Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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quote:
Originally posted by DaveyLC
LOL how much was the house and where??
I call bullshit.
Call it what you want 
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BarnshaW
Member
Registered: 25th Oct 06
User status: Offline
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quote:
Originally posted by Robbo
quote:
Originally posted by BarnshaW
quote:
Originally posted by A2H GO
quote:
Originally posted by James
quote:
Originally posted by A2H GO
Got with my Mrs at 18, we saved up and moved out when I was 21. I'm 25 now, been paying the mortgage (and overpaying) for 4 years whilst saving to get married next year. Following that, we'd like to have a kid/s providing we're earning enough to provide for it.
I have no respect at all for people who claim benefits or live in council houses when they're perfectly capable of working like everyone else.
At the same time, those still at home in their late 20's using the excuse of saving for a deposit are clearly not very good at saving.
That's easy to say if you live somewhere where houses cost hardly anything. Where I am you need to spend about £180k for somewhere half decent. Assuming you put down 10% and factoring in a couple of grand for costs, you need a minimum of £20k. If you earn £25k a year for example, it would take you bloody ages to save £20k.
Its all relative. If people in that area couldn't afford to buy them they wouldn't be that expensive.
its not relative at all, i simply cannot afford to move out, even renting around here is ridiculously expensive, upto 900/1000 PCM for a 2 bedroom flat? house prices approx 200k for small terraced houses in a bad area.
how could anyone young or earning anything below 25k afford that? just because the house prices are expensive in an area it does not automatically mean the jobs pay to match that.
so find a one bed or a studio if thats what you cna afford. or shock horror, find a slighly diff location 
a different location? like what? maidenhead? slough? high wycombe? all similar prices..... then whilst it might be cheaper to live the costs of commuting then probably balance it back out to before.
OR i can continue to live at home, save good money and not care what Gary off corsasport thinks about people over 18 living at home.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by BarnshaW
quote:
Originally posted by A2H GO
quote:
Originally posted by James
quote:
Originally posted by A2H GO
Got with my Mrs at 18, we saved up and moved out when I was 21. I'm 25 now, been paying the mortgage (and overpaying) for 4 years whilst saving to get married next year. Following that, we'd like to have a kid/s providing we're earning enough to provide for it.
I have no respect at all for people who claim benefits or live in council houses when they're perfectly capable of working like everyone else.
At the same time, those still at home in their late 20's using the excuse of saving for a deposit are clearly not very good at saving.
That's easy to say if you live somewhere where houses cost hardly anything. Where I am you need to spend about £180k for somewhere half decent. Assuming you put down 10% and factoring in a couple of grand for costs, you need a minimum of £20k. If you earn £25k a year for example, it would take you bloody ages to save £20k.
Its all relative. If people in that area couldn't afford to buy them they wouldn't be that expensive.
its not relative at all, i simply cannot afford to move out, even renting around here is ridiculously expensive, upto 900/1000 PCM for a 2 bedroom flat? house prices approx 200k for small terraced houses in a bad area.
how could anyone young or earning anything below 25k afford that? just because the house prices are expensive in an area it does not automatically mean the jobs pay to match that.
I never mentioned salarys. The price is driven by demand and other people in your area must be buying them or they wouldn't be as expensive. The fact you are not earning as much just means you have to save for longer.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Aaron
quote:
Originally posted by DaveyLC
LOL how much was the house and where??
I call bullshit.
Call it what you want
Details please then..
I'd LOVE to know how you got a repayment mortgage for £330/month unless you put down SPASTIC amounts of cash?
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by A2H GO
quote:
Originally posted by James
That's easy to say if you live somewhere where houses cost hardly anything. Where I am you need to spend about £180k for somewhere half decent. Assuming you put down 10% and factoring in a couple of grand for costs, you need a minimum of £20k. If you earn £25k a year for example, it would take you bloody ages to save £20k.
Its all relative. If people in that area couldn't afford to buy them they wouldn't be that expensive.
The price is driven by demand and other people in your area must be buying them or they wouldn't be as expensive. The fact you are not earning as much just means you have to save for longer.
Not really... Generally what you have especially in the south is that the housing which would've been ideal for first time buyers (such as flats), are either bought by older rich people to rent out or supplied to people on benefits with kids (especially in London). This in turn raises house pricing across the area (lack of housing on the market) and forces more people into paying higher rent.
