Opinion|Reader’s opinion
My sons once got a loan with no savings, and both have survived the housing misery of the metropolitan area with dry feet.
A lot talk about the high cost of housing in the metropolitan area (for example, HS 3.2.).
My son was, I remember, 18 years old when he went to work and wanted to get his own apartment. A suitable studio apartment was found in the previous Sunday’s newspaper. The next day we went to see the cabin, and my son accepted it. The next day, he said, I went to the bank to apply for a mortgage. The clerk counted his time to see if my son’s monthly income was enough for loan repayments and so on. The boy got a loan, and trades were made the next day. I can’t say how much of the loan is left, but as far as I know, it has been handled matter-of-factly.
My other son moved from home to a rental apartment and had time to pay it for a few months until he realized that it would be much more sensible to pay installments for his own home than about the same money as rent. He also arranged a loan to buy a studio, and now he has a spacious family home.
Neither son had any money saved nor the parents, but both have survived the housing misery of the metropolitan area with dry feet.
I don’t understand at all why today a home buyer needs to have money saved before he gets a mortgage. High rents prevent the tenant from saving money, and it’s pretty hopeless to try to pinch any otherwise meager income to some very remote seeming goal. No one knows the fate of the money markets either, so even though the euro is now stable, there is always the risk of inflation.
Mum
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source https://pledgetimes.com/reader-s-opinion-why-do-you-need-savings-to-get-a-mortgage/
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