Boomers at my work boasting of property wealth

TheBlueHorse

i got 5x mortgage also. just over 3% (5yr fix). Easy. at the time of purchase 80% LTV. almost a year later and it would now be just over 60% LTV due to payments and HPI.

lisyloo

I believe the new calcs are done on affordability, so I guess it's logical that people with no debts, dependents and low outgoings can get higher multiples. Not sure that's the "norm" though.

quantic

I paid 4 times more for my property than the others who live in my street did 15 years ago. Is that unfair? Yes - without a doubt.

But instead of spending my 20's moaning and blaming I got my head down and overpaid for 7 years and now I have own almost 50% of it.

Am I bitter? No, I'm glad that my bad luck has been so trivial to fix with some hard graft, rather than something out of my hands like cancer or similar.

Grafting also taught me that there is more to life and the feeling of knowing I achieved this in the face of adversity is quite satisfying. When my friends sit moaning about how unfair the times are, I sit there in silence and then get on with it.

Ironically, I put a 55k deposit down and thats more than the previous people paid for it! Ouch.

lisyloo

Great attitude and refreshing to hear.
Life isn't fair starting with how much life we all get.
People need to put their "1st world" problems into perspective.
People in the UK nowadays are very very lucky.
They could be trying to migrate on a dodgy boat or forced into slavery/prostitution etc. etc.
Gratitude is a wonderful thing.

ShAnE

lisyloo wrote: »

Great attitude and refreshing to hear.
Life isn't fair starting with how much life we all get.
People need to put their "1st world" problems into perspective.
People in the UK nowadays are very very lucky.
They could be trying to migrate on a dodgy boat or forced into slavery/prostitution etc. etc.
Gratitude is a wonderful thing.

It's all relative, the people migrating on a dodgy boat should be grateful they've been given that chance as some don't even make it that far.

There will always be someone worth off so does that mean no one should ever complain about anything? Obviously the opposite is true and there is always someone better off, so maybe we should always complain.

Either way, the fact that a binman in the 1980's could buy a house that a teacher and IT Professional combined couldn't afford in the 21st century suggests that some people have a right to grumble about this particular aspect of their lives.

lisyloo

Either way, the fact that a binman in the 1980's could buy a house that a teacher and IT Professional combined couldn't afford in the 21st century suggests that some people have a right to grumble about this particular aspect of their lives.

It's their right to grumble if that's what they want to spend their life doing.
Those spending their time in more productive ways often have less to grumble about because they MAKE IT SO.

I personally wouldn't want to go back in time considering ALL aspects of life.

Edtough

Interesting thread this.

I'm 34 and have 2 rental flats and a house, and I wasn't given any money from rich parents; I started with nothing! So I disagree, and don't have much sympathy for those who complain how difficult it is to get on property ladder.

As a penniless 18 year old, I started saving for a house deposit. 10 years of grafting later (2009) I had saved £40k!

I then bought a 2 bed maisonette in Croydon (London nonetheless) that needed a lot of work, and taught myself the trades and worked on the place every evening and weekend while otherwise working a full-time job. The rest is history.

dktreesea

Cyberman60 wrote: »

I bought my first house one year before my 30th birthday in 1984, a two bed end-terraced in Berks for 37.5K which was just under 4 times my salary, around 9K.

4 times salary today for a professional doing the same job in IT would be 4 times 40K = 160K, so a similar house is more or less still affordable as a starter home.

http://www.zoopla.co.uk/for-sale/houses/berkshire/?beds_min=2&include_retirement_homes=true&include_shared_ownership=true&new_homes=include&price_max=200000&q=berkshire&results_sort=newest_listings&search_source=for-sale


People whinge too much IMO !!! Work hard and you will be rewarded. :T

Quite. Our neighbours, both graduates, have just bought a house, after saving for 4 years, near the beach. A house mind you, not a flat. And in a nice area. They had an income between them of around £37k after tax, have already started their family, the wife only works 3 days a week, saved around £70k in the 5 years they have been living here, so still had a reasonable amount to live on, and the house they have bought is £230k. They got some kind of first time buyer rebate - not sure how it worked, so borrowed less than £150k. Semi detached, 3 bedrooms and an attic, good garden, in quite nice "move in straight away" knick, 20 minutes from the city centre on a really good set of bus routes (one every 5 minutes at their stop, four houses away from where they bought). They're both 27 years old.


I don't really see how a potential BTL landlord stops people from doing as they did, saving up and buying the house they can afford. Our friend's 19 year old son, who is now a fully qualified mechanic, just bought his own place, a half share of a flat that he can eventually fully purchase. Only cost him £40k, he got a first time buyers rebate/grant/wahtever it is, and he had only saved £10k or so towards it, but it's a two bedroom place, and the portion rented from the housing association is £282 a month, but he's happy. As he says, it's less than a third of what he clears as a mechanic to fund both his mortgage and the rent.


His Dad, who has just turned 43, was saying to me it is incredible to him that anyone can buy his own place at 19, let alone in Edinburgh, and that he was in his late twenties and married when he bought his first place during the last recession in 2000/2001.