£15/hour

[spuddog0507]

3 minutes ago, eggsarascal said:

Let's presume you are renting a room, (around here) at say, £550/month. How do you save for a deposit on a mortgage?

I dont know as i am not in that situation, but people do it, your £550 is what 1 wks wage so what do people do with the other 3 wks wage ?? i think it all boils down to how much you want it as if you do really want it its up to the individual to make it happen, there is ways and means of doing it, 

[htb]

10 minutes ago, eggsarascal said:

Did you save for your first house, or did your parents help you out, like mine did?

Saved up for deposit  on my 1st house, bought in 1987, for the grand sum of 26K in Suffolk.

[Mark Bolam]

13 minutes ago, eggsarascal said:

Did you save for your first house, or did your parents help you out, like mine did?

Saved.

£15k down on a £75k house.

 

I had a good job then, like.

[Haironyourchest]

Depends where you want to live and what kind of work you do as well. Can buy a house in Italy in the sticks for a couple of grand. (relevant before Brexit, obviously). Actually earning a living there is a whole nother story though. All fine and good for successful YouTubers and suchlike...

 

You could get a whole working farm in Poland for ten grand a few years ago. Beautiful fertile soil. Could go self sufficient, as people had done for countless generations.

[spuddog0507]

2 minutes ago, htb said:

Saved up for deposit  on my 1st house, bought in 1987, for the grand sum of 26K in Suffolk.

I was about a year before you and paid 22.5k put 3k down which i had been saving since i was 14 chopping and selling kindling, but we have to remember what the interest rates where back then, i think 14% rings a bell not the 1.25 or 1.5% like there is today, 

[htb]

Can remember interest rates of more than 14% at times, was not very nice but we got through it, mind you everything we had was second hand, remember buying a car for £50 with a years mot didn't care what it was it will do.

[Retired Climber]

29 minutes ago, eggsarascal said:

Let's presume you are renting a room, (around here) at say, £550/month. How do you save for a deposit on a mortgage?

Maybe home ownership is out of reach for those working for minimum wage. Is that a problem? 

[Khriss]

Will be lending sister 2 grand next week just so she gets better rate on her mortgage - this country has absurd housing crisis. K

[eggsarascal]

Just now, Retired Climber said:

Maybe home ownership is out of reach for those working for minimum wage. Is that a problem? 

You're a smart kid, now tell us how to fix it.

[htb]

1 minute ago, Retired Climber said:

Maybe home ownership is out of reach for those working for minimum wage. Is that a problem? 

Your perspective depends if your on the minimum wage.