Lenders aren't stupid. They know that the asset you are buying is going to fall at least 20% (probably nearer 50%) over the next 2 years, so they are trying to ensure that falls does not put them at risk of loses.
Build your cash pile, sit back and wait.
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Reply to: Todays no tulip sherlock poll
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Previously on "Todays no tulip sherlock poll"
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Originally posted by Tensai View PostMy thoughts exactly.
The usual blocker is being unable to come up with a 5% deposit plus all the other expenses needed (which for a £200K property in London is tricky for a couple of youngsters.) Even if property prices drop 10 to 20%, that doesn't affect the stamp duty and deposit required by much AND most lenders seem to want >10% deposit these days?
Hopefully someone much brighter than me will show me the error in my thinking.
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Originally posted by Tensai View PostMy thoughts exactly.
The usual blocker is being unable to come up with a 5% deposit plus all the other expenses needed (which for a £200K property in London is tricky for a couple of youngsters.) Even if property prices drop 10 to 20%, that doesn't affect the stamp duty and deposit required by much AND most lenders seem to want >10% deposit these days?
Hopefully someone much brighter than me will show me the error in my thinking.
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Originally posted by scooby View Posthow will they buy when no one will give them a mortgage?
The usual blocker is being unable to come up with a 5% deposit plus all the other expenses needed (which for a £200K property in London is tricky for a couple of youngsters.) Even if property prices drop 10 to 20%, that doesn't affect the stamp duty and deposit required by much AND most lenders seem to want >10% deposit these days?
Hopefully someone much brighter than me will show me the error in my thinking.
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The BBC report is typical nuLieBore spin.
As the septics say, "Making chicken salad out of chicken s....."
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Same old formula; state the bleeding obvious under the heading of "a recent report" or "a recent survey shows . . ." throw a few percentages in for authenticity, then wheel out an academic to back it all up.
Tabloid journalism at it's most inane.
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And to counter the BBC trainee journalist's view, here is another noob journalist's view:-
http://www.metro.co.uk/news/article....&in_page_id=34
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Originally posted by Sockpuppet View Post
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Todays no tulip sherlock poll
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