oh dear: Five-times-salary mortgage offer

[wonderwaif]

You are not answering the question: how many average people who are first time buyers on combined £50k salary that wish live in a house worth £250k (just above average price) and have £60k cash as a deposit?

I state categorically that average first time buyers (for whose benefit this scheme is aimed) won't have that much spare cash, and as the result they will just have to borrow it elsewhere, thus actual risk is much higher than this high level of deposit may suggest, of course the risk to Abbey is not that high because they got their cash, but risk to whole market is huge.

You're not reading your own cut and pastes AtW, namely

"However, only borrowers with good credit ratings and low debt levels would qualify, Abbey said."

That means they can't borrow the 25% from other financial institutions.
I don't regard borrowing from mummy and daddy as high risk, (probably high risk to mummy and daddy, but as Ardesco said they wouldn't be lending it if they couldn't afford it)

[AtW]

How many people in the UK on £50k have got £60k spare cash for a deposit?

[Ardesco]

You are not answering the question: how many average people who are first time buyers on combined £50k salary that wish live in a house worth £250k (just above average price) and have £60k cash as a deposit?

What do you mean i'm not answering the question ??? How can I tell you how many first time buyers have £60,000 saved up??? My point is that there probably aren't many so not that many people are going to go for this new offer, and that the people that do go for it will have a damn good idea of what they are getting themselves into.

I state categorically that average first time buyers (for whose benefit this scheme is aimed) won't have that much spare cash, and as the result they will just have to borrow it elsewhere, thus actual risk is much higher than this high level of deposit may suggest, of course the risk to Abbey is not that high because they got their cash, but risk to whole market is huge.

And i'm stating categorically that a first time buyer will not get an unsecured loan for more than the joint annual wage that they bring in. It's all very well saying well get a loan, but once you start looking at loans over the 20k mark you are into secured loan territory. Guess what first time buyers can't get because they don't have any property to secure a loan to ?? Yes you got it a secured loan!!!!

Pull your head out of your ass and actually look at what you are saying AtW!! Bleating on about people getting loans when they are unlikely to be able to (Or if they can get them they obviously have nive rich relatives, or lots of equity hiddn away) doesn't suddenly make this the worst thing in the world ever.

Step back read what I have said and actually try and understand it before you reply again please.

[AtW]

How many people in the UK on £50k have got £60k spare cash for a deposit?

Make your estimate before I make my own.

[Ardesco]

How many people in the UK on £50k have got £60k spare cash for a deposit?

Make your estimate before I make my own.

Why am I bothering?

If you read my post you would know what my estimate was AtW.

Anybody else think AtW's brain is close to short circuiting and hes getting himself stuck in an infinete loop.....

[AtW]

How many people in the UK on £50k have got £60k spare cash for a deposit?

[Xenophon]

How many people in the UK on £50k have got £60k spare cash for a deposit?

AtW - Text that question to 63336 and see what they say. They are the Any Question Answered (AQA) people. Costs a quid or so.

[shaunbhoy]

Why am I bothering?

Anybody else think AtW's brain is close to short circuiting and hes getting himself stuck in an infinete loop.....

You have no idea how many people are of similar opinion.

You can't educate pork as they say!

[AtW]

How many people in the UK on £50k have got £60k spare cash for a deposit?

[shaunbhoy]

How many people in the UK on £50k have got £60k spare cash for a deposit?

Not you on either count, that much at least is crystal clear.