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Mortgage Deposit in Southeast
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yoshiyella wrote: »Don't buy in Romford - that will be one less house for me to consider at that price range!
Also, I have spent the last 5 years trying to save for a deposit - no meals out, no going to see my mates at the other end of the country and living in a "scummy" part of Romford for cheap rent - oh and no holidays away and now I have a 25% deposit and will spend the next 30-60 years living a nicer life for it - a little hard work goes a very long way!
My little bro is going the 'crazy stupid' route of getting a part-equity flat near the Olympic village. I can't see him really making much from those mass-built flats where you need to ask someone else's permission to sell.
I think we're still only at 85% LTV (according to the mortgage), but we've got ourselves on a 5 year fixed rate mortgage, and I hope that the house price inflation will get us down to below 60% in 5 years.0 -
actually, £65K is peanuts in london and the southeast, especially with sky high rents and the large deposit need. My wife and I have a joint salary of £140K and we struggled to get on the property ladder and only just managed it after 5 years of renting.....you live to your means and noone has spare money went living in London....
also didnt have bank of mum and dad as many of you do...
so how much take home pay is this?
i am really struggling to understand why it was difficult for you to get onto the ladder unless you had to pay back debt. 140k is a LOT - trust me....
even if you rent a house in a nice part of LOndon you can get one for 2.5k a month easily which would leave you with a lot of free cash to save.0 -
donfanatico wrote: »so how much take home pay is this?
i am really struggling to understand why it was difficult for you to get onto the ladder unless you had to pay back debt. 140k is a LOT - trust me....
even if you rent a house in a nice part of LOndon you can get one for 2.5k a month easily which would leave you with a lot of free cash to save.
its over 7K per month take home...
ok so you have 2.5K rent
another 1K bills (council tax alone on one of these is a fortune, 240 pm min, add to that gas/electric (in winter this was 250 pm minimum), water rates, gardiner, cleaner, broadband, cabletv, phone, food, work lunches, coffees, apple products etc etc.
400 for car lease
500 for monthly season ticket (for 2 people)
add to that entertaining costs and it all adds up...
i did manage to save which is why i do own and live in a property for the last 7 months...0 -
actually, £65K is peanuts in london and the southeast
Well, may be not much in London but definitely it is a damn good wage in even in South East. If someone can't save deposit on that salary (assuming same salary in past few years) then one needs to examine the spending habit.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
its over 7K per month take home...
ok so you have 2.5K rent
another 1K bills (council tax alone on one of these is a fortune, 240 pm min, add to that gas/electric (in winter this was 250 pm minimum), water rates, gardiner, cleaner, broadband, cabletv, phone, food, work lunches, coffees, apple products etc etc.
400 for car lease
500 for monthly season ticket (for 2 people)
add to that entertaining costs and it all adds up...
i did manage to save which is why i do own and live in a property for the last 7 months...
so that's lets say 4.5k housing and bills etc. that leaves you with 2.5K plus.
i'd say on that wage you should be able to save 30-40K a year easily0 -
LOL!!!!
Because a Gardener, Cleaner, Apple products, new car leases and entertaining are all essential living costs aren't they.
Wishing you the very best of luck to you in your new world."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Well, may be not much in London but definitely it is a damn good wage in even in South East. If someone can't save deposit on that salary (assuming same salary in past few years) then one needs to examine the spending habit.
while its higher than average I am convinced that in order to be 'comfortable' in london (and I dont mean rich) you need to be earning at least £200K per couple.
anything else aint cutting it....and I dont even have kids so factor that in and it would be even more expensive.0 -
I think someone's trolling and making stuff up as he goes... Don't feed him.
(not to mention all the spelling mistakes...)0 -
jjlandlord wrote: »I think someone's trolling and making stuff up as he goes... Don't feed him.
(not to mention all the spelling mistakes...)
Maybe its someone off Made in Chelsea...."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Foxy-Stoat wrote: »LOL!!!!
Because a Gardener, Cleaner, Apple products, new car leases and entertaining are all essential living costs aren't they.
Wishing you the very best of luck to you in your new world.
they are, until you try apple products you really dont know quality. (I say that as someone who as worked in IT for 20 years).
also why waste valuable time on housework and gardening when you can pay someone to do it?
I have two days off a week, I'm damned if I'm going to spend that time cleaning the toilet.
and you need a good car, a high end BMW or Mercedes is always nice.
As for entertaining, you're a long time dead.0
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