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London First-Time Homebuyers Need Record Deposit Savings

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A debut homebuyer needs to have a record 131 percent of their annual income for a down payment because property prices are so high, according to an analysis of Council of Mortgage Lenders data by Savills Plc. Bloomberg

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Nothing wrong with saving up a 131% of your annual income to put down on a house. Provided the house costs 300% of your annual income and is an actual decent place to live.

I've 300% of my annual income saved which i guess could be used for that purpose, and still leave a healthy buffer if TSHTF.

The problem is that I'd still need to borrow another 1200% to afford something which is even remotely decent at the moment.

And i earn good money. So f**k that.

Pre-emptive responses - yes I'm living in the past, 3x multiplier is defunct, mortgages are 'affordable', my expectations are too high, blah blah blah.

Edited by Frugal Git

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Can't we find a way to lend them the deposit? It's the right thing to do.

Yes, please use my savings and taxes so a sub prime I/o mortgage monkey can keep rich men's asset prices high and themselvs so endebted they effectively become slaves

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Can't we find a way to lend them the deposit? It's the right thing to do.

Help to Buy Shared Ownership

Help to Buy Shared Ownership will lift the limits so that anyone who has a household income of less than £80,000 outside London, and £90,000 inside London, can buy a home through shared ownership.

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Help to Buy Shared Ownership

Help to Buy Shared Ownership will lift the limits so that anyone who has a household income of less than £80,000 outside London, and £90,000 inside London, can buy a home through shared ownership.

....and in the current governments wisdom, any household on more than £40k in London is deemed well off enough to pay private rental market rates if they live in HA/Council accommodation but needs financial help for a further £50k income to get a Shared Ownership slave box.

It's perverse.

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....and in the current governments wisdom, any household on more than £40k in London is deemed well off enough to pay private rental market rates if they live in HA/Council accommodation but needs financial help for a further £50k income to get a Shared Ownership slave box.

It's perverse.

The former policy is of course to get the HA and council tenants to exercise their right to buy. Tenants vote Labour first time buyers in massive mortgage debt vote Tory.

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