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Struggling BTL Investors
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So it is your health and NOT BTL's that has prevented you ?
I missed 1 full year off school 4 months in hospital on traction, then wheelchair then crtuches. I have a bent spine, as I have pins in my legs, bad knees, I have a cervical rib (a genetic discorder where my neck vert thinks it is a rib) it gives me common serious migraines. I had a hernia when I was 1, I had my tescticle removed at 20, and have has 2 chest ops. I have also had major clincial depression and a load of other stuff.
I can also go to a gym and pull a 220kg deadlift. Have a resting heart beat of low 40
If I had an elephant youd have a box to put it in !!:rotfl:
I pointed out facts as to why I hadnt been able to get a mortgage.My views still stand dont need to justify anything to you...........
QUOTE:
"I can also go to the gym and pull a 220kg deadlift.Have a resting heart beat of low 40"
FIRSTLY:Why would you want to do that anyway???
SECONDLY:I can wiggle my ears without touching them:rotfl:0 -
leveller2911 wrote: »If I had an elephant youd have a box to put it in !!:rotfl:
I pointed out facts as to why I hadnt been able to get a mortgage.My views still stand dont need to justify anything to you...........
QUOTE:
"I can also go to the gym and pull a 220kg deadlift.Have a resting heart beat of low 40"
FIRSTLY:Why would you want to do that anyway???
SECONDLY:I can wiggle my ears without touching them:rotfl:
What I am saying is it is not the BTL market that is your problem.
I have struggled myself, no-one comes to my assistance, I have just srtuggled through. I put it in about the gym because problems are often a case of mind over matter. The doctor says my spine is Dekcuf and beyond repair, so I lift heavy to prove everyone wrong. It also strengthens the area and so gives me less grief.
The problem is that you and a few others here have a mindset the BTLers are useless idiots that have been handed life on a plate. This is not the case some of us have got a clue and have done it one there own, despite issues. I didn't even started earning until I was 24, a levels, degree, 1 year plus in bit and bobs jobs mainly helping my dad (unpaid) as a painter and decorator. So I know what it like not having a pot is Pi$$ in. And I'll never be in that situation ever again, I'd rather jump off a cliff.
I want to control my affairs not be controlled by others. The more I put in the more I get out, if I want to take it easy then I just take on less.
P.s. I also pressed the wrong button ... have an extra thanks on me.0 -
I would guess joint income around £80k
Easily affodable mortgage £250k
Would get a 3 bed terac within 1 mile of Blackheath.
Blackheath is probably one of the most expensive areas of SE London.
Pay off some equity and move in a few years.
Within a mile of Blackheath isn't the same kettle of fish, though. the point I was making is that my parents could afford to buy a 3 bed there in the mid 70s when they were aged 25 and 27, and there is no way a similar couple could do so now.
The house they bought when they were a little older, in 1982, would have cost £1 million last year, which is utterly ridiculous....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
islandannie wrote: »Absolutely laughable.
The educated plumbers and brickies did better than that.
Did better than what, in what sense?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
North Finchley.
We paid 48k when our salaries were about 8k - then newish graduate salaries.
Now the same flats are going for £170-180 and newish graduate salaries for the same jobs are upto 30k.
£16k and £48k is 3 x, not 2.5 x, surely?
There are few jobs where new grad salaries are £30k, though....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
My new grad salary was £30k and I STILL question on that money if I could buy a property, really, on 3.5 times my salary! 3.5 x £30k = £105,000. So basically £100k. 3 years ago when I was newly qualified there was nothing in London at that price at ALL apart from shared ownership places.
I am not prepared to overextend myself on a mortgage. If that means I end up living with my parents for another year or two then so be it (I'm not getting into why that is preferable than renting, it jsut IS for a number of reasons). If I end up with 50% deposit then wooyay but I don't want to buy for over £100k at all if I can help it! I don't think it is anyone's 'right' to own a house, but I think that for me personally it will be achievable in the medium term so that is what I'm aiming for. If I'd qualified 2 years previously then I'd be renting now as I would have seen this as a better option than a huuuge mortgage.0 -
neverdespairgirl wrote: »£16k and £48k is 3 x, not 2.5 x, surely?
There are few jobs where new grad salaries are £30k, though.
We had saved a deposit
Comparing the same jobs we had with the salaries they now offer.
Only difference is that then we had no student loans to repay and no other debts. (But student loans are repaid from salary deduction at low interest rate, so don't carry the same weight as other debts.)I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
clk299 wrote:My new grad salary was £30k and I STILL question on that money if I could buy a property, really, on 3.5 times my salary! 3.5 x £30k = £105,000. So basically £100k. 3 years ago when I was newly qualified there was nothing in London at that price at ALL apart from shared ownership places.
It was all only possible because we were buying as a couple.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
My new grad salary was £30k and I STILL question on that money if I could buy a property, really, on 3.5 times my salary! 3.5 x £30k = £105,000. So basically £100k. 3 years ago when I was newly qualified there was nothing in London at that price at ALL apart from shared ownership places.
I am not prepared to overextend myself on a mortgage. If that means I end up living with my parents for another year or two then so be it (I'm not getting into why that is preferable than renting, it jsut IS for a number of reasons). If I end up with 50% deposit then wooyay but I don't want to buy for over £100k at all if I can help it! I don't think it is anyone's 'right' to own a house, but I think that for me personally it will be achievable in the medium term so that is what I'm aiming for. If I'd qualified 2 years previously then I'd be renting now as I would have seen this as a better option than a huuuge mortgage.
you're right not to over-extend yourself, it could just create more problems for you in the future. however, as a graduate it would imply that you're salary would increase over time as your career progressed. so borrowing taking this into account may not be a bad move.
if you don't take this option it would probably mean live with your parents or renting (which would reduce the size of your savings/deposit potential) until your affordability is in line with the property that you would like to buy.0 -
A bit of DIY required. My house when I bought it. The rest of the house was just as nice.
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