Slim Posted May 18, 2011 Share Posted May 18, 2011 Luckily I am not in the market for a mortgage but if we are benefiting from some positive elements from the UK economic issues one UK issue seems to be a combination of harder to access mortgages combined with more realistic LTV ratios and much tougher/realistic valuations than a few years ago. Is that similar for property buyers here? Yes, I think it's equally as hard to get a mortgage here, and the products are the same so big deposits are required. There are some 10% products around, but the interest rates are nasty. Talking with a Castletown estate agent this morning. He was commenting that prices are coming down not staying flat as IHO sellers are beginning to reach the point where they just want to sell and move on rather than hang out for another 12 months+ for unobtainable prices. Interesting. I imagine it varies quite a bit on the type of property. Link to comment Share on other sites More sharing options...
Evil Goblin Posted May 18, 2011 Share Posted May 18, 2011 I have a lot of money to invest, sod-all interest from Braclays. Bourgeouis Capitalist Pig!! Link to comment Share on other sites More sharing options...
Jam_Sandwich Posted May 18, 2011 Share Posted May 18, 2011 Yes, I think it's equally as hard to get a mortgage here, and the products are the same so big deposits are required. There are some 10% products around, but the interest rates are nasty. Just picking up on that I'm only able to afford in my price bracket a flat at the minute. (Not wanting sympathy!) I went to see a mortgage advisor to satisfy my curiousity of what I could afford thinking it would be xyz - it turned out it was significantly less than I thought. I was also working on the principal of 10% deposit for the mortgage, but as the majority of the flats over here are converted buildings I require a 20% + deposit (unless it's ala Spectrum/Douglas Head and the like only 10%) Meaning the deposit needs to be waaaaaaay bigger. Essentially meaning 20k deposit (min) for anything half decent (that's being generous). I'm struggling to see how FTB will get on the market without the Bank of Mum & Dad. Again, I'd love to know the stats over here, average age of FTB etc etc. Ah well! Link to comment Share on other sites More sharing options...
Slim Posted May 18, 2011 Share Posted May 18, 2011 I was also working on the principal of 10% deposit for the mortgage, but as the majority of the flats over here are converted buildings I require a 20% + deposit (unless it's ala Spectrum/Douglas Head and the like only 10%) Meaning the deposit needs to be waaaaaaay bigger. Essentially meaning 20k deposit (min) for anything half decent (that's being generous). I'm struggling to see how FTB will get on the market without the Bank of Mum & Dad. Again, I'd love to know the stats over here, average age of FTB etc etc. Ah well! That's actually improved over recent years, for a long time you really struggled to get anyone to loan on a converted flat at all. Yes, FTB is tough, you've got to save. I do struggle to be that sympathetic, I see plenty of young-uns in 20k cars and taking holidays. It's always been hard to buy your own gaff. Link to comment Share on other sites More sharing options...
Jam_Sandwich Posted May 18, 2011 Share Posted May 18, 2011 That's actually improved over recent years, for a long time you really struggled to get anyone to loan on a converted flat at all. Yes, FTB is tough, you've got to save. I do struggle to be that sympathetic, I see plenty of young-uns in 20k cars and taking holidays. It's always been hard to buy your own gaff. Have a nice little Ford Fiesta, so don't have the 20k car. Do enjoy my holidays though. But nothing extravagent. Even stay at hostels to cut costs. I'll agree it's always been hard to buy your own gaff, but I believe now it's incredibly harder than it was 5, 10 or even 20 years ago. Link to comment Share on other sites More sharing options...
Slim Posted May 18, 2011 Share Posted May 18, 2011 Have a nice little Ford Fiesta, so don't have the 20k car. Do enjoy my holidays though. But nothing extravagent. Even stay at hostels to cut costs. Yeah, I was generalising, but I think it's still true that many FTB's have more disposable income than in other generations but are less prepared to save it. I'll agree it's always been hard to buy your own gaff, but I believe now it's incredibly harder than it was 5, 10 or even 20 years ago. Five years yes, but we can see where giving mortgages freely to anyone that wanted one will get you. I struggled to buy my first place, had to borrow from the bank of Mum, went without, and my mortgage rate was 13%. Don't feel too hard done to Link to comment Share on other sites More sharing options...
GD4ELI Posted May 18, 2011 Share Posted May 18, 2011 I have a lot of money to invest, sod-all interest from Braclays. Bourgeouis Capitalist Pig!! C'est moi matey Link to comment Share on other sites More sharing options...
