Young Home-Owner (18 years)

Larry365

danger_mouse wrote: »

Dont want to sound out of line BUT.....................

if your dad helped you set up this mortgage and theyve made a mint on there house sale can he not help you out a little, it isnt a long term answer but the way i undersand it is he knew what was what with the mortgage and you thought it was ok because that was what you were advised is the normal practice, maybe he owes you a little help for his badly judged advice.

just like to add if ive misunderstood the situation, its a little late and ive ahd a few bevvies, lol.

I didnt want to say it before but the main reason i feel comfortable with my situation is because i know i have my dad as a "get out of jail free card". when my parents suggested i saved up and bought a house they didnt for one second think i would refuse to get a lodger. they are onto me every day about it. I know if i got a lodger it would solve alot, i could start paying off my mortgage. I have thought about all this in the last few hours and realised that while i am actually paying my mortgage and not someone else i am actually gaining nothing from owning a house. Maybe a clip round the ear from you guys has helped lol. So to sumerise i guess i should get a lodger and have someone else pay the interest of my mortgage?? I didnt mean to upset anyone by telling them that i had to lie about my income. I still believe that it is the only way forward in this day of age. thankyou all

Larry365

southernscouser wrote: »

For someone with no or little qualifications you write extremely well! :think:

Lol thanks and well done with the debt clearing i guess that you have got your self into abit of financial trouble before now and your debt reduction is impressive.

Mary_Hartnell

Looking back to previous booms prior to the 1990's, anyone obtaining a mortgage on dodgy information really was defrauding the rest of us BECAUSE there used to be tax relief on mortgage payments (and a modest subsidy to first time buyers).

Using the "old" definition of fraud: "Obtaining pecuniary advantage by deception" all the OP appears to have done is throw away those two years of graft as he heads for negative equity?

In previous booms I have know of 4 cases, where a subsidised mortgage was not used exactly as intended:

1. The concept of giving mortgages to women was a new one, which allowed Miss Smith and Mr Jones (actually a couple) to live in house A and enjoy the fruits of investment property B, by pretending to be two households. Miss Smith managed to become Mrs Jones without two mortgage providers realising that Smith/Jones was involved in paying two mortgages.

2. A colleague, let us call him Mr Robinson, was getting up to his neck in CC debt; in the days when there were only two cards (Barclay & Access) and borrowing on one to pay the other and vice versa. I told him to get a grip. A solicitor managed to treble his mortgage, using the subsidised money to pay off all his debts.

3. A friend applied for a mortgage to refit his kitchen, put in a cheepo MFI one and spent the rest of the subsidised mortgage buying a boat.

4. A relative obtained a meaty mortgage for redevelopment of a wreck and did all the work himself - successfully thus climbing the property ladder.

I think the OP is only at risk of anything and deserves this opprobrium if he defaults and takes us investors' money with him. Unfortunately bankruptcy has been made too easy and if it were not for the lies involved, he like thousands of other over stretched home owners, will be taking the "easy" way out. I wonder if repossessions will be higher this time round?

Go on tell us who the silly mortgagee is!

(Do we all agree this is one of Martin's hypothetical discussions in disguise?).

jinkssick

what is the difference between OP and someone who has run up 60k on cc's by falsifying income, and they eagerly get help in the debt section?!

Good riddance to the OP, he is 18 after all, a society 'adult' can make adult decisions.

HugoSP

southernscouser wrote: »

For someone with no or little qualifications you write extremely well! :think:

It doesn't mean to say he is illiterate if he has no quals, besides he can take time over his written responses.

If it is a wind up, it certainly has got some good debate going, sadly it would still be indicative of a lot of 18 year old outlooks on life.

As to the everyone lies about income these days - this is not true. With self cert mortgages it is too easy to do so but there are still some out there who look more closely on affordability than supposed elegibility.

silvercar

jinkssick wrote: »

what is the difference between OP and someone who has run up 60k on cc's by falsifying income, and they eagerly get help in the debt section?!

a) they are genuine people in need of help, advice or support, they haven't just posted on here as a wind up;

b) (if pigs fly and this is a genuine thread) they haven't committed fraud in order to borrow the money.

kingkano

Do you really need a 30-40k income to get a 90k mortgage?? If you'd said it was pumped upto 20k or something people might have taken you more seriously. After all 5x self cert mortgages weren't hard to get 5mths ago?

