20yr old 'owning' £250k house

Graham_Devon

ukcarper wrote: »

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

Anything could be going on.

Their parents could have put up a deposit too. All the article states is what they saved. It doesnt say anything about the size of their mortgage. Parents could have handed them 50k for all we know.

Could be part fiction - to me the biggest thing is whats not said in the article. Like the fact this house was promoted by the very branch that he works in which promotes HTB heavily. That and it's an article promoting HTB.

ukcarper

Graham_Devon wrote: »

Anything could be going on.

Their parents could have put up a deposit too. All the article states is what they saved. It doesnt say anything about the size of their mortgage. Parents could have handed them 50k for all we know.

Could be part fiction - to me the biggest thing is whats not said in the article. Like the fact this house was promoted by the very branch that he works in which promotes HTB heavily. That and it's an article promoting HTB.

You are very cynical I would have thought that if they were going to fabricate a program to sell HTB they would have made it more convincing. More likely just 2 spoil kids boasting.

PasturesNew

Living at home wasn't such a sacrifice either. Not just because they were so young it wasn't any different to what they knew, but also:

"We both grew up in detached homes. It's hard to explain without sounding like a huge snob. We were just used to having our own space."

So they weren't sat in a 9'x10' (only) living room in a 2-bed terraced house. Probably lived in a modern home with all mod cons and big bedrooms and their own space.

A bit more digging and you might discover something new, like .... who owns the agency he works for....? Could turn out to be his dad.... which'd be why his salary is so high.

Most estate agents are on NMW + commission.

Graham_Devon

ukcarper wrote: »

You are very cynical I would have thought that if they were going to fabricate a program to sell HTB they would have made it more convincing. More likely just 2 spoil kids boasting.

You have to be when you look at the lies that have been fed to us. One was specifically promoting HTB and was along the same lines. Estate Agent buys their own house thanks to HTB and sits supping tea with Cameron. Again, that was the manager of the estate agents that was dealing with the very house she "bought" which was actually the development show house and she never bought it.

Then the tax credit "testimonials" from people so grateful their tax credits were getting axed.

All lies. All ficticious. All peddling a theme. Same as this story.

I note you have'n't even touched on the point I made earlier. If all they could save was 1k a month between them, howcome now, having spent 1k a month on the mortgage alone, you come to the conclusion they have more left over than when they were living rent free? Surely you must ask yourself the question? She may well be earning more than she was - but by that much!? It defies reality.

Theres a lot in this that isn't said in the article. All I'm sugesting is that it's what's not said that speaks the loudest.

ukcarper

Graham_Devon wrote: »

Anything could be going on.

Their parents could have put up a deposit too. All the article states is what they saved. It doesnt say anything about the size of their mortgage. Parents could have handed them 50k for all we know.

Could be part fiction - to me the biggest thing is whats not said in the article. Like the fact this house was promoted by the very branch that he works in which promotes HTB heavily. That and it's an article promoting HTB.

Graham_Devon wrote: »

You have to be when you look at the lies that have been fed to us. One was specifically promoting HTB and was along the same lines. Estate Agent buys their own house thanks to HTB. Again, that was the manager of the estate agents that was dealing with the very house she bought - exactly as is the case in thsi article.

Then the tax credit "testimonials" from people so grateful their tax credits were getting axed.

All lies. All ficticious. All peddling a theme. Same as this story.

I note you have'n't even touched on the point I made earlier. If all they could save was 1k a month between them, howcome now, having spent 1k a month on the mortgage alone, you come to the conclusion they have more left over than when they were living rent free? Surely you must ask yourself the question? She may well be earning more than she was - but by that much!? It defies reality.

Theres a lot in this that isn't said in the article. All I'm sugesting is that it's what's not said that speaks the loudest.

As you say you don't know what she is earning now and you don't know what they were both earning over previous 2 years. The point is 2 people earning enough to get a £187.5k mortgage can buy a £250k house with HTB. You dispute that they earn that much but I'm sure some people of that age do .

thequant

Graham_Devon wrote: »

I note you have'n't even touched on the point I made earlier. If all they could save was 1k a month between them, howcome now, having spent 1k a month on the mortgage alone, you come to the conclusion they have more left over than when they were living rent free? Surely you must ask yourself the question? She may well be earning more than she was - but by that much!? It defies reality.

Theres a lot in this that isn't said in the article. All I'm sugesting is that it's what's not said that speaks the loudest.

So much bile for this impressive young couple, if he was my son I would be proud.

At 22 this guy now owns his own 4 bed detached house, so why the hatred for this couple ?

Is it because, they have proved that generation rent is a myth. It really is a simple as forgoing the iphones and getting !!!!!! every weekend.

"Here's the really tough bit - they also restricted their social lives.
Rory earned £27,000, the national average full-time wage, when they bought the house.
"It took being very disciplined sometimes," he explains.
"It is hard but I don't think it is impossible, as some people make out.
"Being an estate agent I see plenty of first-time buyers who've just got their heads down and done the graft.
"I also see plenty of people coming into rented houses complaining to me that they can't get a deposit together and I'm thinking, 'Say no to the night out mate.'"

Mistermeaner

fair play to them i say.... whether they have made good financial decisions is another question though - I doubt either could sustain the mortgage on their own so if they split up they will have to sell

Also a mortgage like that adds alot of pressure to a young couple; starting smaller and building up can have advantages.

JP08

Re the "apprentice wage" above. Don't be surprised if it is somewhere north of the estimated £23k. Stepdaughter ( who decided to be an apprentice with an oil company based in Aberdeen rather than go to university) is on more than that. Me and the missus were somewhat surprised how well some firms will pay candidates with real potential.

fairy_lights

thequant wrote: »

Is it because, they have proved that generation rent is a myth. It really is a simple as forgoing the iphones and getting !!!!!! every weekend.

But they haven't proved that it's as simple as forgoing iphones - they've proved that it's as simple as living rent free with your parents, having jobs that pay better than average for your age, and possibly benefitting from working as an estate agent.
I'm not reading any hatred for the couple - just disbelief that something they have achieved through a unique set of circumstances is being made to sound so easy.

kabayiri

I'm guessing that if 4 bed newbuilds are £250K in that area, then a starter home would be roughly half that.

Should the HTB scheme support 2 applications at £125k each or one application at £250K ?

IMO I would have thought the program would be geared to trying to get the maximum number of people into home ownership.

If we took this example to the extreme, what is to stop a young couple who have very well paid jobs courtesy of a family firm using the scheme to get a £500K 6 bed home in that part of Cheshire?