Page 1 of Will mortgages change??

I was thinking - in a very dull moment - will mortgages ever change?? The old system of multiples seems very archaic, with house prices increasing, but wages not, no one can buy. Will we see `affordability` looked at more - whether you can actually pay the repayments, or maybe mortgages over a longer period of time. I`m really not sure if anything will change - and they`ll be more and more 35 year olds living at home with their parents (no offense to any that are).

Discuss!

Kip

I bloody hope so...I cant buy a house on what Ive been quoted on for a mortgage (first time buyer). I had to laugh today when the guy on the local radio station was saying that Darlington was one of the top half dozen or so places where house prices were rising steeply here in the North East, and he was banging on about it being great for the town and that people were moving here cos darlington was such a great up and coming place ..GET REAL! Darlington is a s*** hole...the only reason they are moving here is because they cant afford to buy a house in Newcastle or `Boro...thats why are the roads out of darlington so damn busy on a morning and a night...commuters going to work...me included.

I agree, house prices are gonna have to come down or the whole system is gonna come to a halt...no first time buyers are gonna be able to get on the property ladder so the whole chain stops. Maybe the mortgage system needs a review...but how many banks are gonna lend a first time buyer £100,000 over more than 25 years in this day and age? I pay more to rent a flat than my Mum (who lives 2 streets away) pays for her mortgage on a 3 bedroom detatched house with a garage and big garden....I cant see myself moving anytime soon :/

The government want more people to get whole term fixed rate morgages, possibly over 35 years, and i can see a push towards this soon to try and stop a ny future bust in the market. I have given up much hope of finding anywhere to buy, as a first time buyer with little deposit (still paying off student debts..) i don`t stand much chance in London / Home Counties.

Was reading an article in the paper today that had homes for firsttime buyers, and had examples that were £250k!!! Yeah, of course most first time buyers have that to spend. :o

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...I`m hunting wabbits

This item was edited on Sunday, 18th April 2004, 22:54

Robert & UW,

Im in exactly the same boat - with a kid on the way!!

Im married and my wife and i still live at home with my parents simply cos i cant afford to move out. I refuse to rent as i believe its `dead` money. The bubble has to burst soon. I mean, a quarter of a million quid for a poxy two bed flat is just not on!!!

Neil
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"When my people were writing philosophy, your people were still swinging from trees..."

Something has to give eventually. As it stands, the only houses I can afford are either falling to bits or in crime-infested danger zones - and I live in the North East. A poor sod down South has absolutely no chance.

I say relax the planning laws, and get the Chinese onto it - if they can sell a DVD player for £29.99, I`m sure they can build a damned cheap house. :D

Mike

Well.. a smallish two bed house around here is aboot £140K - Which is just out of out of our reach - so we`ve had to go for a two bed flat. Its the only real way we can get our feet on the property ladder, and at least it`ll be ours.

Kip

Well.. a smallish two bed house around here is aboot £140K - Which is just out of out of our reach - so we`ve had to go for a two bed flat. Its the only real way we can get our feet on the property ladder, and at least it`ll be ours.

Kip

Yo kipster `av you got a stutter?

Marty :o

P.S. I`m 43 and I still live at home wiv da family..................................my wife says I have to!................ and the kids don`t want to see me go either.

A proud Eagle may soar high...........but a field mouse won`t get sucked into a jet engine!

Is it much cheaper to pay for a mortgage than to rent, I`m a 28 year old man still living with his mother I`m looking to move out but I thought of renting a place yet virtually every place I`ve looked at is over more than half my monthly wage, then I`d have a car to pay for, My food, any bills how the hell can I move out when its just financially impossible. I get called saddo at work but most of them are married and have a wife supporting if they were in my shoes they`d see what a daft bollocks they sound. It seems all the money you earn you have to give out,surely you should be allowed to spend at least some of it on yourself, it`s all wrong.

They`ll do what they do in places like Switzerland and offer Mortgages of up to 75 years - or more! You may never fully own your property, but at least you`ll own a part of it. A bit like the Endowment mortgage that I have really...!?! :(