'I've inherited £15,000 aged 20. When can I buy a £350,000 house?'

[Zero Liability]

read this :



so he is getting approx £1500 a month, pays £180 a month in rent and he will struggle to save £100 a month out of the £1300 disposable income. Hardly living on Beans.

Could be in the future though, should another crisis hit.

[vetran]

Could be in the future though, should another crisis hit.

point is right now he could save > £1000 a month if he chooses - he doesn't and wants to moan.

He also isn't on a wage that would naturally allow him afford one of the top 10% homes.

[vwdan]

point is right now he could save > £1000 a month if he chooses - he doesn't and wants to moan.

You think he could live on 40 quid a month?

I agree with your second point, though. We have a combined salary of over 100k and we're trying to buy a 170k house with a 40k deposit.

[vetran]

You think he could live on 40 quid a month?

I agree with your second point, though. We have a combined salary of over 100k and we're trying to buy a 170k house with a 40k deposit.

£1500 minus PAYE

£1220.60 net
- £180

= 1040.60

so I see where you get £40.

assuming his mum supplies his breakfast, sandwiches & dinner then yes he could save £1000 a month if he truly wished.

I don't believe he can only afford £100.

[vwdan]

£1500 minus PAYE

£1220.60 net
- £180

= 1040.60

so I see where you get £40.

assuming his mum supplies his breakfast, sandwiches & dinner then yes he could save £1000 a month if he truly wished.

I don't believe he can only afford £100.

How does he get to work? What about clothes? And you're assuming he literally never ever goes out which is just plain silly.

I agree the premise is silly and I'm sure he could find more than 100 quid but how much did any of us save at that age? I was on 19.5k back then and I spent more than I earned...

[vetran]

How does he get to work? What about clothes? And you're assuming he literally never ever goes out which is just plain silly.

I agree the premise is silly and I'm sure he could find more than 100 quid but how much did any of us save at that age? I was on 19.5k back then and I spent more than I earned...

I was on £25 a week YTS living at home and paying my parents a third of my wages.

I had a large flat in one of the best areas of Guildford by 25. I was on £16k , my mortgage was ~£500. I could have a house (I should have brought one would have made more money on it).

I didn't spend all of my money. I still went out and had a decent social life it just didn't cost much.

Now acceptable houses were 3 times average wage but people were still paupering themselves to buy above this multiple.

[vwdan]

I was on £25 a week YTS living at home and paying my parents a third of my wages.

I had a large flat in one of the best areas of Guildford by 25. I was on £16k , my mortgage was ~£500. I could have a house (I should have brought one would have made more money on it).

I didn't spend all of my money. I still went out and had a decent social life it just didn't cost much.

Now acceptable houses were 3 times average wage but people were still paupering themselves to buy above this multiple.

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

[AtW]

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

This can be assumed as totally 200% realistic option.

On the other hand it's totally unrealistic he'll buy a £350k house that he wants

[Zero Liability]

point is right now he could save > £1000 a month if he chooses - he doesn't and wants to moan.

He also isn't on a wage that would naturally allow him afford one of the top 10% homes.

Indeed, and he probably hasn't got a sufficient security of future income to guarantee he could repay it anyway, particularly if rates were to go further upwards, as unreal as that may seem right now.

[vetran]

The main thing I'm arguing against is the frankly ridiculous notion that he should / could realistically save 1k a month. Not to mention you're presumption that his mum should cover all of his meals.

I can just see the dinner table now "Hi son we are eating dinner, what have you brought to eat for yourself?" or "leave the cornflakes alone, bring your own!"

If he truly wanted it he could save a lot more than £100 a month, if his parents who are charging 15% of his salary as rent saw him saving nearly that much they would probably help him do it.

As mentioned previously he won't be able to afford a relatively expensive house on a pittance.

Yes house prices are too high but this example of the trials of buying a house is laughable.

on £17k he should be able to get a bedsit, he can't that is wrong.