitched up while everyone else tiptoes through the raindrops. :roll:
Author:  andrew692003 [ Wed Jul 14, 2010 1:12 pm ]
Post subject:  Re: State of the UK economy!!
I think your right about the US property going out the rear Driver, looks like they've not learned! I don't work in finance but seem better at making it than spending it (Note I've ommitted 'wisely' from that sentance) :D but thankfully I have a good deposit and and making good money or I'd be up shit creek whithout a paddle christ knows how anyone around 22-30 could even attempt to get on the property ladder!

Cheers
Author:  VillageIdiot [ Thu Jul 22, 2010 9:14 am ]
Post subject:  Re: State of the UK economy!!
Driver8 wrote:
OK guys, I don't want to start an international argument here - I'm just genuinely interested! :D

Now, as far as I know the global recession was triggered (at least in part) by sub-prime lending in the States. Here in the UK (as Andrew has demonstrated) lenders have HUGELY tightened their belts to the detriment of any Joe Public who doesn't have a serious sum of money (or equity) available for use as a deposit. Now without starting an international incident here :wink: , the numbers that VillageIdiot has quoted (including just a 3% deposit being required :shock: ) don't strike me as an industry taking an overly responsible approach to the situation. Either that, or it shows a typical knee-jerk, or perhaps more accurately, a profiteering, reaction from the UK market. :evil:


Well the 3% down are federally assisted, government insured loans. Although the restrictions for who can get FHA loans is less stringent the documentation for FHA loans can be a right PITA which is why I pass them on to others to deal with!
http://en.wikipedia.org/wiki/FHA_insured_loan
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