A cry of anguish

Graham_Devon

ILW wrote: »

I am self employed with a small (micro) company supplying products to other businesses.

I do also know a number of people in their late twenties who do own their own homes. Oddly enough these are also self employed (building trades mainly) but have got there through hard work rather than staying in education until there mid twenties and expecting to buy within a year or two.

Maybe there is a lesson there.

It's strange how things have panned out.

You are taught from an early stage to go on to further education, broaden your prospects, save money etc.

Yet all of these things, in the current environment have been a complete and utter waste of time. Everything you are taught has been turned on it's head.

Don't save, take credit and as much as you can. My experience from a mortgage advisor was that the deposit or LTV was completey irrelevant (I wanted a lower LTV). The advise was to get as much credit as I could possibly afford (in some cases, couldn't afford, but just switch 2 years later and it would magically all turn out fine due to HPI).

Don't learn, get experience.

I do feel sorry for those who haven't gone on to further ed, but can't get a break as they don't have experience though. The end up just working the same jobs as the people who went to uni and have no experience either. You'll find them in the petrol stations, Asda (nearly said Woolworths then) etc.

Suppose there just isn't the jobs there used to be on peoples doorsteps. Not that I think people would taken them on, benefits provide a better lifestyle.

ILW

Lifes go getters tend to do OK whether educated or not.

I believe such people as Bill Gates, Bernie Eccleston, Richard Branson, Alan Suger and countless less well known but highly successful people were too busy and driven building a business to want to stay in education for half their lives.

ukcarper

I do find a lot of this talk surprising I know a few people in their early 30s some went to university some didn’t most are doing ok some very well the person who is doing the best went to university so I suppose its got a lot to do with the degree you take. I also know a few people in their early 20s and a lot of them are struggling but I don’t see house prices as their main problem the problem is getting a good job.

vl2588

I have a very good degree from a very good university (plus a Masters) and I have a professional job (i.e. my job requires a specific qualification and I am a member of a professional body) yet I still cannot afford a mortgage. I have saved my entire life including when I was on minimum wage and I am getting there (see sig!) but it's taken a LONG time (I am 30). Those quoting £200k as if it's easy to borrow on professional wages are in cloud cuckoo land. On my own I can borrow about £100k, which in the south east doesn't buy anything. I feel as if I couldn't have lived my life more sensibly wrt my finances yet I am still priced out of the mortgage market (at the moment). Now I have a long term partner I can see light at the end of the tunnel (together we can afford a property thank goodness), but it still makes me angry as I feel I am not at the bottom of my profession by any means, yet I couldn't afford to buy on my own if I had to. I think house prices are atrocious and something should be done about it. I can't expect to get much state pension even if I am ever allowed to retire, so house ownership is a must!

I also have a cat and fully understand the pain of being refused flats/houses despite being prepared to give a larger deposit and fully clean the property before leaving (after all you are responsible legally for any damage anyway!).

michaels

Interestingly one would think that if housing land was freely available houses would always cost about the same as farm land plus build cost plus builders profit but US experience in states such as Florida and Nevada (and to a lesser extent Eire and Spain) show this is not the case and even with effectively unlimited housing land you can still get housing booms and busts. Sorry for going slightly OT.

michaels

So you have a masters, I would have thought most jobs requiring such a level at entry in the SE would pay about 20k minimum (some much more). Suppose you started your career at 23 (degree plus masters) then you have had 7 years and have saved 11.5k. I am not sure you have been living as frugally as all that. Also with no dependants and no debt it is not impossible to borrow 4x income so with 7 years expereince you are now on 25k - not that much I would say for someone with a masters in a professional job (again my expereince is only of the SE)

vl2588 wrote: »

I have a very good degree from a very good university (plus a Masters) and I have a professional job (i.e. my job requires a specific qualification and I am a member of a professional body) yet I still cannot afford a mortgage. I have saved my entire life including when I was on minimum wage and I am getting there (see sig!) but it's taken a LONG time (I am 30). Those quoting £200k as if it's easy to borrow on professional wages are in cloud cuckoo land. On my own I can borrow about £100k, which in the south east doesn't buy anything. I feel as if I couldn't have lived my life more sensibly wrt my finances yet I am still priced out of the mortgage market (at the moment). Now I have a long term partner I can see light at the end of the tunnel (together we can afford a property thank goodness), but it still makes me angry as I feel I am not at the bottom of my profession by any means, yet I couldn't afford to buy on my own if I had to. I think house prices are atrocious and something should be done about it. I can't expect to get much state pension even if I am ever allowed to retire, so house ownership is a must!

I also have a cat and fully understand the pain of being refused flats/houses despite being prepared to give a larger deposit and fully clean the property before leaving (after all you are responsible legally for any damage anyway!).

ILW

vl2588 wrote: »

I have a very good degree from a very good university (plus a Masters) and I have a professional job (i.e. my job requires a specific qualification and I am a member of a professional body) yet I still cannot afford a mortgage. I have saved my entire life including when I was on minimum wage and I am getting there (see sig!) but it's taken a LONG time (I am 30). Those quoting £200k as if it's easy to borrow on professional wages are in cloud cuckoo land. On my own I can borrow about £100k, which in the south east doesn't buy anything. I feel as if I couldn't have lived my life more sensibly wrt my finances yet I am still priced out of the mortgage market (at the moment). Now I have a long term partner I can see light at the end of the tunnel (together we can afford a property thank goodness), but it still makes me angry as I feel I am not at the bottom of my profession by any means, yet I couldn't afford to buy on my own if I had to. I think house prices are atrocious and something should be done about it. I can't expect to get much state pension even if I am ever allowed to retire, so house ownership is a must!

I also have a cat and fully understand the pain of being refused flats/houses despite being prepared to give a larger deposit and fully clean the property before leaving (after all you are responsible legally for any damage anyway!).

Are you saying that a professional (ie accountant, architect, lawyer etc) working in the London area can only earn £30k. Sounds very low to me.

StevieJ

CLAPTON wrote: »

so a strange rant from a young socialist living as you do in a gated community and renting from a kind 'bloomer' who charges below the going local rent.

lucky chappie

Also seems to annoy the neighbours as well as keeping pets without permission

chewmylegoff

ILW wrote: »

Are you saying that a professional (ie accountant, architect, lawyer etc) working in the London area can only earn £30k. Sounds very low to me.

any half decent accountant who works in central london will be on at least £60k by the time they have got 10 years PQE. solicitors generally earn more than accountants, and city law firms pay a lot more.

our secretaries and paralegals are on about £30k...

vl2588

I had two gap years as I was trying Plan A first (currently on Plan B in career terms!), so I do not have 7 years' relevant experience! I work in the environmental sector so money not as high as it could be in other sectors. Nevertheless I would still expect it to be reasonable that someone of my experience & age could afford a house.

I do not live in the London area btw. Also, I applied for a job in London once (as a grad) and was told there was no such thing as London weighting - not sure how they expected me to live in or near London on 18k!