Reply to: oh dear: Five-times-salary mortgage offer

[Sockpuppet]

Now using the above information (which is a couple of months out of date) flats in your area are stupidly cheap. My cheap 2 bed flat was valued at ~£150,000 this year so if you can get one for £85,000 you are living in a dirt cheap area. Give us a county and we will have a better idea, but from what i'm seeing at the moment You could already fully own your own flat.

You say save £3k a month living at home so lets assume you could have saved £1500 a month while living away from home. Over 4 years you could have saved up £72,000 (and that is on top of paying your mortgage which i'm assuming will not have been more expensive than your rent). If you had bought a £60,000 flat at the same time as your sister you could now be sitting on £85,000 of equity with £20,000 in the bank and no mortgage/rental payments!!!

Now tell me again that it's a good idea to not buy and that staying at home and saving so that you can buy in a few years is a good idea......

County is Leicester. Sisters flat was a 1 bed flat.

3 of the 4 years I was at Uni and the other living on Oxford while on £20k/year grad scheme...fun. So count out any savings from that.

I've only really been on the big bucks for the last 6 months and I have a nice deposit coming....I shall move out when I can afford it but at the moment that is not now hence the need to save as much as possible.

[Miss Ellie]

http://news.bbc.co.uk/1/shared/spl/h...tml/houses.stm


Now tell me again that it's a good idea to not buy and that staying at home and saving so that you can buy in a few years is a good idea......

He's claiming he can't get a mortgage from the bank but he obviously hasn't talked to brokers.

[Ardesco]

Not dirt cheap...cheapish. I could quite easily get a mortgage (well I cant as I'm a new contractor). The plan is to stay at home and save a good £3k a month to have a sizeable deposit after a year or two.

As above I will get a mortgage but being a new contractor I cant. I could have a month ago and had an agreement for a nice terraced house worked out...but felt some SE was a better route and the bank ran a mile.

Trust me I dont like living at home enough to stay here long term. I moved back in after 4 years to build up some savings and a deposit and cant wait to get out again...

http://news.bbc.co.uk/1/shared/spl/h...tml/houses.stm

Last Updated: Friday, 25 August 2006, 08:30 GMT 09:30 UK

Average Cost: £199,184
Detached: £300,349
Semi-detached: £180,170
Terraced: £158,493
Flat: £185,703

Now using the above information (which is a couple of months out of date) flats in your area are stupidly cheap. My cheap 2 bed flat was valued at ~£150,000 this year so if you can get one for £85,000 you are living in a dirt cheap area. Give us a county and we will have a better idea, but from what i'm seeing at the moment You could already fully own your own flat.

You say save £3k a month living at home so lets assume you could have saved £1500 a month while living away from home. Over 4 years you could have saved up £72,000 (and that is on top of paying your mortgage which i'm assuming will not have been more expensive than your rent). If you had bought a £60,000 flat at the same time as your sister you could now be sitting on £85,000 of equity with £20,000 in the bank and no mortgage/rental payments!!!

Now tell me again that it's a good idea to not buy and that staying at home and saving so that you can buy in a few years is a good idea......

[spankmebono]

I can't help thinking it is a Darwinian kind of process.

If people are silly enough to borrow that much then they might end up in trouble. I worked with a woman once who bought a studio apartment in Leyton at the height of the last boom, and was stuck...for over ten years. At one point they had over £50k negative equity. It almost cost her her marriage.

Having said that living in a studio I probably would have ended up in prison by now.

[Sockpuppet]

Sounds like you are living in a dirt cheap area. If you are on £60,000 a year you could easily get yourself a mortgage for a flat (and a couple of months saving will get you a deposit and then you could rent out the flat, pay off the motgage with the rental and have some beer money left over.

When (if) the crash comes it will affect the flats worth £250,000, your flat worth £85,000 won't be hit as much because everybody will be moving up to where you are so that they can afford property.

If you are on high wages and living at home your expenses will be sod all and you should be able to pay off a flat in 5 years if you rent it out and pour some money into it.

You have the perfect opportunity to get yourself some property and bring in an income which living at your parents and you aren't doing it.

If you just put your money in a bank and sit on it you will never make any money, the only people that will make money is the bank you are storing your money in. You have to invest to make money, the people that sit on it shouting doom and gloom ar the ones that never actually make money because they are far to scared of the risk of actually putting thier money where thier mouth is!!!

Not dirt cheap...cheapish. I could quite easily get a mortgage (well I cant as I'm a new contractor). The plan is to stay at home and save a good £3k a month to have a sizeable deposit after a year or two.

As above I will get a mortgage but being a new contractor I cant. I could have a month ago and had an agreement for a nice terraced house worked out...but felt some SE was a better route and the bank ran a mile.

