£15/hour

[eggsarascal]

4 minutes ago, spuddog0507 said:

That has been the norm for many years now, when i first took a property on back in the mid 80s it was 1 and a half wks wages for the mortgage payment, 

Back then a mortgage was based on 3 times your annual income,

at that time there was no where near the same amount of rental property as there is today, but due to some people having the balls to take on buy to let mortgages and then having the forsight to get another then another and that then puts them in a very good buying position of just being able to buy one property after another, My argument has all ways been the same WHY pay rent and line some one elses pocket when for not much more outlay every month you can pay a mortgage and own the property yourself one day ??, i have never understood that one,

I know people who are paying more in rent than they would be on a mortgage and lets face it with interest rates at a all time low its never been a better time to buy a property but then again most of the younger people cant get a mortgage but then again all the bloody houses they are building around me are sold before the paint has dried,  

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

[eggsarascal]

4 minutes ago, Mark Bolam said:

I do, actually.

 

Buy a house in the ‘90’s, like I did.

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

[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.

[Big J]

15 minutes ago, Mark Bolam said:

Mortgages are back down to about 3 1/2 times annual income.

If you’re on £30k you can probably buy a bathroom these days.

 

It’s a big problem, and I don’t know what the fix is.

 

Emigrate. 

 

It's not our only reason for going, but it's one of the main ones. Given the choice between paying off a mortgage for the rest of my life (given that a normal 4 bed house here is £500-600k, that's £20k a year on the mortgage for the rest of my working life) or buying somewhere outright for the cost of a 15% deposit here, the choice was pretty clear.

 

Not being an oracle, I can't predict the future of the housing market in the UK, but logic dictates that if the young can't get onto the property ladder then the whole thing comes crashing down. The increases in National Insurance and inflationary pressures aren't going to help either. 

 

The UK has a pathological issue with housing. It can only be blamed on decades of successive political mismanagement from administration after administration. There is a list as long as my arm that illustrates this, but it's late and I just can't be bothered. 

 

You're f*cked if you want to buy a house now if you're not already on the ladder.

[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?