Rabbit Hutch Britain

treliac

BitterAndTwisted wrote: »

...... I'm sure a lot of people realised how conned they were.

And a lot of people are going to get frustrated, claustrophobic and angry.

Humans react to their environment like other animals. Put too many rats together and what do they do .....?

(Yes, mewbie and Cleaver, apart from that :rolleyes:)

delain

yes, my friend lives in a cramped 2 bed flat with her OH and 2 boys, and they fall over each other all the time, for £625 a month!

BitterAndTwisted

Oh, it could be worse: the tenants in the two-bedroomed flat underneath mine has about ten people living in it.

Gorgeous_George

Pobby wrote: »

Agree with the last point. My 21 year old nephew ahs bought with his 20 year old girl friend @ £195k in the South East. It`s not big. They had £20k to put down and now have a £1,000 a month mortgage for 40 years. Wow, that`s just short of half a million pounds!

... and then being mortgage and rent free. The alternative being paying rent forever.

More seriously, they will probably go their separate ways in a year or two. Dumping the mortgage will be messy.

GG

PasturesNew

I was in a 5 bed detached the other day (they shouldn't lock up the sales office and leave these gaffs open). .... the main bedrooms were OK for size, one had an en-suite and it was a bath, with room for a shower if they'd laid it out properly, but not even a shower over the bath.

One of the bedrooms was called bed 5/study and was a fair size.

The other two bedrooms and the family bathroom were a good size too, but no shower over the bath. So no shower anywhere.

On the ground floor, there were two separate living rooms and a downstairs loo ... all good, but then it was the kitchen/dining room and a separate utility - couldn't swing a cat, really poorly designed.

Twin garages, but no side door into the garden and it wasn't joined to the house. Garden was odd too, odd little bits, some unusable for anything except existing.

Seemed nice enough.... overlooking social housing and it was £370k.

So, we had a nosey and then left.

PasturesNew

Bored_Poster wrote: »

Great to see that all your undercover research, stealthy viewing and doorstep interviewing has led your friend to buy a new build. Well done Pn x

What somebody chooses to do is their choice. They know my opinion and stance, I am not one to shove it down their throat. This isn't a "stretching" situation, this is a down-sizing and lifestyle change.

One size doesn't fit all. And nobody is so good at knowing what's going on that they can preach to somebody who is paying the piper.

PasturesNew

Bored_Poster wrote: »

I'd have been tempted to remove the central heating system.

I was tempted to hide in the large understairs cupboard and shout "BOO" at the next people that came along.

Pobby

Gorgeous_George wrote: »

... and then being mortgage and rent free. The alternative being paying rent forever.

More seriously, they will probably go their separate ways in a year or two. Dumping the mortgage will be messy.

GG

Take your point GG. He is such a headstrong lad. Also a God child. I have tried to reason with him in the past regarding other debt issues but get nowhere. It really is tough for kids right now. I was about 4 years older when I first bought and it was easy. The same town, much larger house and about 30% of our income. Being the 70`s that was soon eroded due to promotion and inflation.

I can see it now, the temptation to buy furniture and stuff on credit. We had a bit of furniture that was donated and a mattress on the floor. Different days.

julieq

Pobby wrote: »

Agree with the last point. My 21 year old nephew ahs bought with his 20 year old girl friend @ £195k in the South East. It`s not big. They had £20k to put down and now have a £1,000 a month mortgage for 40 years. Wow, that`s just short of half a million pounds!

Someone saw them coming, because that's an atrocious mortgage deal.

But anyway, in ten years (assuming 3% annual inflation) when they might be considering children, their payments will be the equivalent of £750 today, and on an annualised HPI of 2% compounded they'll be sitting in a house worth just shy of £250K, so they'll already have £75K of equity. At the end of the 40 years with the same assumptions on HPI, they'll have £340K of house for which they'll have paid £500Kish, assuming they aren't earning enough at that point just to pay off the mortgage early. And this is with house prices losing 1% net on average in real terms!

In that period, assuming a rental of about a grand starters (which would be low for the SE), and 3% inflation, someone renting will have paid about £540K and have no asset. The cost of the rental after the 10 years period is about £1300pa.

Now forgive me, but I don't honestly see why you are criticising this couple. Even with a mortgage deal which is diabolically poor, they still win hands down over someone renting over the same period. They're over £380K better off in fact. And they don't have to worry about where they are going to live for the next 30 years or fund a pension that allows it.

Lotus-eater

Pobby wrote: »

I can see it now, the temptation to buy furniture and stuff on credit. We had a bit of furniture that was donated and a mattress on the floor. Different days.

I've owned houses for 15 years and some of our furniture is still 2nd hand, a couple of bits were bought from the local dump and painted, we do like them though.
Tbh this is nothing new (although more common than before) I had a friend in the 80's who got married and had a house fitted out with what looked like furniture from Argos, black flatpack, very swish in those days (I hated it ) He was a prat and went bankrupt a few years later.
I preferred to fill my house more naturally over time with acquired furniture, we are all different though