rockandrollcamper1 said:
Me and my girlfriend bought our first house in February - both got decent jobs and good credit records but couldnt get anything unless we had 20% deposit. After jumping through hoops and selling everything I had of value(apart from the bus) to get the deposit together we still couldnt get better than 6.8% variable (it isnt variable at all- until it works in the lenders favour). The silver lining is the bus is now safe and dry and we got a bargain reposession. Dont get me wrong I feel for the guy who lost the house . . . . . . . . but you have to take opportunities when they arise and if it werent for the likes of him, I woulnt have had a problem lending in the first instance.
House prices have went up gradually each month since we bought ours so I shouldnt cry too much really but alender who didnt take the P would help.
They are arses, it's all about LTV (loan to value). They cover their backs because they're worried about you going into negative equity (owing more than the house is worth).
Of course as usual, the people who are comfortable (i.e. small mortgage compared to value of the house) are laughing.
They get a really low rate but the very people who need a break like 'first time buyers' pay a super high rate like you have. Makes no sense at all. At least when you get your next house the prices should have gone up, of course, so will interest rates by then
This government reallly helps us, NOT :msn4:
