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bomberbrown

Idiot F T B On B B C Breakfast!

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Salary = £26 PA

Deposit = £30k

Wants to buy a house costing £160k!!!

You muppet!!! :angry:

People this stupid and so willing to get themselves shafted by banks shouldnt be allowed loans. Im assuming his deposit is from the bank of mum and dad / inheritance? I bet if it had taken several years of hard sweat to earn it, living in a sh!thole rented flat, he wouldnt be quiet so willing to throw it away on something certain to loose him money.

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Well Im on a similar salary with a 25% bigger deposit (no bank of mum and dad, just hard graft and financial restraint for a decade!) and when such places get down to around £110K, I might start showing some interest!!

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He failed the insanity test by asking for it, thus he cant have it. If he didnt want it, then obviously he has sufficient sanity to be allowed it.

Catch 22 is still the best Catch :lol:

Edited to replace common sense with insanity

Edited by General Melchett

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Salary = £26 PA

Deposit = £30k

Wants to buy a house costing £160k!!!

You muppet!!! :angry:

I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

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I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

0n 26K a 150K mortgage is not affordable. Best advice; find something you can afford in a lesser area, if you can't don't buy, rent. One of the problems I have with FTBs and believe me I know that 'audience' is that the majority of those who want to buy/can buy won't entertain starting off at the real shitty end of the first rung. Anecdotally I have it with my Niece, won't buy in a poor area like her Mum and Dad did 30 years ago, wants to live in a good area from day one. Ironically if she'd bought in a lesser area 5 years ago and sold it she'd be in 'profit' by 50K.

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I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

The solution to the current situation/problems in the housing market are for property prices to fall by about -40% to -50%. It is a tried and tested solution historically and is currently in motion - so don't worry yourself too much. Once the average house price has returned to 3.5 to 4 times the average single income or 2.5 times average joint income mortgage lenders and Estate Agents will need to be heavily regulated so that we don't repeat the boom/bust cycle again, along with more or less taxing BTL out of existence (if this is done huge amounts of rental property will disappear .... but people will just buy a home instead). This will then allow people and families to pay a sensible amount on their mortgage whilst at the same time being able to pay their bills, have a decent quality of life, put money into saving and pension funds.

To say that people are coping with 6 times income mortgages is an utter joke and complete nonsense. Not a troll are you by any chance?

Do you think about families with 6 times income mortgages? Just how much of their income is going towards paying the monthly mortgage installement rather than spending it on food, clothes, heating, education, quality of life, etc. for the children?

Edited by Alfie Moon

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Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

Sorry - I don't see anyone asking for advice from us. They deserve all the piss take we can dish out until they come here for advice and we can give them the benefit of that advice which is don't buy.

We spend evry minute of every day discussing how things can be improved.

House prices need to be lower.

If house prices were reduced by 30% tonight I predict that in September there would be the largest number of mortgages approved ever.

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mortgage lenders and Estate Agents will need to be heavily regulated so that we don't repeat the boom/bust cycle again

The scandal is that before mortgage lenders were regulated lending remained in the region of 3 times joint income. Since becoming regulated (I think 2004) lenders allowed 6 times income. Go figure. More regulation needed? or maybe a regulator that actually did something.

prediction

Tory victory 2010. FSA disbanded 2012. New lighter touch proactive regulator 2012.

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The solution to the current situation/problems in the housing market are for property prices to fall by about -40% to -50%. It is a tried and tested solution historically and is currently in motion - so don't worry yourself too much. Once the average house price has returned to 3.5 to 4 times the average single income or 2.5 times average joint income mortgage lenders and Estate Agents will need to be heavily regulated so that we don't repeat the boom/bust cycle again, along with more or less taxing BTL out of existence (if this is done huge amounts of rental property will disappear .... but people will just buy a home instead). This will then allow people and families to pay a sensible amount on their mortgage whilst at the same time being able to pay their bills, have a decent quality of life, put money into saving and pension funds.

To say that people are coping with 6 times income mortgages is an utter joke and complete nonsense. Not a troll are you by any chance?

Yes, regulate mortgages. However you still need a rental market of some sort. BTL mortgages should have a minimum 30% deposit to reduce gearing, and tenants should have greater security of tenure - which would ensure landlards are really in it for the long term.

Just noticed I misspelled landlords, but I kind of like the result :P

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Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

Constructive advice : Wait and save. You'll be better off in the long run.

Constructive advice : If you're bored waiting, buy a book or something, as you don't have any choice.

Constructive advice : Instead of complaining that you can't get a mortgage, just remember that you're in a pretty good financial position, and if you can't get one, a lot of your peers won't be able to either. This will help reduce house prices, and being able to buy the same thing for less money is a good thing.

Constructive advice : You are not alone.

How could things be improved? Well, lenders could make sure they never offered mortgages on the terms he's looking for again, and kept their loan to income ratios permanently low.

Honest thoughts? I'd love to know where he gets his news from, because you'd have to have been encarcerated at the bottom of a soundproof well at Xmas to be unaware that house prices are falling, banks are lending a lot less, and things are looking increasingly bleak for the economy.

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Instead of taking the piss how about some constructive advice?

