Brabus
Member
Registered: 25th Oct 07
User status: Offline
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Found a property, its a new build 2 Bed semi. Is on the shared ownership scheme, we will be buying the most they will let us to start with(50%) with option to purchase the other 50% after 6 months. Applied for the mortgage with Britannia(as i work there and so get staff rate 3% fixed for life with no arrangement fee).
The have come back to us today and said they will lend us the money at 75% LTV, we have saved 15% over the last year or so to put down....but we now have to try and find £14k! 
I dont see how they can expect FTB's to find that sort of money up front but thats life i suppose.
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James
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Registered: 1st Jun 02
Location: Surrey
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3% fixed for life staff rate 
When I worked at Barclays their staff rate was shit.
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Brabus
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Registered: 25th Oct 07
User status: Offline
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Would be alright if they wernt such tight arses at lending 
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Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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That is more or less what they said to us, Leeds Building Society said we needed to raise another 2k, we already stumped up 8k by this point and decided that if they want to make what is supposed to be an easier way to get on the ladder really fucking difficult then what's the point?
We will save another 10k now and buy go down the normal mortgage route.
Fucking ludicrious.
[Edited on 23-04-2009 by Ojc]
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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We are doing same as Ojc as well, renting and saving at the same time, looking to get around 25% or more deposit then when everything is a bit more liquid again going to get some silly small % mortgage and have more disposable income when we need it most (house repairs / kids shit like that)
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Brabus
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Registered: 25th Oct 07
User status: Offline
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quote:
Originally posted by Ojc
That is more or less what they said to us, Leeds Building Society said we needed to raise another 2k, we already stumped up 8k by this point and decided that if they want to make what is supposed to be an easier way to get on the ladder really fucking difficult then what's the point?
We will save another 10k now and buy go down the normal mortgage route.
Fucking ludicrious.
[Edited on 23-04-2009 by Ojc]
Exactly mate, we got 15% together which when your both 22 is a lot of money, we then opted for the shared ownership to further help us get a property and they still turn round and say they want more. How on earth do they expect to get the industry moving again when they wont lend money to people who can clearly afford.
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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I've been saving for ages to try and get a mortgage but i've given up now and Im going to rent for a while.
Even with saving the majority of my salary every month I can't hope to get 20% + on my own, going to give it a few years, add to my savings slowly and try and again in about 5 years I think.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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So it's the lenders being tight?
Corsa 2.0 16v Vegas - Sold
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Brabus
Member
Registered: 25th Oct 07
User status: Offline
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Yes, i think they have all had there arse's bitten and are now scared to lend to anyone without a 90% deposit
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ENB
Member
Registered: 24th Apr 06
User status: Offline
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To be honest, 25% sounds reasonable for giving you such a good rate.
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Brabus
Member
Registered: 25th Oct 07
User status: Offline
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Lending criteria is the same for customers as it is for staff. if i had applied for the customer rate of 6.76% i would be in the same situation.
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whitter45
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Registered: 15th Nov 02
Location: Norton
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to be honest its not lenders being tight
they are protectign themselves as this is why the conuntry is in the state its in
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ENB
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Registered: 24th Apr 06
User status: Offline
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quote:
Originally posted by Brabus
Lending criteria is the same for customers as it is for staff. if i had applied for the customer rate of 6.76% i would be in the same situation.
It's still doesn't seem unreasonable.
Are you suggesting you should have preferential acceptance as well a preferential rate?
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Robbo
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Registered: 6th Aug 02
Location: London
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the amounts they are demanding form FTB are compeltely unreasonable and unrealistic
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X 60RSA
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Registered: 20th Aug 01
Location: Lincoln
User status: Offline
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At the end of the day, annoying as it maybe for folk struggling to get on the property ladder, if you can save what they ask for, it will be worth while. You'd prob never save 15k for example, damn good achievement if you do it.
I put 15k down on my house last year, , i've now lost that 15k due to the current situation, well not lost it as such but if i had to remortgage now i'd maybe be struggling to remortgage. BUT in saying that, halifax's standard variable rate is lower than my fixed rate, nevermind!
I've got another 2yrs left until i look to remortgage, fingers crossed i'll be ok.
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Brabus
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Registered: 25th Oct 07
User status: Offline
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quote:
Originally posted by ENB
quote:
Originally posted by Brabus
Lending criteria is the same for customers as it is for staff. if i had applied for the customer rate of 6.76% i would be in the same situation.
It's still doesn't seem unreasonable.
Are you suggesting you should have preferential acceptance as well a preferential rate?
Not at all, that was in response to you implying that the lending criteria was different according to the rate offered,
'To be honest, 25% sounds reasonable for giving you such a good rate.
I was simply correcting you to say this is not the case, i wasnt implying whether it was right or wrong. What i am saying is that the government and lenders should do more to help FTB's get a mortgage whilst house prices are at a low.
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ENB
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Registered: 24th Apr 06
User status: Offline
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Nah, I wasn't trying to imply that. Just saying it's a good rate and if I was in that position I wouldn't mind finding 25% to get it.
25% on the other hand is a lot though. I only put down 5% last year as it was all I could afford, but my rate is not as good as the one you're talking about (it's around 6%, fixed for 5 years).
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Brabus
Member
Registered: 25th Oct 07
User status: Offline
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As of 20 mins ago the Britannia is now the Co-operative....therefore that rate may be subject to change anyway 
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