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davidmc08

Will We Be Able To Get A Mortgage?

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved.

I got my first mortgage last summer (luckily prices in my area where still well cheap), no questions where asked, it was like buying a bar of chocolate in Woolies!

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

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Too true.

Will there be an outbreak of hostilities on the site between cash-rich STRs like me and FTBs who still can't buy despite a crash?

There'll be good reasons to keep saving though until someone decides you can have a mortgage or you have enough cash to buy one.

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Too true.

Will there be an outbreak of hostilities on the site between cash-rich STRs like me and FTBs who still can't buy despite a crash?

It will be the cash buyers that get the bargains over the next couple of years.

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Too true.

Will there be an outbreak of hostilities on the site between cash-rich STRs like me and FTBs who still can't buy despite a crash?

Or between STRs who've seen their cash disappear when banks fail, FTBs who'll see their cash for their deposits disappear when banks fail, and staid-old gits, who've not STRed, but will still have a house!!

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved.

I got my first mortgage last summer (luckily prices in my area where still well cheap), no questions where asked, it was like buying a bar of chocolate in Woolies!

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

It is largely going to depend on the economy, if you look at housing trends, when there is economic turmoil, the prices of houses generally go down and lenders become reluctant to lend, and the reverse is true when the economy is booming. As we are now basically in recession or very close to it, we have to wait until house prices bottom out and the economy recovers, which is anyones guess, imho i would keep saving for at least another year, then look to buy after a 20pct drop, by that time the yield on property will stack up and if you dont buy the buy to letters will.

best regards

Carrington

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Or between STRs who've seen their cash disappear when banks fail, FTBs who'll see their cash for their deposits disappear when banks fail, and staid-old gits, who've not STRed, but will still have a house!!

:lol:

Maybe. But I feel lucky.

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As long as houses exist mortgages will exist

Granted that there will be times when mortgages will be difficult to get but in time risks will be re-priced and memories are short and it will happen all over again

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved.

I got my first mortgage last summer (luckily prices in my area where still well cheap), no questions where asked, it was like buying a bar of chocolate in Woolies!

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

If you think you might not get one, either:-

1) You stand no chance, because you know you have a bad history.

or

2) Your just being two cautious.

If our in the first group I congratulate you because you at least know your sub prime, unlike most other people who probably assume they are credit worthy. :P:lol:

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Extrapolating the present moment indefinately into the future is what got us into this mess in the first place. No offence dude but your not the first person to post this 'oh noes i will never be able to get a mortgage cos of the crunch so no house for me eva' argument and its pretty dumb.

No, you wont be able to get a mortgage in the crash unless you donate a kidney to MD's sick daughter or something. But you won't want one, BECAUSE THE VALUE OF THE HOUSE YOU BUY WILL BE CRASHING! and you wont know how far it has to go or how long it will last, like with the boom. In fact you'll probably reason that you can save ALOT money by sitting it out and waiting, cos you get things like markets and stuff ;)

eventually the crunch will be over, the economy will recover and house prices will begin to slowly rise again. Then, and only then, you will both want AND be able to get a mortgage, I'll take a wild stab and say it will be about 3.5 imes your annual salary and the bank willl expect you to front up maybe 15% to show your serious. The house you buy will cost significantly less than it does today. WTF are you b*tching about?

o.k /rant

Will there be an outbreak of hostilities on the site between cash-rich STRs like me and FTBs who still can't buy despite a crash?

I dont see any significant conflict of interest- unless you're planning on buying up the first rung at silly prices and renting it back to us to turn a profit... buying to let, as it were :rolleyes:

Edit:

got my first mortgage last summer (luckily prices in my area where still well cheap

:lol::lol::lol: good troll imo.

Edited by Laughing Man

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Too true.

Will there be an outbreak of hostilities on the site between cash-rich STRs like me and FTBs who still can't buy despite a crash?

Maybe. Machine gun fire. Tin hats.

i hope they save there bullets, because our STR funds are going to get us much bigger discounts with the arms dealers. :lol::lol::lol::P

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved...

....So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

Mortgages will always be handed-out.

You must remember that the bank's not lending you money, they're selling you money. As money becomes scarcer its price increases and house prices fall because fewer people can afford to pay that price for money.

The rest is detail - and the devil resides there.

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved.

I got my first mortgage last summer (luckily prices in my area where still well cheap), no questions where asked, it was like buying a bar of chocolate in Woolies!

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

Last summer prices in your area were STILL well cheap were they? (like lots of areas were recently or something...)

Sorry, apologies if wrong but your rambling ambiguous post screams vacant numpty or troll. ;)

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The longer the lenders don't lend the lower the prices will go..So if you can't get a mortgage it is because the banks haven't called bottom yet.

Then you should be larfing when it turns.

How many FTB's have 20k stashed away? on this site there may be a lot, but the general population relies on high LTV or bank of M&D.

High LTV are as rare as kamikazies at the post battle piss up. Bank of Mum and Dad might not be willing to lend in a falling market as they may remember the last crash and MEW'd last years holiday and several BTL's instead of a pension.

Now Nationwide withdraw out the market we are facing a full frontal from inflation and interst rates. The banks yelling "retreat retreat" asking for CB's to cover thier asses while they run to regroup.

How how much ammo the CB's artillary have is starting to become a serious question? At least the BOE and ECB are waiting to see the whites of thier eyes's...For now at least.

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If you think you might not get one, either:-

1) You stand no chance, because you know you have a bad history.

or

2) Your just being two cautious.

