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seenoevil

View From A Ftb Newbie At Ground Roots

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Hi everyone.

I have been a long time lurker and this is my first post. So please go easy on me. I make no claims about intellegence or Insights.

Yet I feel this post is appropriate and neccesary to share with you guys and is very relevant.

ME

- First time buyer.

- Spotless Credit record.

- Saved deposit- £45k.

- Job Security? As safe as anyone in current climate, with record of 6+ years attendance.

- Intended purchase of house price £135k

-Income £19k pa.

Although rather obvious to you guys on here with the above facts and figures to hand, ONLY ONE lender would lend £94k on the house we liked. (And NO, I wasnt happy attempting to borrow so much).

I am neither a bear nor bull. I consider myself a first time buyer with prudence both in saving and paying back debt. I am the lower end of the market for sure, yet, surely I represent a part of the market.

Quantative Easing? House Price Recovery? Lending UP? At my level representing a FTB things just dont add up.

Conclusion, we wont be buying. As we dont like the rubbish that is available to us at around £121k and under.

Thoughts are welcome.

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Welcome to the forum seenoevil, and thanks for posting. It's always interesting to get people's first hand experiences, a good antidote to the huge VI spin machine out there that never sleeps.

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hi there in the same boat really FTB with 15K deposit and on a good salary.

still houses are currently 6-7 times my salary so still a no go.

but apparently there are green shoots everywhere and according to the bulls around here borrowing more is somehow a good thing

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but apparently there are green shoots everywhere and according to the EAs around here borrowing more is somehow a good thing

There, fixed that for you!

Edited by Scott

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Hi everyone.

Conclusion, we wont be buying. As we dont like the rubbish that is available to us at around £121k and under.

...

You did the right thing, don't settle for something your not mad over and cannot comfortably service the mortgage on.

45K in the bank and a salary of 19K - The fact someone in your position has to limp on to the property market highlights we have got a lot further to go before we get anywhere near the bottom.

Lifes too short to spend it slaving away for a Bank.

KEEP SAVING!

Edited by Hawk

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I'm impressed that you've managed to save £45,000 when you earn £19,000 p.a.

That's good going.

Hell yeah. I havent saved close to that.

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- Saved deposit- £45k

That's pretty good going on 19k a year!

Was all that saved from earnings, or did some come from elsewhere?

It's just that it seems high to have saved out of your salary, that's all.

I can't see most Ftbs being so well off, deposit wise.

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That's pretty good going on 19k a year!

Was all that saved from earnings, or did some come from elsewhere?

It's just that it seems high to have saved out of your salary, that's all.

I can't see most Ftbs being so well off, deposit wise.

I know a few FTB like myself that have massive deposits. All still live at home and can manage to put 50 - 90% of wages straight in to savings/investments.

I used to live off my bank interest payments and save 100% wages. Not anymore obviously.

Living at home is the key. My friends who rent just live hand to mouth and any savings they make are always for a holiday.

it Sucks living at home but knowing I will be debt free takes the sting out of it.

Edited by Hawk

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I know a few FTB like myself that have massive deposits. All still live at home and can manage to put 50 - 90% of wages straight in to savings/investments.

I used to live off my bank interest payments and save 100% wages. Not anymore obviously.

Living at home is the key. My friends who rent just live hand to mouth and any savings they make are always for a holiday.

it Sucks living at home but knowing I will be debt free takes the sting out of it.

I'm not saying it can't be done! I know it can.

Just that I'd consider it unusual these days.

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I'm not saying it can't be done! I know it can.

Just that I'd consider it unusual these days.

Yeah I see where your coming from, its not often you hear about a prudent young savers. Quite frankly who wants too!

But stories about think chavs that have racked up 40K credit card debt without even taking time to blink are two a penny.

Edited by Hawk

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<stuff>

- Intended purchase of house price £135k

<stuff>

Interesting. That's my expected bottom.

thats two formula trolls today.

You think?

What did it achieve?

The poster is not buying a house because they are too expensive...

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Hi everyone.

I have been a long time lurker and this is my first post. So please go easy on me. I make no claims about intellegence or Insights.

