first time buyers

[Cheeky Monkey]

With the continuing influx of Eastern Europeans into this country (especially Poles into the South Coast towns) prices are just going to continue going up and up as the demand increases.

Pay £140k for a flat that was selling for £35k eight years ago? No thanks.

 

[Gully]

Only problem CM is that in another 8 years it will probably cost £250k.

 

[Lord Bracknell]

In 1975, the house I still live in cost £11,500. In 2004, the house next door (the other half of our semi) went for £295,000.

Our 90 per cent mortgage in 1975 was about three times our combined income. To get the same value deal today would require a combined income of £88,500. My neighbours are teachers, earning nothing like that. I have no idea how they've done it.

 

[Napper]

find a dodgy brooker , thats what i did . At the time he lied on forms , forged signatures on certain things and generally did what he had to do to get me on the ladder. At the time it was only for 70k and I later went on to sell the place for 125k .

Once you're on the ladder and can afford the repayments (even if tight) , you are sorted !

 

[dwayne]

Don't get caught up in the media hype. Having a house is not the be-all-and-end-all.

What's the point in tying up all your loose cash for the sake of a resonable pay out when you're 60!!??

If it's gonna be really tight bide your time and wait till you can really afford it - enjoy your youth, whilst it's still there

 

[Napper]

Don't get caught up in the media hype. Having a house is not the be-all-and-end-all.

What's the point in tying up all your loose cash for the sake of a resonable pay out when you're 60!!??

If it's gonna be really tight bide your time and wait till you can really afford it - enjoy your youth, whilst it's still there

fair comment but I think even a 130k mortgage works out cheaper than any rent + once a homeowner people chuck money at you.
And if you want to f off abroad then rent it out and have income while out there.

I say , bleieve the hype. It is all that and some

 

[The Great Cornholio]

My girlfriend bought her first flat in 1997 for £21000. Said 1 bed flat is now worth £100000. How would she afford that now on a salary of £12000?

All this talk of average wage is ludicrous. I earn above the average wage but if this were our first house, a 3 bed semi, we couldn't afford it on our joint income. How can that be right? We made £60000 on our last house in 3 years. That was a new build 3 bed - one of the few on the estate that wasn't detatched. How can a young family afford £170000 for a modest sized 3 bed house? Especially when the vast majority of new builds are 4 and 5 bed detached.

Millions of people have income below £15000. How are they supposed get on the ladder?

 

[Bozza]

All this talk of average wage is ludicrous. I earn above the average wage but if this were our first house, a 3 bed semi, we couldn't afford it on our joint income.

Isn't that exactly why references to the average wage are highly relevant and not ludicrous at all?

At least, it's why I mentioned it...

 

[Barrel of Fun]

These new schemes launched - share ownership and key worker housing should help a lot of people.

What about me? A non key worker with a student loan to pay off, yet to creep very far up the career ladder due to a change in career. It is high time that wages followed a similar path to property prices. Council tax does!!

 

[Starry]

That is right where I am.

I've probably glared across the bar of The Salt House at them...

And probably me as well, I lived out there for about six months when we were in and out of Bristol Children's.

 

[dwayne]

These new schemes launched - share ownership and key worker housing should help a lot of people.

What about me? A non key worker with a student loan to pay off, yet to creep very far up the career ladder due to a change in career. It is high time that wages followed a similar path to property prices. Council tax does!!

HSBC give a mortgage to recent grads based on what they could potentially earning in a few years time, might be worth checking out.

 

[Barrel of Fun]

HSBC give a mortgage to recent grads based on what they could potentially earning in a few years time, might be worth checking out.

Excellent. That is good news, I now have an excuse to badger my employer on the topic of how much I am likely to earn.

Thank you very much, Dwayne.

 

[Rangdo]

Excellent. That is good news, I now have an excuse to badger my employer on the topic of how much I am likely to earn.

Thank you very much, Dwayne.

I know someone with HSBC and they got a good mortgage from them as a graduate. However, he is paying interest only and is right on his limit so if he doesn't get decent pay rises over the next few years he wont have paid off any capital.

 

[sparkie]

It is so much more difficult these days and I'm glad I'm halfway through the mortgage on my final ( hopefully ) property

If I was a first time buyer today, the only solution I can see is to buy somewhere in a cheaper area of the country, and rent it out for 5 years or so, just to get on the ladder. Hopefully, the gain in price in the rental property would eventually enable me to buy something of my own down here.

 

[Beeneys gloves]

Best thing to do is get as much deposit as you can, go to a mortgage adviser and get them on the job.

Just bought me first house and they only took into account my salary as the girlf was temping, but managed to work out okay and we got a two-bedroom place.

Took about 6 months to actually go through, and Nationwide pulled out because she was temping, but Abbey seem to take anyone on.

When u do the internet ones and put ur details in, they only seem to lend about £80k of something stupid. But if u go in and see someone, they always find a way to bump that up quite a bit.

 

[The Clown of Pevensey Bay]

If I was a first time buyer today, the only solution I can see is to buy somewhere in a cheaper area of the country, and rent it out for 5 years or so, just to get on the ladder. Hopefully, the gain in price in the rental property would eventually enable me to buy something of my own down here.

That's exactly what I did... I worked in Carlisle for three-ish years until January, and bought a small house for £60Kish (which I lived in) two years ago. Am now working in London, and while my lovely public sector relocation allowance has just come to an end, I still haven't got a tenant.

The house needs a bit of work and sorting out, which I can't afford to pay an agent to have done; so I'll have to go up there several times to sort it all out. I think I was a bit naive to think the tenants would just come flocking to my door. I'm just a one-house amateur: being a professional property developer must be a nail-biting NIGHTMARE.

 

[readingstockport]

But I am still not convinced it is as hard as a lot of people would like us to believe.

You're simply wrong. Someone I know who is 25 has saved like mad and has 20,000 saved up for a deposit. He earns in the region of 25,000 pa and works bloody hard.

He can't even get a shoebox in Reading, I've not seen a house for less than 130,000 for years and unless he wants to take a 5 times mortgage he has little chance other than buying a delapidated property and renovating it, which he is seriously considering doing.

Your ignorance of the real world does you no favours starry.

 

[Uncle Spielberg]

Most first time buyers now get help from their parents with the deposit. 10 years ago the average ftb was 25 now it is 34. Many lenders will now offer up to 4 x joint incomes which can increase if the deposit gets higher.

Also try a lender who will lend on affordability or net disposable income as they can lend more than standard income multiples. Never borrow more than you can afford to pay each month and if you are going to the top of your budget get a fixed rate. Could go for interest only as many ftb's are doing to keep the costs down but its a false economy and it is best to go for repayment and extend term from 25 years to 35-40 years as at least you are making inroads into the debt.

If you borrow over 90% ltv gor for a lender who will not charge mip.

PM me for details.

 

[Uncle Spielberg]

The Mortage Works based lending on net disposable income I have a website that will calculate the borrowing they will consider based on net disposable income , take home - bills and credit commitments = net disposable income. They do not ask for an income figure such as annual salary.

 

[Napper]

i think natwest now do 5 x as well