At any rate nice wind up. Wonder which of the regular members you are....

Zebedee69

Larry365 wrote: »

Hello, I am new to posting on these forums but a regular reader.

I am 18 years old and a home owner. Since I left school at the age of 16 I worked like hell to raise enough money to put a deposit down on a house. I worked as a labourer on a building site earning between £30 and £40 a day for 6 days a week, with only 2 weeks off for christmas holidays. I did this for just under two years.

My only daily outgoings were redbull and cigarettes. Transport to and from work and food for lunch breaks were supplied by parents.

After just under two years I had saved up about £14000 which was ample enough for a deposit and solicitor fee's etc. I put a 10% deposit down on a £100,000 terraced house in Lincoln and spent the rest on fee's and enitial "owning a house fee's" (council tax, phone lines, parking permits, house-hold essentials) My mortgage is an interest only mortgage with fixed interest for 3 years at 5.64%. My solicitor had to do abit of fibbing to get me the mortgage as most do with most "to-be" homeowners. I had to become self-employed and my anual wage was somewhere in the region of 30 - £40,000. This was purely so the mortgage lender would lend me the money. my actual wage was somewhere in the region of 13 - £14000.

I am now 18 and a half years old and have been owned my house for just over 5 months, i have a full time job and although it is sometimes a struggle to pay my bills every month (i have alot) I seem to manage. I am not putting much money away each month though, i'm paying out almost just as much as bringing in.

I have searched the internet for "young home-owner grants" but cannot seem to find anything. The goverment seem to hand out grants all over the place for things that dont always seem that important and after working solid for 2 years and making it onto the property ladder i feel i should be given something back so i can give myself a well earned break.

Does anybody know of such a thing.
I would be greatfull to hear from as many of you as possible. I know there are alot of people on these forums who know what they are on about.
Thankyou
Harry.

Why would you want a house at 18?.............

Shouldnt you be getting drunk and going to Ibiza for all those lovely essex girls

I think when your 40 your going to look back at a young adulthood lost.....

By the way working as a labourer is not a proper job. Its standing around in the pooring rain/ice cold/baking sun with a spade......... Why not invest 14000 to go to college/uni or whatever you fancy and get a job which earns you more money, benefits and a job where you are valued... Not just another pleb that they can replace with another unqualified pleb. You said yourself you havent had a holiday for 2 years. Imagine in 10 years when you cant afford a holiday or to take a break...... Thats the pitts mate! Now imagine having 21 paid days off a year and a solid job to come back to when you geyt home. Not this labouring crap! Get out now while you can, when you have a house/kids its too late then do it when you have freedom and money to get your education and a tidy career.

Also, labouring/general opperating is a very thankless job you will be made redundant/told no more work for monday so many times..... I was the same! Except you will have a mortgage to worry about now.

Its upto you if you buy a house, thats your decission. Im 24 not much older than you and im not planning on a house for atleast another few years.

About the lying, iv done it and im sure other people have told the odd white lie about incomings, who long emoployed etc etc but if your lying so much about a mortgage then you need to think "can I realistically afford it" if you cant or your stretching yourself no way....

And another thing............ you need a holiday!

http://www.club18-30.com/club/

http://www.ibizaholidays.com/

http://www.travelsupermarket.com/c/holidays/spain/ibiza/42/

You need to get drunk/stoned/insert daft things to do and you need to find a cute blond about 18-19 with long legs and the smallest mini skirt and ugg boots you can (bliss...........) dont forget protection now.................. If her names rachel tell her I said hi!!!

DaisyFlower

Got to be a wind up surely?

Poor you, having to work hard for 2 years to get a deposit for a house - of course you should get tax payers money thrown at you :rolleyes: As for your "well deserved break" I could think of a place you could spend it in.

As for lying on the application, a solicitor doesnt usually fill in your mortgage application - at least they never have done in the past for me - they are only interested in the offer letter.

Mmm now how many years have I worked for, a feel a request for my mortgage to be paid off and a cruise coming on.

jwruk

southernscouser wrote: »

For someone with no or little qualifications you write extremely well! :think:

Do you need qualifications to be able to write well?