If our in the first group I congratulate you because you at least know your sub prime, unlike most other people who probably assume they are credit worthy. :P:lol:

No, not sub-prime. Not by a long way!

Never had a credit card, never missed a mortgage payment etc etc.

The whole tone of the post is that The Average Joe may not be able to get a mortgage.

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Last summer prices in your area were STILL well cheap were they? (like lots of areas were recently or something...)

Sorry, apologies if wrong but your rambling ambiguous post screams vacant numpty or troll. ;)

Why is it that whenever anybody 'new' posts something on this board they are branded a troll??

And yes Prices where affordable last year .. 2 bed traditional flat - 65k. Not too bad I thot.

Repayments are low , altho (and this is gona piss you off) I had to get a Liar Loan as I'm self employed!!

Now, I bet your gona say "You numpty, you fool, you'll lose your money when it all crashes" - Well thats fine!

Flat only cost 60k, if it HALVES in value, then everyting else in the area will have come down by at least 30% aswell, therefore I can rent this place out (already got a Q of renters) and snap up a nice Executive Detached house for about 200k.

Thats the plan!

Oh, and insult me again and I'm gona hunt you down ya little prck! ;)

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Why is it that whenever anybody 'new' posts something on this board they are branded a troll??

And yes Prices where affordable last year .. 2 bed traditional flat - 65k. Not too bad I thot.

Repayments are low , altho (and this is gona piss you off) I had to get a Liar Loan as I'm self employed!!

Now, I bet your gona say "You numpty, you fool, you'll lose your money when it all crashes" - Well thats fine!

Flat only cost 60k, if it HALVES in value, then everyting else in the area will have come down by at least 30% aswell, therefore I can rent this place out (already got a Q of renters) and snap up a nice Executive Detached house for about 200k.

Thats the plan!

Oh, and insult me again and I'm gona hunt you down ya little prck! ;)

They were affordable last year but not now. Yeah right, I believe you, I believe everything that shit-fer-brains little knobhead trolls tell me on this site cos, yes, I'm gullible like that, I'll swallow all the festering crap you spout. Bye for now. ;)

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They were affordable last year but not now. Yeah right, I believe you, I believe everything that shit-fer-brains little knobhead trolls tell me on this site cos, yes, I'm gullible like that, I'll swallow all the festering crap you spout. Bye for now. ;)

You truly are Paranoid!

Did you not undestand that I WANT PRICES TO FALL SO I CAN BUY A BIGGER PLACE!

FCKN IDIOT...

"The trolls , the trolls they're everywhere!! Aaaarrrhhhh!"

Check it out matey, small town 20 minutes from Glasgow, prices were REASONABLY affordable 12months ago.

If you fancy it, I can give you a guided tour of the area if you are ever up this neck of the woods - areshole.

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You truly are Paranoid!

Did you not undestand that I WANT PRICES TO FALL SO I CAN BUY A BIGGER PLACE!

FCKN IDIOT...

"The trolls , the trolls they're everywhere!! Aaaarrrhhhh!"

Check it out matey, small town 20 minutes from Glasgow, prices were REASONABLY affordable 12months ago.

If you fancy it, I can give you a guided tour of the area if you are ever up this neck of the woods - areshole.

OK, I'll cut the abuse, maybe I am paranoid (to be fair, not many places were affordable last year). You went on to mention people queuing up to rent your flat out and that you might buy an 'executive house' as the next step. This 'combination' sets off the HPC-troll-paranoia bells I'm afraid.

Hey, I don't want to be a tw@t if I've completely misread you, so I hope your plans work out well.

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Say prices come down 20 - 25% in the next 12 months and you decide you want to buy....

Is it likely that you will even get approved?

Even with a 15 or 20% deposit, is it likely that you will get approved.

I got my first mortgage last summer (luckily prices in my area where still well cheap), no questions where asked, it was like buying a bar of chocolate in Woolies!

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

So my point is, even if we will this crash on, we may find ourselves in a position where no mortgages are being handed out..

yep, pointed this out at start of 'credit crunch'. You'll need minimum 10% dipper, clean credit file and reasonably long term employment to thrive in the new austere market conditions. That 10% + additions will probably require close on 20K to buy average price house after correction, for years the industry has got folk in houses for literally no money down. If prices correct by 20% and you bought pre 2005 with a 100% then you may be proven to have played 'the game' well even if your equity is wiped out. Still, best to have a 150K mortgage than a 200K mortgage long term if prices fall by 50k

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OK, I'll cut the abuse, maybe I am paranoid (to be fair, not many places were affordable last year). You went on to mention people queuing up to rent your flat out and that you might buy an 'executive house' as the next step. This 'combination' sets off the HPC-troll-paranoia bells I'm afraid.

Hey, I don't want to be a tw@t if I've completely misread you, so I hope your plans work out well.

Fair play bud.

I think the small towns around Glasgow where the last to see HPI and so until last year where reasonably affordable.

The whole point of my story was simply to find out if the mortgage tap had been turned off for good (even to credit worthy folks), it seems it hasnt, just that rates are much higher.

Still, I think everybody needs to wait 10 -12 months maybe before we can see the big falls of 25 - 30%.

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...

I now want to move somewhere nicer (not rite now but in 12 months), but I'm not sure I would get approved.

...

Ownlee if U don't make spelling misteaks on your moregij appli-K-shin.

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Ownlee if U don't make spelling misteaks on your moregij appli-K-shin.

Hahaha..oh the banter.

Mate, go get some pussy, then maybe you wont be so bitter about missing the boat with HPI.

Why the fck would you criticise somebodys spelling on an internet forum. Sad.

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  • 292 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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