30% Mortgage!

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30% Mortgage!

Postby buttholesurfer » Wed Feb 20, 2013 8:45 pm

My son of 23 (yep I was an early learner!) had applied for a mortgage as a first time buyer. He was offered a mortgage with a 15% deposit of £18000, no mean feat for a young man. Got a price on a house excepted and a month along the mortgage company have increased the deposit to 30%!!!!! Are they taking the piss! I see still that average 'Joe' are still paying for the incompetent tits in the banking sector! I'm fucking savage! Looks like the bank of 'Dad' will have to step in.
I actually feel sorry for all the first time buyers now that actually try and save a deposit , then get knocked back.
Rant over!
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Re: 30% Mortgage!

Postby shackattack2 » Thu Feb 21, 2013 5:13 am

That sucks. We need to take a leaf out of Iceland's book and put the bankers who helped instigate the mess behind bars, instead of making the ordinary people foot the bill.
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Re: 30% Mortgage!

Postby Philshoz » Thu Feb 21, 2013 7:50 am

shackattack2 wrote:That sucks. We need to take a leaf out of Iceland's book and put the bankers who helped instigate the mess behind bars, instead of making the ordinary people foot the bill.


Iceland will just feed you horse shit as well as horse meat..........
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Re: 30% Mortgage!

Postby lefty » Thu Feb 21, 2013 11:53 am

bankers and politicians are tooooo close in the uk for the bankers to be put in prison after what they did

cant talk for the rest of the world but the small man will always be the person that pays. fair play to iceland if theye sent their lot down.


out if order what theyve done to your son.... cnuts
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Re: 30% Mortgage!

Postby Black » Thu Feb 21, 2013 12:00 pm

In the current climate many offers are time limited, probably down to a mixture of volatility and fear. We recently changed our mortgage but had to do so in a very short time frame.
Hey Butt did your son get the 15% offer in writing? If there's a contract he may have an argument?
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Re: 30% Mortgage!

Postby Kamikaze » Thu Feb 21, 2013 12:28 pm

Is it a new build property he wants to buy. I have heard that they are asking for bigger deposits as they reckon new builds are over priced. Although how they work that out I have no idea.
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Re: 30% Mortgage!

Postby c-lad fantastic » Thu Feb 21, 2013 1:45 pm

70% mortgage
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Re: 30% Mortgage!

Postby buttholesurfer » Fri Feb 22, 2013 11:38 am

It all stems from him looking for houses since November. Seeing a lot of so called mortgage advisors and them doing soft searches , which in the long run now has showed up on his 'credit report' as 19 searches. Even though his credit history is excellent, this background search history has put a spanner in the works , unknown to him at the time.
Long gone is the day when you went into a bank with payslips, a deposit and they could formally say on the spot your mortgage was excepted.
Lucky for him we are going to buy the house and he's going to buy it off use in 6 months when these so called soft searches are removed from his credit report.
@Black- No he had it verbally said and it looked not a problem for a mortgage with his salary of £28000 and girlfriends joint salary with the deposit.

A word of warning for anyone young looking for a first time buy... Get your credit history spot on and when you see the right house get the ball rolling as soon as possible. Do not go looking around for mortgages as this will score your credit down, also even if you search websites like 'compare the market' etc this will leave a trace on your history.
Another thing there are mortgage advisors and so called mortgage advisors , ask around and use word of mouth to chose one.
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Re: 30% Mortgage!

Postby Matt Rose » Fri Feb 22, 2013 11:52 am

buttholesurfer wrote:It all stems from him looking for houses since November. Seeing a lot of so called mortgage advisors and them doing soft searches , which in the long run now has showed up on his 'credit report' as 19 searches. Even though his credit history is excellent, this background search history has put a spanner in the works , unknown to him at the time.
Long gone is the day when you went into a bank with payslips, a deposit and they could formally say on the spot your mortgage was excepted.
Lucky for him we are going to buy the house and he's going to buy it off use in 6 months when these so called soft searches are removed from his credit report.
@Black- No he had it verbally said and it looked not a problem for a mortgage with his salary of £28000 and girlfriends joint salary with the deposit.

A word of warning for anyone young looking for a first time buy... Get your credit history spot on and when you see the right house get the ball rolling as soon as possible. Do not go looking around for mortgages as this will score your credit down, also even if you search websites like 'compare the market' etc this will leave a trace on your history.
Another thing there are mortgage advisors and so called mortgage advisors , ask around and use word of mouth to chose one.



They shouldnt but they do credit check, always TELL them not to do this until YOU want to go ahead. Had an estate agent ask my D.O.B told him where to go!!
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Re: 30% Mortgage!

Postby lefty » Fri Feb 22, 2013 10:16 pm

buttholesurfer wrote:It all stems from him looking for houses since November. Seeing a lot of so called mortgage advisors and them doing soft searches , which in the long run now has showed up on his 'credit report' as 19 searches. Even though his credit history is excellent, this background search history has put a spanner in the works , unknown to him at the time.
Long gone is the day when you went into a bank with payslips, a deposit and they could formally say on the spot your mortgage was excepted.
Lucky for him we are going to buy the house and he's going to buy it off use in 6 months when these so called soft searches are removed from his credit report.
@Black- No he had it verbally said and it looked not a problem for a mortgage with his salary of £28000 and girlfriends joint salary with the deposit.

A word of warning for anyone young looking for a first time buy... Get your credit history spot on and when you see the right house get the ball rolling as soon as possible. Do not go looking around for mortgages as this will score your credit down, also even if you search websites like 'compare the market' etc this will leave a trace on your history.
Another thing there are mortgage advisors and so called mortgage advisors , ask around and use word of mouth to chose one.



interesting stuff man, didnt realize that would go againts your credit report...

your boys a lucky man having you about to help him out with this. feel sorry for the kids who aint got people like you to hook em' up.
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Re: 30% Mortgage!

Postby buttholesurfer » Fri Feb 22, 2013 10:51 pm

I actually read that because of the bank system reigning in all loan agreements , that the average age of a first time buyer is 35! That means if your mortgage runs for 25 to 30 years , your nearing retirement!
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