You to can pay off a £800K mortgage while earning only £25K a year!

calleyw

https://metro.co.uk/2021/02/07/mum-pays-off-800k-mortgage-despite-never-earning-more-than-25k-a-year-14036581/

This headline for this story has more holes than a fishermans net.  If I  as in me calleyw saved every penny and lived for free at home not paying for anything since I started working 30 years ago.  And I had invested wisely I would have enough to buy out right an 800K property about now.

Who actually believes this stuff?

lisyloo

Well mathematically it may well be true.
Just not at all realistic especially for the 60% who want children.

user1977

These are all generally complete nonsense.

There was an American story going around Twitter the other week with somebody claiming they "didn't have to pay anything" for their apartment - by which they meant the costs are covered by rent from the tenants in the other apartments they own.

Chandler85

All in the details...

so her dad went ‘halves’ with her on deposits to buy two more properties.

So while she was working full time, she was collecting rent from properties that her dad had helped her buy... But she doesn't count this as an income at all...

[Deleted User]

lisyloo said:

Well mathematically it may well be true.
Just not at all realistic especially for the 60% who want children.

She has children but also seems to have been able to live at home in between husbands and went halves with her father to buy two BTL will ridiculously high LTV which you might have been able to do before 2008 but wouldn't stand a cat-in-hell's chance of doing now.  I have a friend who funded the purchase of a couple of HMO in London using 100% LTV mortgages and credit cards pre-2008 but in 2021...nae chance.

Yes it's great that the woman in the article has made the most of the opportunities presented to her, just as my friend did, but not everyone has access to the bank of mum and dad, and the BTL gravy train pulled out of the station a few years ago.  I wonder if given her claims and name in the paper HMRC will start an investigation just to make sure it all adds up.  

calleyw

user1977 said:

These are all generally complete nonsense.

There was an American story going around Twitter the other week with somebody claiming they "didn't have to pay anything" for their apartment - by which they meant the costs are covered by rent from the tenants in the other apartments they own.

Stuff like this is why young people of today believe they are failure as they earn £25k a year and can't even save a deposit. 

lisyloo

Lover_of_Lycra said:

lisyloo said:

Well mathematically it may well be true.
Just not at all realistic especially for the 60% who want children.

She has children but also seems to have been able to live at home in between husbands and went halves with her father to buy to BTL will ridiculously high LTV which you might have been able to do before 2008 but wouldn't stand a cat-in-hell's chance of doing now.  I have a friend who funded the purchase of a couple of HMO in London using 100% LTV mortgages and credit cards pre-2008 but in 2021...nae chance.

Yes it's great that the woman in the article has made the most of the opportunities presented to her, just as my friend did, but not everyone has access to the bank of mum and dad, and the BTL gravy train pulled out of the station a few years ago.  I wonder if given her claims and name in the paper HMRC will start an investigation just to make sure it all adds up.  

Ah liar loans.
It's a good thing that we now have better regulation.

calleyw

Chandler85 said:

All in the details...

so her dad went ‘halves’ with her on deposits to buy two more properties.

So while she was working full time, she was collecting rent from properties that her dad had helped her buy... But she doesn't count this as an income at all...

Exactly.  As well as the BTL's she was renting out rooms and her drive way.  She also runs a business that's so successful her husband going to leave his job to work for her. 

Never heard of don't put all your eggs in one basket.

Splatfoot

Apart from the minor detail that there never was an 800k mortgage of course. What rot.

[Deleted User]

Splatfoot said:

Apart from the minor detail that there never was an 800k mortgage of course. What rot.

Don’t let facts get in the way. 

Ditzy_Mitzy

Right wingers peddle this sort of nonsense endlessly, the intention being to propagate the fallacy that living standards aren't directly linked to earnings.  Those on low earnings are thus encouraged to blame their own spending habits for the fact they haven't got houses and reasonable clothes, rather than their bosses for not paying them enough to afford such things.  Unfortunately lots of people seem to believe it.