Young Home-Owner (18 years)

Iamthesmartestmanalive

Larry365 wrote: »

For your information my house has already gone up in value with neighbouring houses of the exact same layout selling for up to £115000 and houses with loft conversions upto £122,500 and although my garden could do with some work the inside is new and modernised. So already money has been made. It is a 35 year mortgage, and if you think i will be on the same wage for the next 19 years then theres something wrong and i hope this doesnt reflect your own career. Jail? I dont see a reason for that. If the worse comes to the worse i sell up but i can assure you that wont be happening anytime soon. As previous people have suggested, lodgers and maybe a second job. Problem solved. I was only wondering if there was some help for first time buyers. I know the goverment are already making property developers build affordable homes, with one bed flats being built in my area for under £80000, so i thought maybe grants were available.

Are you !!!!!!! stupid?

You commited fraud, why the hell should you now get bailed out

Im sure lots of 18YO's would love to own houses

They dont commit fraud to do it

You landed yourself in it and to suggest you should get a grant for commiting fraud is frankly utterly !!!!!!

Larry365

Iamthesmartestmanalive wrote: »

Are you !!!!!!! stupid?

You commited fraud, why the hell should you now get bailed out

Im sure lots of 18YO's would love to own houses

They dont commit fraud to do it

You landed yourself in it and to suggest you should get a grant for commiting fraud is frankly utterly !!!!!!

I must say this is the most frustrating and unfriendly forum i have ever been on. I do not need bailing out. You have all completely got the wrong idea. You have all been going to the extreme end of my supposed anual income, Its not much more than double my actual. My wage will of course go up in the future and it was a wise decision to get on the property ladder soon rather than later. You have to break a few rules to get anywhere in this world. Some people will never earn £40000 per annum so how are these people ever supposed to buy a house without telling a few fibs.

sadiedoll

You don't see any reason for Jail?

What, apart from committing a criminal offence?

Look up 'Obtaining a pecuniary advantage by deception'. It is an offence under the Theft Act 1968 and carries a maximum sentence of 5 years.

If the situation you have stated is true, you are guilty of it (as is your mortgage broker).

HugoSP

Take in lodgers and use that money to pay the mortage.

That is what I did at 19.

Fact is you are in this situation, call it a mess or a great opportunity. It is what you make of it.

There are no such things as young homeowner grants, there are however, many ways to help yourself, taking in lodgers is one of them.

You can claim the rent a room allowance so you don't pay tax on most or all of your income.

nick74

Larry365 wrote: »

You have all been going to the extreme end of my supposed anual income, Its not much more than double my actual.

:rotfl: Oh that's alright then !

I am trying to be helpful - honest! You are certainly too young to remember people in the late 1980's talking very much like you are now. People then used to say "prices in Lincoln can only go up". My family were trying to sell a late relative's house near Lincoln soon after then. It's value almost halved between spring 1990 when it went on the market and autumn 1991 when it eventually sold.

frugalfreda

I see that you have a 35 year interest only mortgage and you had to elaborate your income. I would almost go as far as to say that you were mis-sold this mortgage by the mortgage broker but of course I don't know the full circumstances. Does it have an endowment policy with it? Sorry I am not very clued up with interest only mortgages!

I wish you the best of luck though. I have never heard of homeowner grants but you might be able to get help (from the council?) with loft and/or cavity wall insultation.

Larry365

nick74 wrote: »

:rotfl: Oh that's alright then !

I am trying to be helpful - honest! You are certainly too young to remember people in the late 1980's talking very much like you are now. People then used to say "prices in Lincoln can only go up". My family were trying to sell a late relative's house near Lincoln soon after then. It's value almost halved between spring 1990 when it went on the market and autumn 1991 when it eventually sold.

That is only one example. My parents lived in an old rectory, bought it for 250,000 five years ago and sold for 740,000 2 months ago the property had only been on the market for 4 months. I dont know how well any of you know lincoln but with the high street make over. one of the biggest odeons in the country being built, i new live venue where more and more famous bands are playing, an ever increasing uni and college, a direct train lincoln to the london to edinborough line and much more to happen lincoln is very much so being improved and property prices will reflect this.

Lavendyr

Larry365 wrote: »

Everyone lies about their income to get loans, mortgages credit cards etc, its almost expected.

Absolute twaddle. It's called fraud as many have already pointed out.

As for a young home-owner's loan, I don't believe there is any such thing (and why should there be, for that matter? Owning a home is a privilege, not a right) - why not try giving yourself some extra money by quitting smoking?

Larry365 wrote: »

Some people will never earn £40000 per annum so how are these people ever supposed to buy a house without telling a few fibs.

Most people either rent or buy with a partner, because at the moment house prices are too high for one person's income. My partner and I are renting because we can't afford to buy a house and think they are overpriced, and we'd certainly never consider lying about our income to be able to get one - it's just stupid, because if you have to lie, it's because you can't afford what you're getting yourself into. Your situation is evidence of that.

As for this forum being unfriendly, it isn't, it really isn't. It's a friendly place, but be honest with yourself - you came on here, admitted you had committed fraud by lying about your income to get a mortgage, then said you were tight for money (a *direct result* of the fraud you committed) and wanted the government to bail you out. I'm not intending to make a judgement here myself, but from an objective perspective, can you honestly not see why your posts have not endeared you to many people - the majority of whom, I am sure, also pay their taxes, work very hard and live their lives honestly and lawfully?

nick74

Larry365 wrote: »

That is only one example. My parents lived in an old rectory, bought it for 250,000 five years ago and sold for 740,000 2 months ago the property had only been on the market for 4 months. I dont know how well any of you know lincoln but with the high street make over. one of the biggest odeons in the country being built, i new live venue where more and more famous bands are playing, an ever increasing uni and college, a direct train lincoln to the london to edinborough line and much more to happen lincoln is very much so being improved and property prices will reflect this.

Yes it is only one example, but it was one of very many similar examples at the time.
Ok your parent's house increased in value 3 fold over the past 5 years, so did my previous house, but I don't seriously expect that to be repeated over the next 5 years! I own a house and I'm quite prepared to accept it may fall in value. The growth in house prices over the past 5-10 years was unprecedented, it was due to a number of factors, one of which was people telling huge porkies about their incomes to get mortgages they could ill afford . . .

jonewer

busiscoming2 wrote: »

Hi
While I do agree that you may have got yourself into deep water financially, hats off to you for trying!

Dont you mean "hats off to you for lying"?

Some mistake shurely.

Fraud is not a victimless crime.