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Debate House Prices
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what do you think?
Pobby
Posts: 5,438 Forumite
Recently heard that one of my God sons is about to buy a house. It`s in the south east, a very small 2 bedder. He is just 21 and his girl friend is 20. The poor lasses Dad was killed some years ago and with some savings and inheritance they have £20,000 to put down. The house is £195,000 :eek: and their income is as follows. God son earned £20,000 last year as a trainee builder in one of the family businesses. Gf is on about £12,000, both of these incomes are pre tax. Like many hair dressers she earns a bit on the side doing friends barnets.
He tells me that the mortgage is over 40 years and will be about a grand a month.
Having chatted to him he seems fairly sussed out on it but my feelings are it`s a pretty risky move.
He tells me that the mortgage is over 40 years and will be about a grand a month.
Having chatted to him he seems fairly sussed out on it but my feelings are it`s a pretty risky move.
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Comments
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Nutter!!!!!0
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Don`t go mincing ya words PN. lol0
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I'm surprised they can get a 175k mortgage on thier wages0
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Yes exactly what I thought. Hmmmm, he did show the previous years p60 @ £25k. Oh dear!0
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My biggest concern is that they're sooo young and they could both change so much in the next 5 years - as could the other parts of their life.
I see tears before bedtime.
I can't believe people on those salaries could borrow so much either... can they?
Salaries: £32k
House: £195k
Deposit: £20k
Mortgage: £175k
5.5x joint salaries
And there's stamp duty to pay.0 -
Tell me about it PN. I don`t think that he is winding me up but I am gob smacked.0
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He's out of his tree.0
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It would also seem a shame to spunk her father's memory up the negative equity wall if they fall out in the next 2-3 years too,
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Ummm yes. He is somewhat hasty in his decisions. At 18 he borrowed £15k for a car, total payments £24k. He had some sort of insurance thankfully to payout the rest of the loan when the thing got written off.0
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PasturesNew wrote: »It would also seem a shame to spunk her father's memory up the negative equity wall if they fall out in the next 2-3 years too,
I believe that this has been explained.0
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