Jam_Sandwich Posted May 18, 2011 Share Posted May 18, 2011 Have a nice little Ford Fiesta, so don't have the 20k car. Do enjoy my holidays though. But nothing extravagent. Even stay at hostels to cut costs. Yeah, I was generalising, but I think it's still true that many FTB's have more disposable income than in other generations but are less prepared to save it. I'll agree it's always been hard to buy your own gaff, but I believe now it's incredibly harder than it was 5, 10 or even 20 years ago. Five years yes, but we can see where giving mortgages freely to anyone that wanted one will get you. I struggled to buy my first place, had to borrow from the bank of Mum, went without, and my mortgage rate was 13%. Don't feel too hard done to ~ Fair point! I'd love the 3% in my savings account though nevermind 13% :-) Link to comment Share on other sites More sharing options...
GD4ELI Posted May 18, 2011 Share Posted May 18, 2011 I'll agree it's always been hard to buy your own gaff, but I believe now it's incredibly harder than it was 5, 10 or even 20 years ago. Just wait - private opinions from valuers and those in 'the know' are that prices have further to decline. IMO rents are too high but that's a different argument. I bought my first house using the bank of Mum and Grandfather about 32 years ago. My next purchase will be cash, no mortgage, no debts. Retirement in just a few years, can't wait Link to comment Share on other sites More sharing options...
GD4ELI Posted May 18, 2011 Share Posted May 18, 2011 BTW - those who bought from Hartford Homes in Ramsey http://www.hartford....velopment.php?4 will have a hard time selling. IMO they paid too much, a few I know round here in the building trade are not impressed with the build quality. I get the impression that prices for the new houses on this estate are dropping. Link to comment Share on other sites More sharing options...
Kopek Posted May 18, 2011 Share Posted May 18, 2011 GD4ELI, there is a 2 bed bung in Glen Auldyn for 225k! I thought that Glen A attracted a premium for location, this seems rather cheap? Is there something wrong with it? Cowley Groves are also advertising a 'One Million' reduction on a west coast property, sounds like a bargain!!! Link to comment Share on other sites More sharing options...
Blade Runner Posted May 18, 2011 Share Posted May 18, 2011 GD4ELI, there is a 2 bed bung in Glen Auldyn for 225k! I thought that Glen A attracted a premium for location, this seems rather cheap? Is there something wrong with it? Cowley Groves are also advertising a 'One Million' reduction on a west coast property, sounds like a bargain!!! Having lived in Glen Auldyn for a few years I would say that bungalow you mention would suffer from midges, its name is a hint, not normal midges but Glen Auldyn ones that mean you cant go into your garden anytime after about 4:30PM plus you loose the sun at about the same time. Apart from that though it is a very nice place to live. Link to comment Share on other sites More sharing options...
Kopek Posted May 18, 2011 Share Posted May 18, 2011 What was its name again? Marsh Cottage? Ta Blade Runner, guess I'll go for the west coast one then! Link to comment Share on other sites More sharing options...
GD4ELI Posted May 18, 2011 Share Posted May 18, 2011 GD4ELI, there is a 2 bed bung in Glen Auldyn for 225k! I thought that Glen A attracted a premium for location, this seems rather cheap? Is there something wrong with it? Cowley Groves are also advertising a 'One Million' reduction on a west coast property, sounds like a bargain!!! Having lived in Glen Auldyn for a few years I would say that bungalow you mention would suffer from midges, its name is a hint, not normal midges but Glen Auldyn ones that mean you cant go into your garden anytime after about 4:30PM plus you loose the sun at about the same time. Apart from that though it is a very nice place to live. Actually at 6PM today, anyway 1,000,000,000 midges can't be wrong! Blade - are you N. Irish by any chance? If so we met, otherwise we probably didn't. Link to comment Share on other sites More sharing options...
woolley Posted May 18, 2011 Share Posted May 18, 2011 Have a nice little Ford Fiesta, so don't have the 20k car. Do enjoy my holidays though. But nothing extravagent. Even stay at hostels to cut costs. Yeah, I was generalising, but I think it's still true that many FTB's have more disposable income than in other generations but are less prepared to save it. I'll agree it's always been hard to buy your own gaff, but I believe now it's incredibly harder than it was 5, 10 or even 20 years ago. Five years yes, but we can see where giving mortgages freely to anyone that wanted one will get you. I struggled to buy my first place, had to borrow from the bank of Mum, went without, and my mortgage rate was 13%. Don't feel too hard done to ~ Fair point! I'd love the 3% in my savings account though nevermind 13% :-) You can get 3% or more on savings if you are prepared to tie it up for a little while and put the boot into your bank manager. I got mine up from a miserable quoted .75% to 3.5% by tying up for 2 years. Not fantastic but a lot better than the first offer. Link to comment Share on other sites More sharing options...
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