1. Log in now to remove adverts - no adverts at all to registered members!

Off Topic Politics Thread

Discussion in 'Southampton' started by ChilcoSaint, Feb 23, 2016.

  1. Beddy

    Beddy Plays the percentage

    Joined:
    Jan 25, 2011
    Messages:
    9,567
    Likes Received:
    2,694
    Oh I understand regulations alright..........I understand oh to well......... I just don’t truly understand the need for a 10% deposit to buy your first house. There is also some technical reason why the kids can’t get a help to buy loan as well. I have never been in favour of lenders doling out loans to those that can’t afford it. It’s my understanding though if it is thought the proposers are able to afford a loan......where did the 10% come in to it. In theory they could apply for an ordinary loan up to the purchase price. Although granted they would have to pay it back in a shorter period of time. ( I know they would have had to have an extremely high salary to do that )
    In Australia my niece & her husband have just bought their first home (roughly the equivalent £270000) they bought it with the equivalent of £20000 deposit.

    Edit .......The point I’m trying to make is some countries were not affected by the recent downturn and have never felt the need to be so hard on young people and their home loans.
    My sons in the US seem to think although they were the start of the downturn to their knowledge the ability to pay is more important than a large deposit. Although financial institutions are tougher and more strindant with their checks these days.
     
    #11941
    Last edited: Oct 8, 2018
  2. ImpSaint

    ImpSaint Well-Known Member

    Joined:
    Aug 17, 2011
    Messages:
    7,748
    Likes Received:
    1,790
    I think it is more to do with the total mortgage value. £235k is a lot for a house so they want a larger deposit. If it were an £80k house I'm sure most banks would do a mortgage on 5% or less. Probably even do a 100% mortgage.

    There are plenty of new builds that will pay the deposit leaving a 95% mortgage needed. Think the government ones are 95% as well. "Help to buy"
     
    #11942
  3. ChilcoSaint

    ChilcoSaint What a disgrace
    Forum Moderator

    Joined:
    Feb 8, 2011
    Messages:
    37,240
    Likes Received:
    35,090
    Try finding an £80k house anywhere in the South Imps! I have a 2 bed mid-terrace that cost me £235k 2 years ago.
     
    #11943
  4. Beddy

    Beddy Plays the percentage

    Joined:
    Jan 25, 2011
    Messages:
    9,567
    Likes Received:
    2,694
    Even the retirement flat my Granddaughters inlaw wants to buy is up near the £200,000 mark. So there is definitely nowt down here for less than Twice the £80,000 imps is mentioning!!
     
    #11944
  5. saintrichie123

    saintrichie123 Well-Known Member

    Joined:
    Jan 29, 2011
    Messages:
    29,792
    Likes Received:
    34,463
    £80,000 will struggle to get a 1 bed flat these days.
     
    #11945
  6. BobbyD

    BobbyD President

    Joined:
    Oct 25, 2013
    Messages:
    21,113
    Likes Received:
    16,152
    depends where you go but in the south, that is correct
     
    #11946
    ImpSaint likes this.
  7. Libby

    Libby 9-0

    Joined:
    Feb 9, 2011
    Messages:
    76,434
    Likes Received:
    77,112
    Where you based Bobby out of interest, London?
     
    #11947
  8. BobbyD

    BobbyD President

    Joined:
    Oct 25, 2013
    Messages:
    21,113
    Likes Received:
    16,152
    yeah london, everything is ridiculous in this area but i'm fortunate enough to be earning enough wonga to afford a place
     
    #11948
    Libby likes this.
  9. ChilcoSaint

    ChilcoSaint What a disgrace
    Forum Moderator

    Joined:
    Feb 8, 2011
    Messages:
    37,240
    Likes Received:
    35,090
    London is a special case, house prices are ridiculous there but at least many employers add a London Weighting to wages.

    House prices in Bristol have risen twice as fast as in London in the last year, and the average house price is currently around £300k. And, of course, no London Weighting.
     
    #11949
    BobbyD likes this.
  10. ImpSaint

    ImpSaint Well-Known Member

    Joined:
    Aug 17, 2011
    Messages:
    7,748
    Likes Received:
    1,790
    I agree but I wasn't talking about the south ;)
     
    #11950

  11. ChilcoSaint

    ChilcoSaint What a disgrace
    Forum Moderator

    Joined:
    Feb 8, 2011
    Messages:
    37,240
    Likes Received:
    35,090
    Everyone else was.
     
    #11951
  12. Beddy

    Beddy Plays the percentage

    Joined:
    Jan 25, 2011
    Messages:
    9,567
    Likes Received:
    2,694
    Silly question.......but we have all heard of the minimum wage. Do the people living in London get a better rate? (London weighting etc)
     
    #11952
  13. Archers Road

    Archers Road Urban Spaceman

    Joined:
    Jun 1, 2011
    Messages:
    53,846
    Likes Received:
    58,346

    Nowhere near enough to compensate for the additional cost in housing alone. And would depend on the employer anyway.

    When I left Royal Mail in 2012 my London weighting was less than 5% of my salary.

    To give you an idea of housing costs, a two bedroom flat in suburban London would cost a minimum of £400,000 to buy, and at least £1000 pcm to rent, probably more like £1200.
     
    #11953
  14. AberdeenSaint

    AberdeenSaint Well-Known Member

    Joined:
    Aug 4, 2011
    Messages:
    3,790
    Likes Received:
    3,228
    I lived in 72 Glen Road, Woolston, in 1978 - there were four of us and it cost £4 each per week. It was a bit of a hovel. It has just been on the market for £235k !
     
    #11954
    Archers Road likes this.
  15. BobbyD

    BobbyD President

    Joined:
    Oct 25, 2013
    Messages:
    21,113
    Likes Received:
    16,152
    and it would take you probably around hour to get to work from suburban london too at those prices.
     
    #11955
    Archers Road likes this.
  16. saintrichie123

    saintrichie123 Well-Known Member

    Joined:
    Jan 29, 2011
    Messages:
    29,792
    Likes Received:
    34,463
  17. Velcro Roy

    Velcro Roy Well-Known Member

    Joined:
    Aug 31, 2012
    Messages:
    1,738
    Likes Received:
    1,844
    Well shock horror!
     
    #11957
    ImpSaint likes this.
  18. ChilcoSaint

    ChilcoSaint What a disgrace
    Forum Moderator

    Joined:
    Feb 8, 2011
    Messages:
    37,240
    Likes Received:
    35,090
    Involves Northern Ireland being in the Customs Union, with Customs in the Irish Sea. The DUP, as well as most other parties, will vote that down.
     
    #11958
  19. Channonfodder

    Channonfodder Rebel without a clue.....

    Joined:
    Feb 6, 2011
    Messages:
    5,133
    Likes Received:
    1,949
    Yup. The truth is that you can have a hard border in the Irish Sea, or you can have one between the North and South. Those are the only two choices if we leave.
    Personally, I shall be having my say in London on the 20th.
     
    #11959
  20. tiggermaster

    tiggermaster Well-Known Member

    Joined:
    May 2, 2012
    Messages:
    1,698
    Likes Received:
    1,270
    Let me get this straight. The DUP don't want a border in the Irish, yes Irish Sea. They don't want a hard border with Eire. And they don 't want to stay in the EU. They don't want much do they? More money from us the tax payers.. Really? Be careful who you get into bed with Mrs May.
     
    #11960

Users Who Are Viewing This Thread (Users: 2, Guests: 0)

  1. Gregm1988
  2. StJabbo1

Share This Page