want to get out of parents

Emily_Joy

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

MFWannabe

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Yeap I was about to type same 🙄

Sarah1Mitty2

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Because how much the majority can borrow will affect the value of the OP`s flat, which is why it is very relevant and the OP shouldn`t sink 170k of their savings into something which will be much cheaper in future.

Sarah1Mitty2

MFWannabe said:

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Yeap I was about to type same 🙄

Think about it like this, if the OP goes and buys this flat with all their life savings tied up, how likely do you think it is that the next buyer of a similar nearby flat will have 170k deposit and get the same monthly deal meaning they would be able to match the price the OP paid? I think it is very unlikely, and I think that people with 170k deposits are not the majority of buyers.

Emily_Joy

Sarah1Mitty2 said:

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Because how much the majority can borrow will affect the value of the OP`s flat, which is why it is very relevant and the OP shouldn`t sink 170k of their savings into something which will be much cheaper in future.

Life is not a pack of dry pasta. Dry pasta you can put it in a cupboard, fetch out 3 years later, and make a dinner. With life it doesn't work this way.

_Penny_Dreadful

Sarah1Mitty2 said:

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Because how much the majority can borrow will affect the value of the OP`s flat, which is why it is very relevant and the OP shouldn`t sink 170k of their savings into something which will be much cheaper in future.

You don't know that a property bought today will be much cheaper in the future.  You have no way of knowing what property prices will do in the future and in particular at the point in time someone comes to sell any more than I do or anyone else on the forum.

_Penny_Dreadful

tiger135 said:

lodging isnt ruled out but can you sometimes get a en suite so not sharing a bathroom? 
would spare room and airbnb be worth a search? 

Airbnb is for short term (28 days and under) stays so there's no point looking there.  Why not look at spareroom and see if there is anyone looking for a lodger or a house mate who is offering a room with an en-suite?

Sarah1Mitty2

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

Because how much the majority can borrow will affect the value of the OP`s flat, which is why it is very relevant and the OP shouldn`t sink 170k of their savings into something which will be much cheaper in future.

Life is not a pack of dry pasta. Dry pasta you can put it in a cupboard, fetch out 3 years later, and make a dinner. With life it doesn't work this way.

The point I made is basic economics and the basics of how houses are valued, everyone should understand these basics before advising people to put all their life savings into a property in my opinion, in fact the OP at 40 years old should understand this and realise that they won`t find much on a forum that they don`t already know.

If it is really that unbearable OP why not get a room in a shared flat for a while or spend two or three nights a week in a travelodge, there are some great locations around the UK near beaches and other natural beauty.

Sunsaru

Emily_Joy said:

Sarah1Mitty2 said:

Emily_Joy said:

tiger135 said:

170 sounds a good deposit but for a single person it still means a big mortgage when properties are 240-280 give or take. Someone asked about rentals well i take home 1800 a month and some small flats only one beds are on the market for 1100-1300 within a couple of miles of work.
5 miles out they are 9-950. so no less than 50% take home wage.

Then you will be happy to learn that  with deposit 170K for a property 260K and 25 years mortgage, the mortgage payments will be less than £700 per month. It sounds like you are simply horrified by the very idea of owing money to someone, never mind a sum that you cannot return tomorrow. Have you ever had purchase credit cards?

How much are the payments for the 99% of ordinary buyers who don`t have nearly two thirds of the value as a deposit?

Struggle to see why this is relevant for the OP. 

That's because it's not....

Emily_Joy

Sarah1Mitty2 said:

If it is really that unbearable OP why not get a room in a shared flat for a while or spend two or three nights a week in a travelodge, there are some great locations around the UK near beaches and other natural beauty.

Because it doesn't do it. Nothing compares with owning your own place and being able to do things the way you like. Why on Earth go to a temporary accommodation if you can get something permanent without stretching yourself too much?