Did you buy in 2008?

[Chikoletta]

There are signs we are heading into recession and I think overall house prices will continue to reduce next year (local markets excepting).

Wondering how it was for FTBs/buyers will high loan to deposit ratio to buy after the 2008 crash? Was it almost impossible to get a mortgage unless you had a decent deposit despite the lower house prices?

I ported a mortgage to our second home from first time around then as the first home mortgage company - an established bank - had stopped all mortgage lending. Rental values remained the same and mortgages were hard to come by. Would be interested to hear about first time buyers experiences but yes it was dire. Always difficult though as generally followed by a boom when have to fight other buyers off....

Yes, seems hard to get the timing right - you never know till afterwards

It’s a long time ago, but I remember we re-mortgaged a house in 2008 and bought another one. I don’t remember any particular problems…the ‘new’ one would have been with an LTV of 90ish%, and the remortgage 50ish LTV.

I thought the interest rate on both was 5ish %, but this Guardian article from 2008 indicates fixes were 6% or 7%. So maybe my memory is playing tricks…or we had a tracker not a fixed mortgage. I do know we didn’t have a 20% deposit for the additional property though…

https://www.theguardian.com/money/2008/aug/22/mortgages.property

2009 FTB (in England)

I was buying at Auction. Whilst waiting to enter, my Mortgage Broker rang me & told me Abbey had pulled ALL mortgage offers.
i don't remember exactly what the rate was, but around 3%.

She asked me what I wanted to do,so I instructed her to find me another one. She found me one with RSB @ 6% and they wanted £10,000 deposit.

All the while , the lots are being sold and mine is creeping closer & closer...

it was all edge of seat stuff, but it worked out in the end.

still pusses off at Abbey though as it obviously cost me a lot more each month for a good while.

no regrets though.