'Generation rent' excluded from home ownership

GlynD

Graham_Devon wrote: »

Social housing has changed dramatically since the 70's and 80's. How can you say nothing has changed?

In practice it's still the same. You get points, you get a house, you pay rent. Or would you disagree?

JonnyBravo

Percy1983 wrote: »

You do, buying outight and paying no interest.

Well yes. Clearly. I'm sure that's entirely realistic for most when clearly we're talking about people even struggling to save a deposit. :rolleyes:

Percy1983 wrote: »

As I say it easy enough to get to one mark and say 'if we save a bit more we will get a better deal' yes the final jump from 60% LTV to buying outright is certainly a big one.

To be honest the temptation my get too much at 90% LTV and we might jump in then, we will see at the time.

Thank you. My point exactly.

doire_2

Sarrah Laspa, a 29-year-old who has lived in London for seven years, regards rent as "wasted money" and would love to buy her own home, but has no disposable income left at the end of every month with which to save a deposit. She lives in Borough, a central area of south London, which is within walking distance of her legal publishing job and spends half her monthly income on rent.
"I could live further out, but then I would have to pay for public transport which would negate the benefits of cheaper housing," she said. "And being single, it would be pointless living in the middle of nowhere."

In the words of the bulls she should move somewhere she can afford or retrain and get a better job

Percy1983

Well I did figure at the current rate of things we could buy outright in 8 years, but we certainly aren't waiting that long.

It goes back to the point that 90% LTV mortgages are available, just becuase the rates aren't ideal doesn't mean its not there.

FTBFun

doire wrote: »

In the words of the bulls she should move somewhere she can afford or retrain and get a better job

Yes that is sensible advice.

Not really sure what point you are making?

I know what she should do! Whinge about it on internet forums.

JonnyBravo

Percy1983 wrote: »

Well I did figure at the current rate of things we could buy outright in 8 years, but we certainly aren't waiting that long.

It goes back to the point that 90% LTV mortgages are available, just becuase the rates aren't ideal doesn't mean its not there.

How long have you been saving for a deposit so far?

Percy1983

The reality of actually saving for a deposit is about 2 weeks (been clearing debts up until this point). But the budget is tight so deposit will come together rather quick.