oh dear: Five-times-salary mortgage offer

[Mailman]

A couple of credit cards will get you to 25k

Dont you still have to prove that you saved the deposit or are the banking institutions so eager for your business that they dont care if it comes from selling crack lemonade?

ShaunB, first time buyers in London probably face prices around £300k if they want to live within the same time zone as the city.

Mailman

[shaunbhoy]

ShaunB, first time buyers in London probably face prices around £300k if they want to live within the same time zone as the city.

Mailman

Let the feckers rent then, there is no god-given right to own.

[Sockpuppet]

First time buyers do not purchase houses that expensive. They buy what they can afford then upsize over time. Another obvious point that you have spectacularly missed. Best you just keep renting as you clearly have grasped nothing of the UK property market.
Then again why would we expect you to? As you have been overtaken in the Food Chain by items that "flourish in well-drained soil in full sunlight", my hopes for your future well-being were never high!!

Erm...are you a first time house buyer?

I am and I can't afford tulip. I dont want to live in a flat, I have a dog and need a garden / small patio for him to crap in.

To get that I would need to fork out about £150,000 for a terraced house.

I refuse to do that as its a rip off (plus abusing the parents house means I can save more and wait for the mountain of debt to cripple the rest of the country).

The problem is not the number of houses being built. Its the type of house. All the houses being built near me are "5 bedroom luxury country houses" - £365,000. Feck off!

I think the govt should put a blanket ban on all greenfields development as there are shed loads of brownfield sites that could be redeveloped before they go and cut up large swathes of the country side to built a house for some yuppy to park his 4x4 outside.

[Sockpuppet]

Let the feckers rent then, there is no god-given right to own.

No, but Margaret Thatcher (i think) said "there is no prouder word in the english language than homeowner".

[TwoWolves]

The problem is not the number of houses being built. Its the type of house. All the houses being built near me are "5 bedroom luxury country houses" - £365,000. Feck off!

Wow that's cheap! Where is it? - I'll take two.

[shaunbhoy]

Erm...are you a first time house buyer?

Good Lord no! But I was once. Difference was, I did not expect to have everything laid on a plate for me from day one like you seem to.

I am and I can't afford tulip. I dont want to live in a flat, I have a dog and need a garden / small patio for him to crap in.

And, I dare say, relatively young. And as is typical of your generation, unprepared to compromise. What exactly is wrong with a flat as a first time buy? That's what I started with, and I now have a 6-bedroomed place, but it took time and sacrifices. If you don't have the vision to see that having a dog whilst you don't have a house is blinkered then there is little can be done for you mate.

To get that I would need to fork out about £150,000 for a terraced house.

So DO IT then and stop bleating you turnip!!

I refuse to do that as its a rip off (plus abusing the parents house means I can save more and wait for the mountain of debt to cripple the rest of the country).

A real "something for nothing" sponger if ever there was one!! Don't mind ripping your parents off though eh? In my day we would have been ashamed of the fact that we could not stand on our own two feet when we left school. Nowadays they need their @rses wiping for them till they reach their 30s/40s. God no wonder they are so anti-war, none of them seem to have the kahoneys to deal with one anyway!! W@nkers!

[Ardesco]

Must be oop north somewhere.

My original purchase down south (a 2 bedroom flat with no garden or central heating) cost me £130,000 about 5 years ago so £150,000 for a terraced house or a flat sounds like a good starting point

[sasguru]

5 times salary is Ok provided:

(1) interest rates stay permanently low over the term of your loan - too early to tell if the "new economic paradigm" is true
(2) your salary rises dramatically over the term of your loan (much higher than inflation) - unlikely for most people

Sounds risky. However in London there are so many investors and cash-buyers that normal people don't have a choice. This year in the City, bonuses will total 8.8 billion shared over a few thousand people, a substantial amount of which will be invested in property. If you add in those like me who bought early in the boom and can now buy for cash, foreign investors (rich Chinese, Indians, Russians and others ) I don't see prices falling anytime soon (at least in London).

[shaunbhoy]

No, but Margaret Thatcher (i think) said "there is no prouder word in the english language than homeowner".

I imagine she had people in mind with considerably more moral fibre than you though. I don't think she invested a lot of time imagining what freeloaders like you might do to get by, or the depths you might stoop to in order to avoid taking responsibility for your lot.

[TheOmegaMan]

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

Well last year it was 67,396, whoops forgot Rupert in the next cubicle, yes it's 67,397. Out of 323,634 first time buyers in the country that is quite a few. If we take the average house price of £250,000 times the number of new buyers + transactions costs and take account of the time value of money I see lending rising by £20m next year assuming everyone takes this offer. Not that much compared to my salary really.