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geoffky
Posts: 6,835 Forumite
A deposit is something many years ago people had when they purchased a house. Its quite complicated but I will do my best to explain. A long time ago, before the Labour Party came to power, people had something called Savings.
Savings were not something your parents gave you, it was something you made for yourself. In those days people had something called a job, and they worked for someone called an employer. The Employer was the person you worked for, and it was he who gave you your wages, unlike today whereby its the Government that gives you your wages.
Each month when your wages arrived (yes its was a per month, not per fortnight) you had something called a budget whereby you would work out how much money you would not spend (herein called Savings) and how much you had to spend to keep yourself alive with food and rent. The less you spent on food, or Beer, or Girlies, the more you saved, and then before you knew it you had enough savings to call it a deposit, which you could put onto a house in part payment.
lifted from elsewhere..:rotfl::rotfl:
Savings were not something your parents gave you, it was something you made for yourself. In those days people had something called a job, and they worked for someone called an employer. The Employer was the person you worked for, and it was he who gave you your wages, unlike today whereby its the Government that gives you your wages.
Each month when your wages arrived (yes its was a per month, not per fortnight) you had something called a budget whereby you would work out how much money you would not spend (herein called Savings) and how much you had to spend to keep yourself alive with food and rent. The less you spent on food, or Beer, or Girlies, the more you saved, and then before you knew it you had enough savings to call it a deposit, which you could put onto a house in part payment.
lifted from elsewhere..:rotfl::rotfl:
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
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Comments
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Absolutely true! My and OH's parents couldn't have given money to us as they just didn't have any! We both had full time jobs and weekend bar jobs to help us save:D Ah the good old days:rotfl:0
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Ooooo i had one of those and i had a savings account that was pretty healthy, so i used it all and bought a house.......... then i stupidly fell in love had a couple of kids lost my job and im now loosing my house, and have absolutly nothing to fall back on
heyho such is lifeThere's this place in me where your fingerprints still rest, your kisses still linger, and your whispers softly echo. It's the place where a part of you will forever be a part of me.
Sealed Pot Challenge #3080 -
How spectacularly patronising. I would suggest that you look at the saving for a deposit thread.
One point I will make, however, is that a long time ago in a galaxy far far away people could access higher education for free, thus avoiding the burden of student debt. Saving was much easier in that mystical place. People who had the advantage of the free education mentioned often forget this now they own their own houses and sit upon high horses in judgement of others....Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it!'0 -
Whoops, looks like the cat's got amongst the pigeons now!How spectacularly patronising. I would suggest that you look at the saving for a deposit thread.
One point I will make, however, is that a long time ago in a galaxy far far away people could access higher education for free, thus avoiding the burden of student debt. Saving was much easier in that mystical place. People who had the advantage of the free education mentioned often forget this now they own their own houses and sit upon high horses in judgement of others....
I seem to remember that Free higher education in the Galaxy of West London when I was a teenager but was in too much of a hurry to leave school at 16 and start earning to afford some goodies like nights out and some 45's. Still done okay with my one O' level in Maths.....0 -
How spectacularly patronising. I would suggest that you look at the saving for a deposit thread.
One point I will make, however, is that a long time ago in a galaxy far far away people could access higher education for free, thus avoiding the burden of student debt. Saving was much easier in that mystical place. People who had the advantage of the free education mentioned often forget this now they own their own houses and sit upon high horses in judgement of others....
Oddly enough, I never had this higher education. Just got a job, worked hard, saved and bought a house. Does this make me a bit weird, or just old fashioned?0 -
I also remember the days when Financial Advisors used to be miserable, moaning, patronising, irritating, know-it-alls who would couldnt stand anyone suggesting something different to their own stereotypical opinions.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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How spectacularly patronising.
Would have to agree with this to be honest! My OH and I (before we met) had saved almost £100k between us towards a deposit, and I'm only 30.
I think it's actually our parents' generation who have to take a lot of the blame for the rise of the credit culture, with their MEWing and "buy now, pay later" mentality - it's hardly surprising if this has been passed on to some of the younger generation. I'm gobsmacked at how many of my friends have parents coming up to retirement still with huge mortgages outstanding - they just thought they could keep living off the imaginary equity in their homes for ever!
You only need to look at the Mortgage Free Wannabe board to see how many of us in our 20s and 30s are determined to do things differently!0 -
And then came the Internet with Share and Fund dealing websites...LolI also remember the days when Financial Advisors used to be miserable, moaning, patronising, irritating, know-it-alls who would couldnt stand anyone suggesting something different to their own stereotypical opinions.0 -
At 50 I must be same generation as your parents and was brought up to only buy what I could afford for cash (apart from the house) but I did MEW on the rising value of that to make further investments. Yes, borrowing to invest was classed as wrong but it worked.not_tonight_josephine wrote: »Would have to agree with this to be honest! My OH and I (before we met) had saved almost £100k between us towards a deposit, and I'm only 30.
I think it's actually our parents' generation who have to take a lot of the blame for the rise of the credit culture, with their MEWing and "buy now, pay later" mentality - it's hardly surprising if this has been passed on to some of the younger generation. I'm gobsmacked at how many of my friends have parents coming up to retirement still with huge mortgages outstanding - they just thought they could keep living off the imaginary equity in their homes for ever!
You only need to look at the Mortgage Free Wannabe board to see how many of us in our 20s and 30s are determined to do things differently!
I never believed in the Rule Book anyway, just a gambler at heart.0 -
Also years ago, those of us without wealthy parents, those of us who left school at 16 with 2 O levels (because that's what you did), those of us that lived in expensive parts of the country .... still couldn't afford to save at all - and never did ..... and we stayed single. But, with waiting, when we were 40 we could finally buy our own house with a short spell in a high paid job where every spare penny was saved for the thing they called a deposit. A deposit is one thing, patience is equally important.0
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