want to get out of parents

Sarah1Mitty2

Emily_Joy said:

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?

Putting all your savings into a property is stretching yourself too much, especially when most people are having their affordability seriously challenged and the property is going to be cheaper in future because of that. There are loads of threads about people stretching to buy something and then hating it and being stuck, the OP has the luxury of waiting for interest rates to do their magic and then deciding what to do.

Martico

And in the meantime cosplay Alan Partridge in a Travelodge?

From what I've read on the thread, the OP may well have sufficient funds to have a healthy deposit on a property, an affordable mortgage, and a cash buffer left over. If they have a route to getting a mortgage whose payments are below comparable rents, then I don't see why they shouldn't go for it if it means independent living in their own place.

silvercar

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?

Where do you get the 99% from? Given that a third of owner occupiers don't have a mortgage at all, so have 100% of the value as a "deposit", where does the 99% come from?

MFWannabe

Martico said:

And in the meantime cosplay Alan Partridge in a Travelodge?

From what I've read on the thread, the OP may well have sufficient funds to have a healthy deposit on a property, an affordable mortgage, and a cash buffer left over. If they have a route to getting a mortgage whose payments are below comparable rents, then I don't see why they shouldn't go for it if it means independent living in their own place.

👆This 👍 💯 

MFWannabe

Sarah1Mitty2 said:

Emily_Joy said:

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?

Putting all your savings into a property is stretching yourself too much, especially when most people are having their affordability seriously challenged and the property is going to be cheaper in future because of that. There are loads of threads about people stretching to buy something and then hating it and being stuck, the OP has the luxury of waiting for interest rates to do their magic and then deciding what to do.

Where are people saying put ALL savings into property, they are saying keep some back 
where’s your evidence that property will be cheaper in future? You have none; just as I have none to say they’ll increase in value 
the point is OPs mortgage payments would be massively cheaper than rent in the area and would be paying off own mortgage and not someone else’s 
Or they can stay where they are and come back here year after year asking the same questions; that is totally their decision 

Sarah1Mitty2

silvercar 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?

Where do you get the 99% from? Given that a third of owner occupiers don't have a mortgage at all, so have 100% of the value as a "deposit", where does the 99% come from?

OK, but mortgage free owner occupiers are not really one of the main engines of the housing market? 

jimbog

OP: Ignore any advice suggesting you move into a Travelodge - it's not the way forward

lookstraightahead

My daughter is 23 and half her income went on a rental flat that she rents with her uni mate in London when she first graduated.

Her salary since working has now gone up by half her rent. If she had stayed at home saving her salary wouldn't have increased as it would have been a much lower paid job in the first place with less prospects (as there's less choice where I am in the sticks).
She can't afford to buy, and she's too young anyway in my opinion, but she's out there and getting more comfortable financially and her career is taking off.

You're in such a better position that her financially so you can choose to buy or rent without much risk.  Just decide what's best for you and go and do it 😊

goater78

You’ve got a lot of money in the bank and loving parents who seem happy you’re currently staying there. I think you’re in quite a good position personally. I would ignore people criticising you for living with your parents in your 40’s. They’re just being a bit hateful.  

Don’t make any hasty decisions. Decide what you want to do and then do it. 

Sarah1Mitty2

That sounds like good advice.