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We Were Refused Home Loan By Mortgage Computer Because We Hadn't Piled Up Debts

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http://www.dailymail.co.uk/money/mortgageshome/article-2594444/We-refused-home-loan-mortgage-computer.html

Gareth Thomas and his fiancee Jennifer Curtis have had the keys to their first home for just three days.

They’ve started peeling off the old cream wallpaper in the living room, but have had to stop after discovering damp.

From the top floor windows, you can see asbestos on the roof of the extension. The back door doesn’t shut and the window frames have gaps in them. You can feel the cold and damp through your feet. The walls are sticky and wet.

But none of this stops Gareth and Jennifer from loving this little, two-bedroom, semi-detached cottage in Billinghay, Lincolnshire. They have big plans for it.

Gareth says: ‘There is a lot of work to be done on the house. But in some ways, the effort we’re going to have to put into it is nothing compared with the lengths we had to go through to get a mortgage in the first place.’

The couple had put aside £8,600 by moving in with Jennifer’s parents for two years to save on rent. Gareth, assistant manager of a music shop, and nurse Jennifer worked overtime and stopped going on nights out with friends.

Hmmm 2 years of reduced rent and not going out and you managed to save only £8,600? If I'm being honest £15k would have been a more realistic figure to have hit with 2 saving especially if you are working extra hours etc...

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It has to be into the crack-up phase now doesn't it? This current frenzy of buyers trying to pay ever higher prices. If that ever slows down or comes to a sudden stop..

Complacent greedy owners, not selling for less-than-its-worth... properties on market at such a low, and many of them not actually on the market... just owners testing the market. Owners convinced and relaxed with the prospect even more future HPI.

Active buyers who 'just wanted a home' trying their best to perform to impress the sellers. In one case here, the seller an inheritor of a house, who according to some at HPC haven't benefited anything from HPI. No... just tens of thousands of pounds in proceeds from the sale, which would be less if there was HPC, and two young people now laden with debt out of their own choice.

‘There is a serious lack of property available, but it’s not impossible to find somewhere. To set yourself apart, you need to show the seller you can move quickly.

.. The seller seemed to be taking an eternity to return paperwork and was getting nervous. Five months later, he pulled out of the deal. Chris and Katie were upset and couldn’t understand why. All became clear when the seller put the house back on the market at a higher price.

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Hannah Gibbens, 29, and Leslie Walker, 34, spent five years scraping together £8,000 for a deposit.

£8000 in five years on two salaries is just useless. I swear they put examples in like this just so their readers can say 'bet they have an ipad'.

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Yes and the other one was given £20,000 by BOMAD and put down £24,000. Why are these people renting if they were able to live with parents?

It's the young that live with parents and save I feel sorry for. House prices are being pushed up by tenants that get into bed with a BTL LL instead of staying at home saving their money and waiting their turn.

I do appreciate that some young people don't have a choice.

Edited by gf3

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£8000 in five years on two salaries is just useless. I swear they put examples in like this just so their readers can say 'bet they have an ipad'.

five years scraping together £8,000

Glad I wasn't the only one thinking that! These people have no idea how to save! If it wasn't for HPI how much of the UK would have any savings at all! Then again, a bloke I spoke to in the pub, the other week, idea of saving was to put his loose change into a bottle..... I say "why don't you just put a few pounds into a saving account once a week, at least that way you would get some interest.". He say " oh on, if I had it in a bank account, I would keep get statements with numbers on it and I would spend it!". Go figure :blink:

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Yes and the other one was given £20,000 by BOMAD and put down £24,000. Why are these people renting if they were able to live with parents?

It's the young that live with parents and save I feel sorry for. House prices are being pushed up by tenants that get into bed with a BTL LL instead of staying at home saving their money and waiting their turn.

I do appreciate that some young people don't have a choice.

:lol: jog on.