There are numerous times on this forum people come on here asking for advice, and advice is given (yes, very bearish advice 99% of the time) and most people on here dont laugh or p!ss take.

We do laugh at people who dont use their common sense, dont ask for advice and then cry publicly about it saying "its thebanks fault, its the governments fault, its everyone elses fault and its just not fair".

One thing ive learned is that life isnt fair, take responsibility, get on with it, but know who your friends are and know where and who you can ask for help and advice.

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I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

The point is exactly that he DOESN'T want to buy a house with money he has earned, he wants to buy with borrowed money. So your basic premise is flawed.

As for how things could be better for everyone, that's simple: LOWER HOUSE PRICES!

This site is helping change sentiment to achieve lower house prices, therefore it is a massive force for good. Everyone in the country should pay homage to this site and its posters. We are altruistic lovelies all.

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0n 26K a 150K mortgage is not affordable. Best advice; find something you can afford in a lesser area, if you can't don't buy, rent. One of the problems I have with FTBs and believe me I know that 'audience' is that the majority of those who want to buy/can buy won't entertain starting off at the real shitty end of the first rung. Anecdotally I have it with my Niece, won't buy in a poor area like her Mum and Dad did 30 years ago, wants to live in a good area from day one. Ironically if she'd bought in a lesser area 5 years ago and sold it she'd be in 'profit' by 50K.

If she'd survived 5 years in that area.

;-)

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I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

When the interest rates go skyward and the credit card companies realise the value of their clients homes does not cover their debt, all hell breaks loose with this kind of thinking. People are not managing it, they are maxing out credit cards, and this will stop very soon.

How to make things better is to permit the market to correct itself, and the forthcoming ever-accelerating crash, as we see from todays -14.8% falls in house prices as todays Halifax figure adjusted for inflations elegently demonstrate.

I'm afraid this will get much much worse and you may also have seen part of an economic downturn in many forms: less people going to restaurants, colleagues taking packed lunches to work, holidays at home this year etc etc. Shops are closing up and down the UK, meaning less and less are in work.

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26k wage = £1,635.63 monthly net (http://listentotaxman.com/)

Purchase price: 160 - 30k deposit = mortgage of 130k.

130k on a five year fixed from Nationwide, 25 year term = £884.28 /month.

Cost of running the house, including mortgage, bills, council tax etc, would be in the region of £1200-£1400 per month, depends how prudent he is, excluding food and travel.

Quite tight and he would be silly to stretch so far on his own.

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My suggestion is that he finds a partner.

It would then be a comfortable 2.5x joint salaries.

Where this notion came from that every single person in their 20s in this country should somehow be living in their own home I have no idea. It is a recent anomaly imho, driven by govt, banks, housebuilders. He's got his head up his ar*e.

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Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

==============================================================================

Plenty of constructive advice given, as you requested. However, the chances are that someone who whinges that they can't get a loan of 6X annual salary on a depreciating "asset" probably isn't interested in advice. And please bear in mind that it is this presumptious sense of entitlement that has contributed hugely to the ridiculous prices of homes in this country, prices that have crushed people's hopes and priced out a whole generation. The tide is turning and it will cause as much pain and euphoria on the way down as it did on its unsustainable way up.

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I don't think it is fair or very mature to slate a person who simply wants to buy themselves a home. People on here need to realise that many people just want a home, somewhere that they can call there own bought with the money they have earned.

Yes buying at 6x salary is very risky but people can and are managing it. Any FTB with any sense rents out a room to a lodger when things get tough, that's what me and the missus did when we bought our first house to help make it affordable.

Instead of taking the piss how about some constructive advice? why not discuss how things could be improved?

All i read on this site is people moaning and whinging about people who want to buy, yet there is very little discussion about how to make things better for everyone, were that to happen then perhaps people would take this site a little more seriously.

Written in the words of a true pillock. LOL keep em coming... (this is the very best comedy available today).

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Sorry - I don't see anyone asking for advice from us. They deserve all the piss take we can dish out until they come here for advice and we can give them the benefit of that advice which is don't buy.

We spend evry minute of every day discussing how things can be improved.

House prices need to be lower.

If house prices were reduced by 30% tonight I predict that in September there would be the largest number of mortgages approved ever.

Here here! Spoken in the true words of a HPC Master!

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If she'd survived 5 years in that area.

;-)

no she'd have been fine. TBH most supposed badlands are never as bad as we imagine. IMHO it's just the meeja and our pre-occupation with 'drive through' everything that's made us scared of such places. Spent time in one of the rougher parts of L'pool yesterday, TBH I feel more comfortable there than anywhere, you can buy a house for 60K and If I ever fell on me **** and had to start again that'd do me. :) You drive through the area and it doesn't look good, get out and walk around and you find it steeped with history and places like the local cafe (where the Mum running it was having a right go at her very lovely daughter) was entertainmnet you didn't have to pay for.

If I was an FTB starting off in Liverpool I wouldn't hesitate in buying there and I wouldn't hesitate recommending it to my kids. At that level they could pay the mortgage down by half inside ten years no sweat.

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Written in the words of a true pillock. LOL keep em coming... (this is the very best comedy available today).

:lol::lol::lol:

there's so much good/constructive advice on this site that I don't have the time to read it all.

the guy's an idiot.

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  • 399 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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