Tuesday, Jul 04, 2006

If you're in a position to choose then do it carefully

Firstrung: First-time buyers are being urged to get tough with mortgage lenders

First-time buyers are being urged to get tough with mortgage lenders this summer and refuse unnecessarily expensive and outdated loan choices.

Posted by Converted Lurker @ 01:13 PM (523 views)
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5 Comments

1. sebastian said...

When we first started thinking about housing we went to see the halifax then barclays then an independent advisor that was in an estate agent (it was free, why not) then an independent advisor my neighbour recommended. It didn't matter what deal was put on the table, the fact remained that we were well and truly priced out.

I wonder how many people actually go out and take the first mortgage they are offered? scary...

Tuesday, July 4, 2006 02:02PM Report Comment
 

2. Superruss said...

Too many at the moment And thats the problem.

I just passed a new development nearby today, offering a free car to those who buy this weekend. And probably every weekend to be fair - surely no one makes the largest buying decision of their lives in the space of a week.

I wonder, in this age of "me me me, now now now", is this the kind of desperate deal that is keeping those sales figures from plummeting down to a realistic level?

And what will be the next unsustainable strategy once this "deal" has scraped another layer of less financially savvy FTBs onto the perilous ladder?

If I saw a sign with By One Get One Free I MIGHT have a look.

Tuesday, July 4, 2006 04:18PM Report Comment
 

3. denzil said...

superruss said:
>>in this age of "me me me, now now now",

It wasn't that many years ago that if you wanted something you saved up and bought it but now you just reach into your pocket and pay with toy money and then end up in hock to a financial institution.

It always amazes me that as we supposedly become more advanced as human being we become more dumb and completely oblivious to the fact that satisfaction can be gained through non-material goods and wealth may not necessarily be related to money. Brown rants on about his economic miracle but it strikes me that we have gained a mirage of economic wealth and become spiritually poor.

Tuesday, July 4, 2006 06:17PM Report Comment
 

4. D'oh said...

Denzil - Agreed. However, it isn't easy to escape the madness created by everyone else. If most families have two people working then it makes it more difficult for a couple to live on one salary as the cost of assests such as houses etc. are driven up by the extra cash floating around in households with two working. Part of the problem is that the fixed costs of living are now (as I suppose historically they usually have been) a high proportion of the average income of a family, but now the definition of family requires two to be at work.

Most of my salary and my partner's salary goes on paying back loans for education, rent, council tax, utility bills, food and running the 2nd hand cars we need to get to our respective places of work (I'm lucky that I can walk to work most of the time as my car has been "in the shop" for over a month waiting for a part.) Luxuries such as travel, consumer electronics etc. are cheap relative to the 70s and I can afford many more of those things than could my parents, but there isn't much time to enjoy them as now 2 need to work fulltime where in the 70s only one had to. Both of us are still carrying over holiday from last year.

Wednesday, July 5, 2006 04:47PM Report Comment
 

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