The 3.5 x Salary ideal - ever realistic again?

Snaggles

dannyboycey wrote: »

Really? Affordability is determined by your income minus your credit commitments!! Sorry, I don't believe you.

Don't hold back - just say what you really mean...

Actually, I don't mind if you believe me or not - but I'm not quite sure how your statement 'Affordability is determined by your income minus your credit commitments' contradicts what I said (it's not just credit commitments, btw).

My point is that traditionally banks would say 'no, you can't have that because it's 4.5 x your salary, even if it's actually perfectly affordable'. Now, only 2 major banks are still using the 3.5 x salary (etc) criteria, and the emphasis is much more on pure affordability.

PasturesNew

ringo_24601 wrote: »

where do you live PasturesNew?

I guess i do live in world where I don't know anyone who earns < £24k a year. Even our clueless graduates are hired at that rate.

Cardiff.
Capital city of Wales.
Lovely and green, great transport links, fast trains direct into London, affordable housing, access to super beaches, lots of job adverts indicating it's a place one can do well.

I'm cheerfully optimistic I'll stumble into something at some point. No rush. STR. Happy as Larry.

sreppaw

PasturesNew, I'm in SEWales too, get yourself a degree we have guys here who have gone and got Open Uni degrees in Computer Science and software.

[Deleted User]

I use to live in Cardiff... near the hospital (lived on Maindy Road, near the barracks) earning 22k as a researcher at the uni. But i do have a BSc and an MSc. Haha, still managed to be a research fellow without the need for a PhD

What you need is an employer who hires people 'virtually'.. unfortunatly, finding one of them who also hires people without degrees or specific experience is very rare.

I turned down the chance to work for one of those firms (based in Cambridge, they said i could live anwhere) because i didn't fancy the 90% travel part of the job)

I moved from Cardiff to London 3 years ago and it was possibly the greatest and most life changing decision I have ever made

abaxas

sreppaw wrote: »

PasturesNew, I'm in SEWales too, get yourself a degree we have guys here who have gone and got Open Uni degrees in Computer Science and software.

no no no no

Do a non honours part time degree that requires no coursework or exams. Usually takes about 4-5 years.

Then do a upgrade masters in 1 year.

Why bother working for 3 years when you can get a better qualification in 1 years work? Unless of course your stupid

Badger_Lady

^ Hey, I don't have a degree and it's never held me back!

I'm saving so I can go back and study Architecture at some point (debt-free) - will be a massive income drop to stomach though :eek:

[Deleted User]

Sod that, do PRINCE2 training (you said you did project management) then people will look past the lack of a degree. Far far cheaper and quicker

lostinrates

Snaggles wrote: »

Don't hold back - just say what you really mean...

Actually, I don't mind if you believe me or not - but I'm not quite sure how your statement 'Affordability is determined by your income minus your credit commitments' contradicts what I said (it's not just credit commitments, btw).

My point is that traditionally banks would say 'no, you can't have that because it's 4.5 x your salary, even if it's actually perfectly affordable'. Now, only 2 major banks are still using the 3.5 x salary (etc) criteria, and the emphasis is much more on pure affordability.

Can some one explain to me how affordability really cn be worked out then? The mortage quotes we had were on multiples (4 times I think, can't remember, its in packages into the part of my brain marked 'traumatised').

I just subtract our out goings from our incomings? Then what??? Our multiple salary repayments (with the interest) looked horrific on less than we hope to borrow

PasturesNew

sreppaw wrote: »

PasturesNew, I'm in SEWales too, get yourself a degree we have guys here who have gone and got Open Uni degrees in Computer Science and software.

I'm probably older than your mother. And at that age degrees tend to be for interest as there's not much time left to get any financial gain from them.

I did start an OU degree some years back (1995). Got just over half way through, then my life started to change massively and I was moving about too much. Then I couldn't afford to take it up again.

Then time passed.....

The thing is, I don't see that a degree in itself, for many subjects, makes one iota of difference to ability to do a job. It's about door opening, perception and opportunities. And mostly, if you're the wrong side of a certain age, most of those opportunities are most likely to not be available any more.

Now there's a new law on ageism, but realisitically, since we've had the law on equal pay for women/men for years, I don't see that it's going to make much difference. At interview people can see I'm not a pert-breasted 23 year old with pouty lips.... and in the final decider ... guess who'd get the job (most likely).

Horses for courses. Financially I just don't see that it'd be worth completing my OU degree, which would take another 3-4 years (to include the waiting time from when you can apply to when you start). I'd only do one if I were in a job and there were a clear path of reason/benefit to obtain the piece of paper.

PasturesNew

ringo_24601 wrote: »

Sod that, do PRINCE2 training (you said you did project management) then people will look past the lack of a degree. Far far cheaper and quicker

Got it. The whole schebang.
Paid for it myself.

Prince2 Foundation and Prince2 Practitioner.

I did that, not to use it, but because I worked out it would enable me to apply for twice as many jobs.

But you know what .... [a] nobody really uses it it messes you up when you apply for other Project Roles as you're deemed "overqualified".