want to get out of parents

MFWannabe

mi-key said:

MFWannabe said:

tiger135 said:

i guess my parents are unusual then lol. i can see my mum is already getting worried and saying she will miss me. my dad is also saying i could stay longer and save more for a better house. not sure why its like this, as above poster said i think if i had kids i would want them out a lot younger. 

They’re parents, they’ll always worry about you no matter how old you are 👍

They often prefer to worry from slightly more of a distance though 

Very true!

[Deleted User]

Sarah1Mitty2 said:

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

1k/month was less than the average price increase per month in the boom times. Prices are falling now, but with inflation and interest rates if they were only saving £12k/year then they are likely no better off than they were when they started, in terms of what they can afford.

silvercar

Sarah1Mitty2 said:

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

I’d have thought they would be kicking themselves that they didn’t grab a mortgage last year when rates were so low. 5 year fix at under 2% or being with your parents in your 30s. Thought that would be a no brainer.

YoungBlueEyes

I can’t imagine why you’d be patting yourself on the back for not getting sucked in to a low rate mortgage, when you’ve no shot at it now. 

Hedgepigs

silvercar said:

Sarah1Mitty2 said:

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

I’d have thought they would be kicking themselves that they didn’t grab a mortgage last year when rates were so low. 5 year fix at under 2% or being with your parents in your 30s. Thought that would be a no brainer.

Absolutely. I bought my first home beginning of last year with a sub 2% rate fixed for 5 years. But not only is the rate much better than what I could get now, the mortgage availablity was much better too. I had an AIP with Halifax for 4.5 X income. Whilst some lenders still are loaning that, for my circumstances at least, Halifax now are only lending up to 3x, and Santander and Virgin money 3.5x.

If things continue to look less than rosey in the housing market I can imagine others will follow suit and further restrict lending. So prices will have to fall and/or deposits increase a substantial amount to still be able to afford the same house. If I was relying on Halifax at their current loan rate, even if I had moved into my parents and saved an extra £12k, I couldn't buy the house I have now. I believe the only winners if prices crash will be cash buyers and investors.

Sarah1Mitty2

YoungBlueEyes said:

I can’t imagine why you’d be patting yourself on the back for not getting sucked in to a low rate mortgage, when you’ve no shot at it now. 

Because when and if they buy they will have a lot less debt at the mercy of economic volatility and rising interest rates, do you think someone coming off a fix now is going to be happy to pay the extra on their debt, or wishing they had stayed at their parents and saved thousands more before buying a cheaper house with less debt?

Sarah1Mitty2

silvercar said:

Sarah1Mitty2 said:

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

I’d have thought they would be kicking themselves that they didn’t grab a mortgage last year when rates were so low. 5 year fix at under 2% or being with your parents in your 30s. Thought that would be a no brainer.

The problem is when the fix ends, far better to wait now and start off with less debt as prices fall.

Sarah1Mitty2

[Deleted User] said:

Sarah1Mitty2 said:

tiger135 said:

hi all, i am currently nearly forty and have ended up back at my parents, which is killing me mentally!
i have a good amount in the bank but im not sure whether to buy now or wait as prices could come down.
do i have any other options when the rental market is crazy prices?
thanks , tiger

Spoke to someone recently who went back to parents in their 30`s, now saving nearly 1k extra a month and SO glad they didn`t get sucked into a mortgage last year, rates are going to continue to go up it looks like from the latest data so get your savings into the highest paying account you can and wait for interest rates to do the heavy lifting of bringing down prices.

1k/month was less than the average price increase per month in the boom times. Prices are falling now, but with inflation and interest rates if they were only saving £12k/year then they are likely no better off than they were when they started, in terms of what they can afford.

It was an EXTRA 1k, due to living at home, I didn`t quiz them about how much they were already saving, but I think far less people than you think are saving 1 or 2k a month, especially now with the cost of living increase.

caprikid1

If you find a house that meets your medium term needs that you can afford with a 5-10 year fixed go for it. Assuming you are in a job that you can easily move in the event of a life change. If though you can effectively save the equivalent of 6-7% of the house you would buy with living at your parents then you will be able to neutralise most of the risks , BUT it feels like you need to get out and renting is not a good option at the moment as our government has destroyed the rental sector by demonising private landlords but doing nothing to fill the gap they created. I sacrificed everything to get on the housing ladder as soon as possible @25. Just over 25 years later I have a house bought and paid for but rented out earning what I paid for it every 3 years and worth £200K more than I paid for it.

tiger135

i agree that the PRS is destroyed, there are so few rentals available compared with a few years ago and the prices are higher then ever. effectively rules it out for me as a single person.