Fustrated FTB

dean_ham

Hi everyone. I am a 20 year old FTB looking to move out of my parents house when i finnish my apprenticeship next year. There is a good chance i will be offered a job which would mean i start off on around £27.5k-32k a year.

I have been looking for 2-3 bed semi's around my area which roughly go for £120-150k.

on £30k a year i will be able to afford a mortgage for a £120k home but thats my limit! With the cost of living so expensive and the repayment cost of the mortgage i will be left nothing at the end of the month.

I think its about time that there should be rules set in stone so that the cost of homes are in relation with salary.

For example you can only borrow 3x your annual salary, none of this interest only mortgages which keep bumping the house prices up.

At the end of the day i just want a nice home to live in and have a reasonable quality of life. On £30k a year i can only get a 2 bed semi and no life.

Anyone in the same situation as this.... so fustrated

sm9ai

£27.5k-32k.

I'm definatly in the wrong job.

dean_ham

And when i speak to people aged 40+ they always have the attitude that they started off in the same situation as me.

Was the ratio of average salary to average house price the same 20 years ago as what it is today? i dont think so?!

Tassotti

Considered 2 bed maisonettes? Less Maintenance/cleaning and probably less money.

dean_ham

sm9ai wrote:

£27.5k-32k.

I'm definatly in the wrong job.

Over the last 8 years ive worked hard to get in a situation where i will be on that amount of money when im 21-22 years old.

Over the last 3-4 years i have also saved roughly £20k for deposit/expenses/fees for when i do decide the right time is to move out.

dean_ham

Tassotti wrote:

Considered 2 bed maisonettes? Less Maintenance/cleaning and probably less money.

I have looked at newly built 2 bed flats which go for roughly £120kish depending on area.

some of the propreties around my area for sub £150k


http://www.propertyfinder.com/2/pf/property/searchResults.do?action=ATN_SET_PAGE_SIZE&pageSize=20

I am in a lucky situation where i have been fortuanate enough to save a deposit while living with parents. And i can afford to buy a home.

I am just fustrated by the overinflated price of property because of the relaxed rules on mortgages etc. Doesnt help when the govt are doin stupid shared ownership schemes etc just keep on bumping the prices higher and higher.

supersaversarah

I'm in a similar situation, thought not on quite as much as you, and looking at spendin less.

I'd be happy with a nice 2 bed terrace. Semi would be lovely but you cant always have everything you want right away.

It is really really frustarting, I can either get a tiny house in an ok'ish area or a slightly larger one in a less desirable location shall we say? Its something I need to decide, and its really starting to stress me out.

I also find EA dont take me very seriously, or else try and take me for a ride. After telling one I was a FTB he replied, 'Ah, well come to me, I'll look after you, I have a great morgage advisor here, and a fantastic solicitor, I'll make sure your looked after' - erm yeah I'm sure he will!

Also when I ring up for viewings they never get back to me. Perhaps they don't think I am a serious buyer, but I cant think what I have done/said to give them that impression. Its quite pathetic really but I have taken to getting my mum to ring up for viewings for me. They always manage to get a time and date sorted there and then. Hmmmm

Anyway, I digress....

I just try and remind myself that as crummy as it seems right now, it must be awful for those who don't have as well paid jobs. Just coz they didnt go to uni doesnt mean they have not been working really hard for however many years and are still much further off being able to afford something than you or I.

Chin up. I've got a viewing tonight. It might be the one....(if its not been sold before I get there! :rotfl: )

Sarah.

village_life

dean_ham wrote:

Over the last 8 years ive worked hard to get in a situation where i will be on that amount of money when im 21-22 years old.

Over the last 3-4 years i have also saved roughly £20k for deposit/expenses/fees for when i do decide the right time is to move out.

Fair play to you for knowing what you wanted to achieve so early in life....

I only realised at age 24 that I wanted a house (After i wasted £9k on a flashy, but crap car!) and have had to join in higher (than traditional income multiple) approach to get one!

Trying_really_hard

I only realised at age 24 that I wanted a house (After i wasted £9k on a flashy, but crap car!) and have had to join in higher (than traditional income multiple) approach to get one![/QUOTE]

I did the same. Flashy, but in the grand scheme of things, pointless car. When my old one would have done and i'd have serious money for a deposit.

Good luck to you with it all.

dean_ham

village_life wrote:

Fair play to you for knowing what you wanted to achieve so early in life....

I only realised at age 24 that I wanted a house (After i wasted £9k on a flashy, but crap car!) and have had to join in higher (than traditional income multiple) approach to get one!

I suppose i have my parents to thank for me being like i am.

From an early age they taught me the value of money, not to waste it. Save some for a rainy day. And not to borrow what you cant afford and dont need.

At the end of the day my parents struggled when they bought their first home, i.e 2nd hand everything and could barely afford the mortgage repayment. (with both of them on low wages at the time) But a few years down the road they had paid their mortgage off and now live a comfortable life having no mortgage for the last 20'od years.

zappahey

dean_ham wrote:

On £30k a year i can only get a 2 bed semi and no life.

Decide which is more important and cut your cloth to suit. There are many who are in a much worse situation, I suspect their sympathy will be in short supply.