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Radio 4 Programme On Ftb

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With link on the right to actual programme which can be d/l.

Found myself completely gobsmacked by the advice this woman was received. She's on £17,000 which she claims gives her a take home pay of £1,100. This must mean she has no pension provision. She pays £230 a month on debts, and her step dad is willing to give her £20,000 as a deposit, though he seemed to think this was an investment he'd get back.

A mortgage broker advised she could afford a £100,000 property by taking an interest only mortgage over 30 years. There's just no need for this in Glasgow where loads of properties are under this price!

From the transcript

CURWEN: What you’re looking at doing is a huge responsibility

because you might be taking on a property that’s worth what, 5 times

your annual income?

KOUBAYSSI: It is a lot but I feel ready. I’m at the stage of my

life now where I feel ready to make that commitment and take on that


CURWEN: To borrow the kind of money that you want, you’re

really talking about an interest-only mortgage. That’s risky.

KOUBAYSSI: Yeah, when I went through the figures with Ray,

the interest-only mortgage is the only one that’s really going to give me

the buying power to get the kind of property I want. Before I did this

programme I was like, no way interest-only mortgages. But after

speaking to Ray, I kind of changed my views quite drastically on that,

and I found out if I was disciplined enough, I could pay some extra

money per month on to my mortgage which I didn’t even know was a

possibility with interest-only mortgages - and that’s really appealing to


CURWEN: Are you disciplined enough to do that?

KOUBAYSSI: At the end of the day, if I’m old enough to get a

mortgage on my own, I’m old enough to discipline myself to pay off

some of my capital, so I’m sure I’ll be able to do it. I’m just really

really excited about the possibility of getting on the property ladder.

I shake my head, I really do. I would never work out a purchase based on what I wanted, over what I could afford. I'm beginning to think there are very few who think that way though.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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