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Glad I wasn't the only one thinking that! These people have no idea how to save! If it wasn't for HPI how much of the UK would have any savings at all! Then again, a bloke I spoke to in the pub, the other week, idea of saving was to put his loose change into a bottle..... I say "why don't you just put a few pounds into a saving account once a week, at least that way you would get some interest.". He say " oh on, if I had it in a bank account, I would keep get statements with numbers on it and I would spend it!". Go figure :blink:

Haha, just did the maths and 8000 between two over 5 years is 15 pounds each per week.

I beat the 8000 total annually on one mediocre salary while not being able to share costs and renting in Oxford (tough rental market).

As I say, beware of the spin, but these sort of savings totals are used to justify help to buy.

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These days you don't even know for sure that the people in the stories actually exist or at least exist in the way the stories describe. The stories could be on the same level as the made up anecdotal stories much beloved by politicians.

http://

www.theblogmocracy.com/2014/01/10/anecdotal-stories-and-just-flat-out-lies-welcome-to-democrat-politics-101/

My favorite example of this of course remains to this day, Al Gore’s 2000 debate performance. He pointed to a heavy set woman in the audience, one whom attended at his invitation, and declared that she spent her life with the ominous choice between buying basic groceries or purchasing her life saving medications that kept death at bay. For good measure he added, “and she drove here cross country in her Winnebago so that she could be here with us this evening.” collectively, half the nation offered this suggestion for her to themselves, “maybe she should sell her quarter million dollar vehicle and use that money to purchase either her medications or groceries.”

That's about the US but it's along the same lines in the UK.

Edited by billybong

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Haha, just did the maths and 8000 between two over 5 years is 15 pounds each per week.

I beat the 8000 total annually on one mediocre salary while not being able to share costs and renting in Oxford (tough rental market).

As I say, beware of the spin, but these sort of savings totals are used to justify help to buy.

Yeah - just try arguing this though to most people. 'Impossible to save whilst renting', 'Too hard to save in general with cost of living'.

Note - when I say 'most people' in this context, I'm talking about people with a 25k + salary.

Absolute baloney to those of us who are capable of basic arithmetic, but there you go. My outgoings p/m are £1000 - 1100. Rent, Utilities, Car, Motorbike, Food, Holiday, Phones, toys - everything. Anything above that is saved. Thus even on a very basic salary - much less than most I can put away at least £500 a month. What are these people on?

If you can only save 8k between two people in five years - through either utter fiscal incompetence or simply not earning enough, then you really have very little business getting involved in this housing market, but there you go - help to buy will sort you out. Muppets!

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Yeah - just try arguing this though to most people. 'Impossible to save whilst renting', 'Too hard to save in general with cost of living'.

Note - when I say 'most people' in this context, I'm talking about people with a 25k + salary.

Absolute baloney to those of us who are capable of basic arithmetic, but there you go. My outgoings p/m are £1000 - 1100. Rent, Utilities, Car, Motorbike, Food, Holiday, Phones, toys - everything. Anything above that is saved. Thus even on a very basic salary - much less than most I can put away at least £500 a month. What are these people on?

If you can only save 8k between two people in five years - through either utter fiscal incompetence or simply not earning enough, then you really have very little business getting involved in this housing market, but there you go - help to buy will sort you out. Muppets!

What does a 25k salary give you per month? Maybe about £1200 - £1300 (too lazy to work it out)? You're earning more than a very basic salary that's much less than most. Still, if living with parents rent-free, two incomes, and 5 years, yes, £8k odd does seem rather pathetic.

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What does a 25k salary give you per month? Maybe about £1200 - £1300 (too lazy to work it out)? You're earning more than a very basic salary that's much less than most. Still, if living with parents rent-free, two incomes, and 5 years, yes, £8k odd does seem rather pathetic.

£1662 take home with standard allowance on £25k a year so if both in similiar boat then 3324 x 60 199,440 over 5 years...

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£1662 take home with standard allowance on £25k a year so if both in similiar boat then 3324 x 60 199,440 over 5 years...

OK a little bit more than I guessed so yes, should be able to save a decent chunk.

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£1662 take home with standard allowance on £25k a year so if both in similiar boat then 3324 x 60 199,440 over 5 years...

So some one living with their parents should be able to save a years salary in 2-3 years. and still be able to go out and have 6 pints on a Saturday night.

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