20yr old 'owning' £250k house

Graham_Devon

ukcarper wrote: »

Even at 8% they would have £1.8k a month after a mortgage so still manageable.

Where are you getting all of this from? No where does it state she earns 23k. This appears to be simply a guess based on nothing?

Graham_Devon

ukcarper wrote: »

Even at 8% they would have £1.8k a month after a mortgage so still manageable.

Where are you getting all of this from? No where does it state she earns 23k. This appears to be simply a guess based on nothing?

If she earned that much I'm sure the article would have stated that considering they stated his 27k prominently.

All they mentioned was her "apprentice wage".

As for how much they have left - council tax on a place like that will be over £200 a month alone. On your figures, it's all do-able, so long as nothing changes. Should they want children (they may not want them) they will be scuppered from the moment that child arrives.

Mistermeaner

They get loadsa tax credits though wouldn't they.

Personally I think they split up and end up selling for less than they bought and end up out of pocket on the whole thing.

ukcarper

Graham_Devon wrote: »

Where are you getting all of this from? No where does it state she earns 23k. This appears to be simply a guess based on nothing?

She is now a qualified legal secretary and they must have meet affordable criteria of bank or are you suggesting they got a 5 or 6x joint income mortgage.

Graham_Devon

ukcarper wrote: »

She is now a qualified legal secretary and they must have meet affordable criteria of bank or are you suggesting they got a 5 or 6x joint income mortgage.

And the average pay of a legal secretary in the UK is £18,000. It's also unlikely that after doing a one year apprentice course she's moved straight to "average" unless she works for an incredibly generous company. She has a lot of learning to do yet in such a career.

So where does the 23k come from?

She's not in London. Shes in a (to follow the theme on here) northern hell hole. You appear to have given them a 5k bonus each year.

ukcarper

Graham_Devon wrote: »

Where are you getting all of this from? No where does it state she earns 23k. This appears to be simply a guess based on nothing?

If she earned that much I'm sure the article would have stated that considering they stated his 27k prominently.

All they mentioned was her "apprentice wage".

As for how much they have left - council tax on a place like that will be over £200 a month alone. On your figures, it's all do-able, so long as nothing changes. Should they want children (they may not want them) they will be scuppered from the moment that child arrives.

So if interest rates go up to 8% they will have £1.6k after council tax. I get by on considerable less than that.

Graham_Devon

Mistermeaner wrote: »

They get loadsa tax credits though wouldn't they.

No, they won't. They would get universal credit - which will be much lower as new entrants. The boat has set sail on that one - unless the boat u-turns again.

ukcarper

Graham_Devon wrote: »

And the average pay of a legal secretary in the UK is £18,000. It's also unlikely that after doing a one year apprentice course she's moved straight to "average".

So where does the 23k come from?

She's not in London. Shes in a (to follow the theme on here) northern hell hole. You appear to have given them a 5k bonus each year.

They have managed to borrow £187,500 so what do you think she is earning.

If she was on minimum wage they would take home £2.75k so at the moment £1.55k after CT reducing to £1.1k if mortgage goes up to 8% still more than I have.

Graham_Devon

ukcarper wrote: »

They have managed to borrow £187,500 so what do you think she is earning.

If she was on minimum wage they would take home £2.75k so at the moment £1.55k after CT reducing to £1.1k if mortgage goes up to 8% still more than I have.

We don't know. The article doesn't tell us. We don't even know whether she works full time or 3 days per week. But you seemingly keep assuming the very best of all scenarios.

What it DOES tell us is that by forgoing any "luxuries" such as going out AND living rent free with their parents, all they could afford to save was 1k a month.

They now SPEND nearly £1k a month on their mortgage alone (so all the money they could afford to save is spent). They will have all the other bills associated with running that home.

Yet by your sums and pure guesses on what they earn, they have more left over now, than they did before they bought and were living rent free and forgoing all luxuries.

She may be earning more, but reality dictates that you don't go from being an apprentice to straight away earning well above the average wage of the job.

All I'm saying is theres something tell me something aint quite right here. I can't tell you what that "something" is. All I can do is point out the well trodden path here when it comes to this government and HTB and tax credit media exercises. Both have so far been lies (proven lies, one which the government has had to apologise for). So you'll have to pardon me if I'm a little cautious with this dubious article too which has come out (co-incidentally I'm sure!!) on the same day as the launch of the HTB ISA.

ukcarper

Graham_Devon wrote: »

We don't know. The article doesn't tell us. We don't even know whether she works full time or 3 days per week. But you seemingly keep assuming the very best of all scenarios.

What it DOES tell us is that by forgoing any "luxuries" such as going out AND living rent free with their parents, all they could afford to save was 1k a month.

They now SPEND nearly £1k a month on their mortgage alone (so all the money they could afford to save is spent). They will have all the other bills associated with running that home.

Yet by your sums and pure guesses on what they earn, they have more left over now, than they did before they bought and were living rent free and forgoing all luxuries.

She may be earning more, but reality dictates that you don't go from being an apprentice to straight away earning well above the average wage of the job.

All I'm saying is theres something tell me something aint quite right here. I can't tell you what that "something" is. All I can do is point out the well trodden path here when it comes to this government and HTB and tax credit media exercises. Both have so far been lies (proven lies, one which the government has had to apologise for). So you'll have to pardon me if I'm a little cautious with this dubious article too which has come out (co-incidentally I'm sure!!) on the same day as the launch of the HTB ISA.

so you think it's complete fiction or they got a 7x joint income mortgage.