Mortgage Dilema. How Do Single People Afford A House These Days??

AMILLIONDOLLARS

Well to have a first time mortgage of £285,000 you need to have steady nerves, I can only imagine the repayments:eek: :eek: once again all the best.

WesternExpress

sm9ai wrote:

My parents paid 3 times single salary for their first house. (A 3 bed bungalow)

For an equal property I would have to pay 8-10 times. And I am in a better paid job than my parents where in.

Yes inflation will help, but not at the rate that it helped my parents and to be honest it won't really help much at all.

Agreed, I think one big point is that wage inflation used to help stretched people. These days the only inflation that isn't rising is wages.

I don't see why I should pay double the mortgage that someone who bought somewhere 5 or 6 years ago has to pay. Plus they did't have student debt to pay off.

meanmachine_2

WesternExpress wrote:

Agreed, I think one big point is that wage inflation used to help stretched people. These days the only inflation that isn't rising is wages.

I don't see why I should pay double the mortgage that someone who bought somewhere 5 or 6 years ago has to pay. Plus they did't have student debt to pay off.

You shouldn't have to. Sadly, the banks are giving other less intelligent people the means to do so.

Until that changes, we'll be stuck in a super bubble.

Of course, all things return to the mean in the end. And with people happily taking on mega mortgages then bizarrely expecting non-existent wage inflation to help them out, within a few short years we'll have an entire generation saddled with massive debts - triggering a recession.

WesternExpress

meanmachine wrote:

You shouldn't have to. Sadly, the banks are giving other less intelligent people the means to do so.

Until that changes, we'll be stuck in a super bubble.

Of course, all things return to the mean in the end. And with people happily taking on mega mortgages then bizarrely expecting non-existent wage inflation to help them out, within a few short years we'll have an entire generation saddled with massive debts - triggering a recession.

I don't intend to buy at the moment, too scary. I am very worried about the amount of debt this country is taking on and that if anything goes wrong there will be a recession and of course then it's hard to keep your job ot be able to buy anything.

lisa_75

sportbeth wrote:

meanmachine wrote:

Well I hardly get massive rises every year but I do remember that in the 80's £10,000 a year was a decent wage, now £30k is decent so its all relative

Even a single person on a decent wage of £30k can't afford to buy more than a small ex council terrace in my area. What hope is there for the OP who is on far less? As you said £30k is a decent wage, so someone on £30k should be able to afford a decent house in a decent area.

My father has never earned as much as my H. Yet my parents bought a large 3 bed terrace when they were 19 and managed to upgrade to a 4 bed detached when they were 29 with only one wage coming in and 4 small children.

In laws are similar. Both have always been on very low wages, but managed to buy a semi when they were 21.

ashcarrot

Yep I just get the feeling that inflation is about to explode, and some other triggering factor will cause a massive upset in this area.

I've got £61k saved for a deposit. And Earn 38k and im going to struggle to get a small house in a small seaside location. This simply can't continue its really bad for the country and the help the government seem to be offering "shared ownership" is going to make things worse.