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Houses are affordable!
Comments
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Fact is if I had my dads circumstances I could of bought a house at 18 based on my wages with no deposit been 9 years into my mortgage by now and be laughing could of bought a cheap flat had that for a few years built some equity met my partner sold both our flats for a nice profit and give us a nice bit of equity to blow or invest towards new house
Real world I couldn’t afford a deposit/ pass affordability checks on my own until 26 with a partner. So 3-4 months worth of equity and thousands and thousands paid out so boomers generally can pay off a mortgage while making a nice profit out of me, or in a shared house while the landlord royally creams it in.
It’s ok though as I have an iPhone, if I didn’t have the iPhone I’d own a mansion by now ....0 -
I only know a couple of people who have new cars. All the rest vary in age from about 14 years to ours which is nearly 2. Apart from the new ones none of the rest are on finance. I don't know if one of the new ones is on finance.0
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Buying my own home is nothing but a pipe dream at this point in my life. I'm in my late 30's and I'm no closer to affording it now than when I was in my 20's.SPC7 ~ Member#390 ~ £432.45 declared :j
Re-joined SW 9 Feb 2015 1 stone lost so far
Her Serene Highness the Princess Atolaas of the Alphabetty Thread as appointed by Queen Upsidedown Bear0 -
Buying my own home is nothing but a pipe dream at this point in my life. I'm in my late 30's and I'm no closer to affording it now than when I was in my 20's.
People make the mistake of thinking that all older people could afford to buy a home. This is not the case many of them rented for their entire lives.0 -
Purely anecdotal but... my mum is in her early 70s and pays around £40 a month for her phone. My in laws are in their late 50s/early 60s and both have cars on finance for around £250 each a month. In fact they encouraged us to buy a “decent” car on finance and couldn’t understand why we didn’t want the extra monthly expense.
One of my colleagues is in her early 50s and pays £1000 a month for a leased car.
I can’t think of anyone my age who has a car on finance.
Same here. My parents (who are of the mentality that buying houses etc. is easier these days, despite having children who have struggled to buy houses) have cars on finance and encourage us all to go on expensive holidays and buy cars on finance. They don't understand why we don't 'treat ourselves' and why we would buy cars which aren't new.
Their internet bill is £50/month and phones are £25/month. By comparison, my internet bill is £15/month and my phone is £10/month. They get annoyed when I won't go out with them for dinner because of the cost and have to consider the cost of everything I do.
I know they've earned it, we had a few financial struggles when we were children and I don't begrudge them for their success - but the amount of money they waste just puzzles me. It's up to them, but it's a huge generalisation that the older generation are frugal.0 -
Fact is if I had my dads circumstances I could of bought a house at 18 based on my wages with no deposit been 9 years into my mortgage by now and be laughing could of bought a cheap flat had that for a few years built some equity met my partner sold both our flats for a nice profit and give us a nice bit of equity to blow or invest towards new house
Real world I couldn’t afford a deposit/ pass affordability checks on my own until 26 with a partner. So 3-4 months worth of equity and thousands and thousands paid out so boomers generally can pay off a mortgage while making a nice profit out of me, or in a shared house while the landlord royally creams it in.
It’s ok though as I have an iPhone, if I didn’t have the iPhone I’d own a mansion by now ....
Where did your dad live before he bought his house? Did he live with his parents or did he live in one room in a shared house? What did he own before he bought his house? By this I mean how many pairs of shoes did he have or his own television or car. Basically what did he own?
People got asked questions about their financial situation that young people wouldn't want to answer these days.0 -
Where did your dad live before he bought his house? Did he live with his parents or did he live in one room in a shared house? What did he own before he bought his house? By this I mean how many pairs of shoes did he have or his own television or car. Basically what did he own?
He was 18 so lived at home, He had a little mini don’t see how the television is relevant though they were massively expensive at the time and a good one can be had now for 3-400 quid.
No way in hell would I get approved for the house he bought now in the job he had at the time.
He walked in picked a house and got his mortgage no deposit, in fact they even tried to give him more money to help him decorate it.
Yes he had higher interest rates but the mortgage was thrown at him basically no questions asked.0 -
Mine were sympathetic, but when I found the right house, they'd run out of funds!Indeed, I saved with my building society for over 10 years before being ready to buy a house and they were not remotely interested in helping us get a mortgage!
Luckily, a new BS had just opened a branch, so I took my money out and walked up the High Street to them. Waving my cheque, I asked whether they'd grant me a mortgage if I deposited it with them. They said they had funds.
That's my first memory of being 'disloyal' to a financial institution and bargaining with another. It's ridiculous from a modern perspective, but I felt as if I'd done something slightly immoral.
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He was 18 so lived at home, He had a little mini don’t see how the television is relevant though they were massively expensive at the time and a good one can be had now for 3-400 quid.
No way in hell would I get approved for the house he bought now in the job he had at the time.
He walked in picked a house and got his mortgage no deposit, in fact they even tried to give him more money to help him decorate it.
Yes he had higher interest rates but the mortgage was thrown at him basically no questions asked.
I think you will find that there was more to it than that. It might even have been that the bank didn't expect people to not pay their mortgages. It was probably before there were a lot of repossessions. He would have to have been earnng enough to afford the mortgage repayments on the house. What did he do for work? It sounds also as if he didn't buy a house that was in good condition. Was it in a good area?0
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