We'll never be able to buy a house!

chocolatechipcookies

I was playing around with some mortgage calculators (Northern Rock and Halifax) and with the salary we both earn (not even including debts) we would only be able to get £35,000. There are no houses going for that little, let alone in a neighbourhood where I'd feel safe walking down the street. Building loads of houses is not making it any easier for first time buyers, it's just more houses we can't afford. I can't afford to buy in one of the cheapest parts of the country. We don't have enough money at the end of the month for a deposit, so that makes things worse. The only way I'll ever be able to buy is if I won the lottery, which isn't going to happen. :mad: :mad: :mad: :mad:

edit: I recalculated and got £67,000 which sounds better, now I'll have to see what's out there.

Melissa177

35K? Are you sure? You must be earning less than 13K a year between you, which is very very very very low!

Northern Rock particularly lends fairly high multiples (which is why I think it might all go t*ts up for them at some point - they're not quite sub prime, but they are getting there).

novagirl

Tell me about it! What really annoys me though is that the people that can easily afford houses buy the smaller strted homes that do tend to be cheaper and then extend them. In my eyes this really shouldn't be allowed. If it is no longer big enough, then move to a house that is.

One bed houses that have just been built in my village are up for sale at £128k..and they call that affordable when the average salary around here is nowhere near enough to cover a mortgage of that size.

chocolatechipcookies

Melissa177 wrote: »

35K? Are you sure? You must be earning less than 13K a year between you, which is very very very very low!

Northern Rock particularly lends fairly high multiples (which is why I think it might all go t*ts up for them at some point - they're not quite sub prime, but they are getting there).

I'm on £11,500 (first proper job since being here two years) and husband is on about £13,500-14 (can't remember exactly)

We do have some debts, but by the time we will want to buy, we should only have one. We plan on paying off most debts the end of this year and one next. There's only one loan we can't pay off early. Right, I redid the calculation and I got £67,000, that's much better! :beer: Hopefully by the time we do buy I would have figured out what I want to do and we'll be able to get more

Melissa177

Whew, that's a bit better. Whereabouts do you live out of interest?

Melissa177

novagirl wrote: »

Tell me about it! What really annoys me though is that the people that can easily afford houses buy the smaller strted homes that do tend to be cheaper and then extend them. In my eyes this really shouldn't be allowed. If it is no longer big enough, then move to a house that is.

Hmm - that's not very fair: a lot of people can't afford to move, and choose to extend instead. (That said, extensions aren't cheap either).

Why shouldn't people be allowed to change their home as they wish (within planning regs - which I generally dislike also).

chocolatechipcookies

novagirl wrote: »

Tell me about it! What really annoys me though is that the people that can easily afford houses buy the smaller strted homes that do tend to be cheaper and then extend them. In my eyes this really shouldn't be allowed. If it is no longer big enough, then move to a house that is.

One bed houses that have just been built in my village are up for sale at £128k..and they call that affordable when the average salary around here is nowhere near enough to cover a mortgage of that size.

Even with £60,000 I can only afford to live on a council estate and really bad area of town. I would like to be able to walk out my front door without worrying about getting beaten up. Prices are going up but salaries aren't. Plus you have all of the people buying the nice places so they can rent them. Or property developers buying anything affordable to redo so they're overpriced as well. The thing I hate is that, I can't afford to buy a decent place, so I rent. But if I wanted kids, I'd have to forget about it, nowhere wants children. Pets? Nope, can't have a pet. It's a sucky situation.

chocolatechipcookies

Melissa177 wrote: »

Whew, that's a bit better. Whereabouts do you live out of interest?

Sunny Hull

novagirl

IMO it is fair comment ...why make one bedroom homes into two beds or more if they were SPECIFICALLY built to as starter homes in the first place?

Melissa177

chocolatechipcookies wrote: »

Sunny Hull

My home town!! :j :j :j


I think you can still get a two bed terrace in Hull for around 50-60K. Good luck clearing the debts and getting on the ladder.

chocolatechipcookies

Melissa177 wrote: »

My home town!! :j :j :j


I think you can still get a two bed terrace in Hull for around 50-60K. Good luck clearing the debts and getting on the ladder.

Thanks! :beer: :T