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Chest Rockwell

Bank Loan As Deposit, Multiple Jobs Required...

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Guys,

Just been reading a thread over at MSE where two numpties have, by the looks of it, boasted about using a bank loan as a deposit. They then go one to talk about how they need multiple jobs to meet their commitments...but it's all worht it in the end???

My partner Brock Landers is giving them some grief.

Thread can be found at:

http://forums.moneysavingexpert.com/showth....html?t=1884303

I have to admit I had to take out a loan to get my deposit or I wouldnt have been able to buy. I got a good deal through my bank which will be paid off in 5 years. After budgeting everything in (including food, entertainment and emergency fund) I still have over £200 a month to spend on whatever I want. So im planning to put that away in an ISA (as on my current mortgage I cant overpay) and then put a lump sum onto the mortgage. After the 5 years when my loan is finished the money I paid back on the loan will also go on the mortgage so I can repay it early as I never had this money so I wont miss it.

Its not going to be as easy as it sounds though. I currently work 3 jobs (1 Full time and 2 part time) to be able to pay everything but if you want something you have to put the effort in to get it.

and

agreed alcofrolic, im doing similar, loan to fund a property deposit, that will be paid off in 7 years. im currently working 2 jobs, 1 full time and one part time, both shiity wages but permanent position. have the weekends free to spend time with my family (as i work 7am-10pm) but should i need to, i can get a 3rd job over the weekend. Every thing that ive done/planned was my own choice, because i also wanted to change my financial future but your right, it aint easy, ive underestimated how long 7 yrs is etc! (paying off 2 loans= £370 pm, once thats finished things should be better for me) but nothing ventured, nothing gained and all that...

These numpties appear on page 2...I just wonder about how many others did what these jerks did!!!

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Guys,

Just been reading a thread over at MSE where two numpties have, by the looks of it, boasted about using a bank loan as a deposit. They then go one to talk about how they need multiple jobs to meet their commitments...but it's all worht it in the end???

My partner Brock Landers is giving them some grief.

Thread can be found at:

http://forums.moneysavingexpert.com/showth....html?t=1884303

Agree it is crazy but there are lot of twenty somethings (not saying you are) digging boomers about our housing 'riches' how do you think we got on the ladder?

They weren't exactly dishing out mortgages like confetti in the mid eighties, and we all partied hard and don't know anyone who was given a deposit by their parents.

So crazy yes, unusual no but far riskier today than then.

and

These numpties appear on page 2...I just wonder about how many others did what these jerks did!!!

Edited by Greg Bowman

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Can I ask did they factor in what would happen if they ever lost job 1,2 or 3?

That's not really budgeting.

Question was put to them, but it's answered with "I've already been made redundent but found a job instantly" or "lose my NHS job...never" type responses. These clowns are basing everything on the past decade...they seem to forget the 90s and 80s recessions. Clowns!

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Question was put to them, but it's answered with "I've already been made redundent but found a job instantly" or "lose my NHS job...never" type responses. These clowns are basing everything on the past decade...they seem to forget the 90s and 80s recessions. Clowns!

If you are prepared to work long anti-social hours on rubbish money, you will never be unemployed it seems to me.

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Guys,

Just been reading a thread over at MSE where two numpties have, by the looks of it, boasted about using a bank loan as a deposit. They then go one to talk about how they need multiple jobs to meet their commitments...but it's all worht it in the end???

My partner Brock Landers is giving them some grief.

Thread can be found at:

http://forums.moneysavingexpert.com/showth....html?t=1884303

and

These numpties appear on page 2...I just wonder about how many others did what these jerks did!!!

Who breeds these idiots?

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Question was put to them, but it's answered with "I've already been made redundent but found a job instantly" or "lose my NHS job...never" type responses. These clowns are basing everything on the past decade...they seem to forget the 90s and 80s recessions. Clowns!

To be fair how many of these people worked in the last recessions? Are we talking about young people who've never experience a recession?

Also did they expand on when they have been made redundant? Recently or a few years ago?

They appear to be deluding themselves although if they are saving perhaps they may just keep their heads above the water.

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Guys,

Just been reading a thread over at MSE where two numpties have, by the looks of it, boasted about using a bank loan as a deposit. They then go one to talk about how they need multiple jobs to meet their commitments...but it's all worht it in the end???

My partner Brock Landers is giving them some grief.

Thread can be found at:

http://forums.moneysavingexpert.com/showth....html?t=1884303

and

These numpties appear on page 2...I just wonder about how many others did what these jerks did!!!

With interest rates at 15% plus in the 1980's I knew many people who had second jobs (and even third jobs) to service their mortgage debt. Anyone thinking that all they have to do to get that property is sit around and wait for reversion to the mean may have to face disappointment - reversion to the mean may co-incide with your own unemployment.

There is an oft-repeated lie on this board that times are tough only for this generation - and that previous property buyers got their property simply because of benign economic circumstances - as much a denial of reality as those who don't believe property prices have a way to fall.

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Well I have to be realistic with this thread I have started. I know some HPC members have actually done this in the past and pulled it off...which is fine in a rising market as the risk level was a lot lower. At least in a rising market if you get sick of trying to make ends meet you can bail out, pay back the loan and perhaps make a little profit too...that could maybe become a real deposit.

However, those two that I quoted have obvioulsy overstretched themselves as there skill level or job aspirations are too low. In short they probably should not be on the housing ladder and have in effect contributed towards the HPI that we have seen. They also ruin it for those who do actually save and who are sensible with there money!

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