Trust me I dont like living at home enough to stay here long term. I moved back in after 4 years to build up some savings and a deposit and cant wait to get out again...

[AtW]

The simple fact is that I pay the parents £300 a month to live here

Inconcievable (sp?) thing to happen in Russia.

[Sockpuppet]

Not "cannot", simply "won't". Nothing wrong with sharing a house/flat whilst you save a deposit apart from the fact that you might have to face up to a bit of reality what with cooking for yourself and doing your own dobie. That'd never do for today's mollycoddled youngsters who have grown up to expect instant gratification in all matters. Bunch of spineless Cuckoos if you ask me! Stop bleeding your poor parents white and stand up for yourself man, what are you, a man or a mouse??

I've already done the living on my own thing for 4 years...whats the point? The simple fact is that I pay the parents £300 a month to live here I am at work in europe most of the week so I'd rather give them the cash than to some landlord as I only really sleep here a few nights a week..

[Bagpuss]

Still pro the idea that we should have removed Saddam. However, now that that job is done and the Iraqis are unable to get their act together without resorting to futile and very bloody internecine sectarian slaughter, I feel the time has come for us to withdraw and let them put the finishing touches to the brand of democracy they as a sovereign state are most inclined towards.

:-O where was the insult? You must be getting soft in your old age!

[Hart-floot]

I'd rather you were AtW than Scottish too mate. It would depress me greatly to think that a Scot would still be tied to his mother's apron strings well into their 20s. That's much more of a middle-England thing it seems.
http://www.bbc.co.uk/comedy/guide/im...20/sorry_1.jpg

Scotland has a declining population so presumably there is much more property & accomodation about and easier to set up home.

Living with your parents, i'm afraid, until your late 20's is becomming the norm in England these days. Its all part of the governments campaign to make us more "european". Most Italians are still living with mama into their 30's. Going that way in SPain too.

[ratewhore]

I could go for this mortgage as I DO have the deposit (well, the gf does :-)) And I believe you can be a first time buyer if you have not owned a property in the last 6 months.

I listened to the abbey guy justifying it on R4 this morning and he was using interest rates as the differentiator. He rationally explained that they offered 3.5 x income in the days when interest rates were at 15% but now they are low and he doesn't see them getting back to those highs in the short to medium term. If they do, I guess it will be more than the abbey 5x customers who will be fecked...

[Ardesco]

My sisters flat she bought for £60k and is now back on the market for £85k one year later. Nice to see wages havent risen the same in the last year.

Sounds like you are living in a dirt cheap area. If you are on £60,000 a year you could easily get yourself a mortgage for a flat (and a couple of months saving will get you a deposit and then you could rent out the flat, pay off the motgage with the rental and have some beer money left over.

When (if) the crash comes it will affect the flats worth £250,000, your flat worth £85,000 won't be hit as much because everybody will be moving up to where you are so that they can afford property.

If you are on high wages and living at home your expenses will be sod all and you should be able to pay off a flat in 5 years if you rent it out and pour some money into it.

You have the perfect opportunity to get yourself some property and bring in an income which living at your parents and you aren't doing it.

If you just put your money in a bank and sit on it you will never make any money, the only people that will make money is the bank you are storing your money in. You have to invest to make money, the people that sit on it shouting doom and gloom ar the ones that never actually make money because they are far to scared of the risk of actually putting thier money where thier mouth is!!!

[shaunbhoy]

You see if all the 20 year olds cannot fly the nest becuase there simply are not the spare houses out there for us to move into. If we did house prices would rise even more....you see the issue here.

Not "cannot", simply "won't". Nothing wrong with sharing a house/flat whilst you save a deposit apart from the fact that you might have to face up to a bit of reality what with cooking for yourself and doing your own dobie. That'd never do for today's mollycoddled youngsters who have grown up to expect instant gratification in all matters. Bunch of spineless Cuckoos if you ask me! Stop bleeding your poor parents white and stand up for yourself man, what are you, a man or a mouse??

[Sockpuppet]

I'd rather you were AtW than Scottish too mate. It would depress me greatly to think that a Scot would still be tied to his mother's apron strings well into their 20s. That's much more of a middle-England thing it seems. Have you ever seen the programme "Sorry"??
Ring any bells?

http://www.bbc.co.uk/comedy/guide/im...20/sorry_1.jpg

Nope before my time

[shaunbhoy]

I'm actually in the lounge atm....and I'd rather be AtW than scottish.

I'd rather you were AtW than Scottish too mate. It would depress me greatly to think that a Scot would still be tied to his mother's apron strings well into their 20s. That's much more of a middle-England thing it seems. Have you ever seen the programme "Sorry"??
Ring any bells?

http://www.bbc.co.uk/comedy/guide/im...20/sorry_1.jpg

[Xenophon]

I am enjoying this thread. Please continue.

*Sits back, munches popcorn*