Yet I feel this post is appropriate and neccesary to share with you guys and is very relevant.

ME

- First time buyer.

- Spotless Credit record.

- Saved deposit- £45k.

- Job Security? As safe as anyone in current climate, with record of 6+ years attendance.

- Intended purchase of house price £135k

-Income £19k pa.

Although rather obvious to you guys on here with the above facts and figures to hand, ONLY ONE lender would lend £94k on the house we liked. (And NO, I wasnt happy attempting to borrow so much).

I am neither a bear nor bull. I consider myself a first time buyer with prudence both in saving and paying back debt. I am the lower end of the market for sure, yet, surely I represent a part of the market.

Quantative Easing? House Price Recovery? Lending UP? At my level representing a FTB things just dont add up.

Conclusion, we wont be buying. As we dont like the rubbish that is available to us at around £121k and under.

Thoughts are welcome.

well done on saving 45k for a deposit. Ive done once on a bigger salary than that, and that was hard. Full respect.

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well done on saving 45k for a deposit. Ive done once on a bigger salary than that, and that was hard. Full respect.

+1

And keep saving. By the time this hits bottom you'll get a decent place for cash. Unfortunately, you'll have to do a lot of convincing to solicitors etc. that you are not a terrorist (or in non-govt speak tax-dodging money launderer).

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Think short-term. If further falls wipe out your £45k equity there will be more than a million home-owners underwater, it would be too politically difficult for them to kick you out of your house. So, for as long as you can make interest payments you will be OK. The downside to buying would be that you might get something cheaper later, so your days of being debt-free would be nearer.

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Hi everyone.

I have been a long time lurker and this is my first post. So please go easy on me. I make no claims about intellegence or Insights.

Yet I feel this post is appropriate and neccesary to share with you guys and is very relevant.

ME

- First time buyer.

- Spotless Credit record.

- Saved deposit- £45k.

- Job Security? As safe as anyone in current climate, with record of 6+ years attendance.

- Intended purchase of house price £135k

-Income £19k pa.

Although rather obvious to you guys on here with the above facts and figures to hand, ONLY ONE lender would lend £94k on the house we liked. (And NO, I wasnt happy attempting to borrow so much).

I am neither a bear nor bull. I consider myself a first time buyer with prudence both in saving and paying back debt. I am the lower end of the market for sure, yet, surely I represent a part of the market.

Quantative Easing? House Price Recovery? Lending UP? At my level representing a FTB things just dont add up.

Conclusion, we wont be buying. As we dont like the rubbish that is available to us at around £121k and under.

Thoughts are welcome.

When you say "We" are you buying as a couple and what is the other Salary?

How the ****** did you save £45K? on 19K.

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I think it may have taken the only known wealth transfer mechanism from the boomer generation to generation X. i.e. death.

Sorry for your loss.

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Well done on saving up £45,000 it should see you in good stead. Keep saving for the next 18 months and we should hopefully bottom out at average prices of about £120,000-£130,000.

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Hi everyone.

I have been a long time lurker and this is my first post. So please go easy on me. I make no claims about intellegence or Insights.

Yet I feel this post is appropriate and neccesary to share with you guys and is very relevant.

ME

- First time buyer.

- Spotless Credit record.

........./......

Quantative Easing? House Price Recovery? Lending UP? At my level representing a FTB things just dont add up.

You could opt for the only "solution" -- the "solution" millions of people have [been forced to] take over the last 6-8 years........

A LIAR LOAN!!! :P:lol:

Edited by eric pebble

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I know a few FTB like myself that have massive deposits. All still live at home and can manage to put 50 - 90% of wages straight in to savings/investments.

I used to live off my bank interest payments and save 100% wages. Not anymore obviously.

Live at home and save up tp 90%? Wow! Either they are earning an awful lot or they are being "kept" by their parents.

I had to live at home for three years (graduated during the early 90's crash) and my mum would be practically at the back door with her hand outstretched on rent day. In fact, one day she was actually waiting for me on the steps :lol:

Edited by displayed to non-members

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