Re: Housing, the economy and growth : Sun Feb 24, 2013 12:18 pm  

cod'ead wrote:

Not really.when we first applied for a mortgage, we had to show two years of regular saving history (as well as a 20% deposit), it's just a move back to the way things were

Until the end of "interest only" mortgages etc. then we'll never get the housing market back to where it should be, I kow plenty of people in £300k+ houses that really can't afford them, but Interest Only means they think they can, the contents are from Bright House and the cars on the drive are leased, they never have cash and everything (even a couple of pints) goes on credit.

Re: Housing, the economy and growth : Sun Feb 24, 2013 12:20 pm  

Standee wrote:

and also, not true.

You'd better tell Paul Lewis and his Money Box team then. They interviewed a lender a couple of weeks ago, who stated quite clearly that they were now looking more carefully, not just at income vs expenditure but just what that expenditure was spent on

Re: Housing, the economy and growth : Sun Feb 24, 2013 12:44 pm  

Standee wrote:

and also, not true.

well it is true because ive just had to do it....even though i wasnt losing.

went back with 3 months 'clean' statements and was accepted.

doesnt even show up as a bet on your statements just shows as a card transaction but still they refuse.

alot tighter now.

also had to show where i had got my deposit from, to stop money laundering. so had to send in more statements highlighting deposits i had made into my savings

Re: Housing, the economy and growth : Sun Feb 24, 2013 12:50 pm  

brearley84 wrote:

well it is true because ive just had to do it....even though i wasnt losing.

went back with 3 months 'clean' statements and was accepted.

doesnt even show up as a bet on your statements just shows as a card transaction but still they refuse.

alot tighter now.

also had to show where i had got my deposit from, to stop money laundering. so had to send in more statements highlighting deposits i had made into my savings

Apologies, I had misunderstood the context of your comment (hand't gone back over all the pages), I got the impression an LA or HA had turned you down for Social Housing because of a history of betting, I can understand a bank turning you down for a mortgage on the basis you suggest.

Re: Housing, the economy and growth : Sun Feb 24, 2013 1:31 pm  

Standee wrote:

Until the end of "interest only" mortgages etc. then we'll never get the housing market back to where it should be

One thing I've recommended my eldest to do, although they've been provisionally accepted for a mortgage, is to apply for the longest term that is offered and to speak to a "proper" building society who understand what house loans are about and who's business is house loans - she's a first time buyer and at 23 years of age shouldn't be phased by a 30 or even 40 year loan and neither should the lender (although they will be).

The simple truth is that the monthly repayments are critical to the new buyers and they are highly unlikely to live in the property for the full term anyway, some sensible annual reviews and valuations and the odd overpayment here and there should, in a sensible market, get them into the market and be ready to upscale in five to ten years time, close that mortgage and then look again.

Nationwide I have found to be always willing to talk.

Re: Housing, the economy and growth : Sun Feb 24, 2013 4:21 pm  

JerryChicken wrote:

One thing I've recommended my eldest to do, although they've been provisionally accepted for a mortgage, is to apply for the longest term that is offered and to speak to a "proper" building society who understand what house loans are about and who's business is house loans - she's a first time buyer and at 23 years of age shouldn't be phased by a 30 or even 40 year loan and neither should the lender (although they will be).

The simple truth is that the monthly repayments are critical to the new buyers and they are highly unlikely to live in the property for the full term anyway, some sensible annual reviews and valuations and the odd overpayment here and there should, in a sensible market, get them into the market and be ready to upscale in five to ten years time, close that mortgage and then look again.

Nationwide I have found to be always willing to talk.

40, 50 or even more years morgages are not unknown in Continental Europe. This occasionally rusults in parents leaving their children a liability instead of an asset. But as we know, renting - even for a lifetime, does not seem to attract the same social stigma that some 2@s put on it over here

Re: Housing, the economy and growth : Sun Feb 24, 2013 4:29 pm  

On the subjects of the Housing Benefit cap and the "bedroom tax", they have managed to cause two farcical and even more expensive scenarios.

Kensington & Chelsea have watched as tenants in receipt of HB have been evicted. Now because local authorities have a legal obligation to house such families, they are now paying over £1000 per week to put them up in B&B acommodation.

It is also anticipated that some social housing tenants will be evicted because their HB minus bedroom tax will not cover their rent. They will then need to be found alternative accommodation with fewer bedrooms, probably in the private rented sector and they will be charged higher rents for the smaller units, resulting in increased HB payments.

Re: Housing, the economy and growth : Sun Feb 24, 2013 5:17 pm  

cod'ead wrote:

40, 50 or even more years morgages are not unknown in Continental Europe. This occasionally rusults in parents leaving their children a liability instead of an asset. But as we know, renting - even for a lifetime, does not seem to attract the same social stigma that some 2@s put on it over here

The residue of ten or so years left on your parents 50 year mortgage wrapped up into their will when they shuffle off this earth would surely only be criticised by those with no compassion or sense of reality that you've just been given 80% of £250,000 and all you have to do is sell the bloody thing now.

However I would believe that there will be people like that, those who would see loans or mortgages on what they see as their inheritence right being an infringement of their rights.

I still recall the time my dad called me and my brother around to his house a couple of years after my mother had died and he had recommenced going back to Benidorm for long periods of time and he explained how he wanted to relocate there permanently but would need to sell his bungalow in the UK to do so, he asked for our permission to do this as he saw his own house as our inheritence. The meeting took about 30 seconds to resolve after we both told him to sell his house and spend the fookin lot in whatever way he saw fit and bollax to us both if there was nowt left.

His liver lasted for another eight years but jesus christ, what an eight years he had

Re: Housing, the economy and growth : Tue Feb 26, 2013 11:56 am  

brearley84 wrote:

ill try not too!

word of warning for others who do betting online too... like i do, got refused as they see it as a risk.

had to have 3 months clean bank statements with no betting transcations at all

Never knew that! Nice one! I'm looking for a house and I have a flutter online

Re: Housing, the economy and growth : Tue Feb 26, 2013 12:54 pm  

Good or Bad News?

Good or Bad News?