Some of you are vultures

mustrum_ridcully

caveman38 wrote: »

London Suburbs, London Borough of Havering
1976 1938 3 Bed Semi. £13,200
My salary £3,000, wifes £2,000
Abbey lent 3.5 X my salary + 2.5 X third wifes salary.
Deposit £1,200 borrowed £12,000
Similar property 2007 £325,000, today £275,000.

Don't know what the salary for the jobs would be know but lets assume it's now x10 what it was back then...

Salary: £30k + £20k
Mortgage of: £105k + £50k = £155k
Deposit: £12k
Total: £167k max

Can't afford the house...

Ok then lets say x15
Salary: £45k + £30k
Mortgage of: £157.5k + £75k = £232.5k
Deposit: £18k
Total: £250.5k

Still not looking good...

Third time lucky maybe... x17.5
Salary: £52.5k + £35k
Mortgage of: £183.75k + £87.5k = £271.25k
Deposit: £21k
Total: £292.25k

Assuming todays price is correct then you can afford to buy the house...

Would you say £52.5k and £35k would be the salaries now for those jobs?

Conrad

My wife doesnt go out to work. She invests her energy in the kids. No Audi Q8 or £1000 watches, but boy are we happy.

caveman38

mustrum_ridcully wrote: »

Don't know what the salary for the jobs would be know but lets assume it's now x10 what it was back then...

Salary: £30k + £20k
Mortgage of: £105k + £50k = £155k
Deposit: £12k
Total: £167k max

Can't afford the house...

Ok then lets say x15
Salary: £45k + £30k
Mortgage of: £157.5k + £75k = £232.5k
Deposit: £18k
Total: £250.5k

Still not looking good...

Third time lucky maybe... x17.5
Salary: £52.5k + £35k
Mortgage of: £183.75k + £87.5k = £271.25k
Deposit: £21k
Total: £292.25k

Assuming todays price is correct then you can afford to buy the house...

Would you say £52.5k and £35k would be the salaries now for those jobs?

If were in the same jobs and had no promotions. The salaries would be around £40K and £28K

dopester

caveman38 wrote: »

If were in the same jobs and had no promotions. The salaries would be around £40K and £28K

If they can keep their jobs now that is, or are not forced to take pay-cuts.

Given we've seen the end of one of the biggest credit-expansion / consumption booms ever in history over the last 11 years and more.... with so many companies and businesses gearing up in to it - with the expectation this was normal now.

Your £500,000 houses and apartments all over the place might eventually seem a bit strange when you have everyone from bankers to builders on the dole.

harryhound

tesuhoha wrote: »

.

Hi tesuhoha,

The Olympic site is "the largest construction site in Europe" so hopefully your rates will not be under the same pressure as some places?

I went across the Dartford river crossing and there was a very satisfying "bleep".
If you live in Dartford, consider having only one estate car for hubby's work as this could then go through the tunnel for 0.20 GBP per crossing.
I'm sure you could manage to get to work on a push bike?

BTW I don't know if I missed it? What are your daughter's circumstances - is she able to pull her weight now?
I put my two on a modest allowance aged 13 & 15 and told them their life choices were up to them. Funny thing at 28 & 30 they are both qualified and debt free.

Tough love

Harry.

SingleSue

Meant to add (but forgot - sleepless night last night) dad was 28 and mum was 26. They could have bought before but his job meant they didn't stay too long in once place so it wasn't worth it, they only purchased that one as the contract was for 3-4 years.

I have no idea of deposit but they received no parental help.

Mum has never worked during the marriage as dad thought her place was in the home bringing up the children.

scousethife

Conrad wrote: »

My wife doesnt go out to work. She invests her energy in the kids. No Audi Q8 or £1000 watches, but boy are we happy.

The thing with expensive watches is you really cant tell they are expensive.

But luckyly all the people who wear them somehow manage to shoehorn its cost into every other conversation.

Are you haveing turkey or goose for christmas?

Not sure, but I'll be timeing the cooking of it, on my £38 000 pound watch.

dazco

Cannot be bothered reading all this thread but in answer to the OP.

I am not a vulture, I am a single parent who knew that properties were stupidly overpriced and had to make a decision to opt out of being a property owner, even after my Dad offered me 10% to get me going.

The people who have 20 BTL's are the vultures, the people who stretched themselves to afford the most expensive house they could, because prices only ever go up, may not be vultures but they are bloody greedy and were expecting to make huge profits.

And I do not care if they get kicked out of their houses, they can rent like they forced me to rent. As far as I am concerned some greedy idiot is sat in MY next house. Now hurry up, hand the keys in !!!!head, and let me snap it up at auction at its TRUE price.

Broken_hearted

No-one forced you to rent you just couldn't afford to buy

ess0two

dazco wrote: »

Cannot be bothered reading all this thread but in answer to the OP.

I am not a vulture, I am a single parent who knew that properties were stupidly overpriced and had to make a decision to opt out of being a property owner, even after my Dad offered me 10% to get me going.

The people who have 20 BTL's are the vultures, the people who stretched themselves to afford the most expensive house they could, because prices only ever go up, may not be vultures but they are bloody greedy and were expecting to make huge profits.

And I do not care if they get kicked out of their houses, they can rent like they forced me to rent. As far as I am concerned some greedy idiot is sat in MY next house. Now hurry up, hand the keys in !!!!head, and let me snap it up at auction at its TRUE price.

Bitterness and irony.