I think there's also a difference between people being able to afford something and whether it's a good choice. I hear alot of people talking about putting down 10% mortgages (especially when the people are from up north). Putting down 10% on a 80k property means only £8k to save up for and only borrowing £72k over the term of the mortgage (lower rates / lower interest).
In contrast, putting 10% down on something worth 200k, means you have to save 20k (still definitely do-able) but you will be borrowing £180k - thus paying much higher rates / higher interest over the term of the mortgage.
As such, to be in a similar position as the first example (borrowing only 72k) you would need to put down £128k as a deposit. no one is ever going to save that up renting / in a normal job. Hence people stay at home.
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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quote:
Originally posted by DaveyLC
quote:
Originally posted by Aaron
quote:
Originally posted by DaveyLC
LOL how much was the house and where??
I call bullshit.
Call it what you want
Details please then..
I'd LOVE to know how you got a repayment mortgage for £330/month unless you put down SPASTIC amounts of cash?
Yeah, ok, just to please you, i'm going to give you a load of personal details on my property purchase People like you make the internet a great stage for entertainment.
Dont be put off by these comments of mine, please, ask me more questions of this nature You're giving my office a great laugh
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by Paul_J
quote:
Originally posted by A2H GO
quote:
Originally posted by James
That's easy to say if you live somewhere where houses cost hardly anything. Where I am you need to spend about £180k for somewhere half decent. Assuming you put down 10% and factoring in a couple of grand for costs, you need a minimum of £20k. If you earn £25k a year for example, it would take you bloody ages to save £20k.
Its all relative. If people in that area couldn't afford to buy them they wouldn't be that expensive.
The price is driven by demand and other people in your area must be buying them or they wouldn't be as expensive. The fact you are not earning as much just means you have to save for longer.
Not really... Generally what you have especially in the south is that the housing which would've been ideal for first time buyers (such as flats), are either bought by older rich people to rent out or supplied to people on benefits with kids (especially in London). This in turn raises house pricing across the area (lack of housing on the market) and forces more people into paying higher rent.
I think there's also a difference between people being able to afford something and whether it's a good choice. I hear alot of people talking about putting down 10% mortgages (especially when the people are from up north). Putting down 10% on a 80k property means only £8k to save up for and only borrowing £72k over the term of the mortgage (lower rates / lower interest).
In contrast, putting 10% down on something worth 200k, means you have to save 20k (still definitely do-able) but you will be borrowing £180k - thus paying much higher rates / higher interest over the term of the mortgage.
As such, to be in a similar position as the first example (borrowing only 72k) you would need to put down £128k as a deposit. no one is ever going to save that up renting / in a normal job. Hence people stay at home.
Could always rent like oRbbo and put the surplus cash into savings.
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LeeM
Member
Registered: 26th Sep 05
Location: Liverpool
User status: Offline
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330 a month is £99k over 25 years. i dont really know how mortgages work but with a good deposit on a sub 80k house is that not possible?
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John
Member
Registered: 30th Jun 03
User status: Offline
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That's not how mortgages work
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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I'll give you two idiots a clue....i put down some lumpsums in-between my fixed terms starting and ending.
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by A2H GO
Could always rent like oRbbo and put the surplus cash into savings.
I don't know how much oRbbo pays in rent, but I'd imagine it's quite a lot. Let's just say a standard rent (what I paid before for a flat) was £750 + bills + council tax + fuel + food etc etc... It doesn't leave a massive amount over to put into savings.
Heeence - I moved back home temporarily so I could save solidly and thus afford to move out with a much larger deposit.
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mwg
Member
Registered: 19th Feb 04
Location: South Lakes
User status: Offline
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All I know is that oRbbo's apartment is white
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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quote:
Originally posted by mwg
All I know is that oRbbo's apartment is white
And has 64GB of space?
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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quote:
Originally posted by Paul_J
quote:
Originally posted by A2H GO
Could always rent like oRbbo and put the surplus cash into savings.
I don't know how much oRbbo pays in rent, but I'd imagine it's quite a lot. Let's just say a standard rent (what I paid before for a flat) was £750 + bills + council tax + fuel + food etc etc... It doesn't leave a massive amount over to put into savings.
Heeence - I moved back home temporarily so I could save solidly and thus afford to move out with a much larger deposit.
I personally wouldn't rent but thats only because nobody has given me a valid reason to rent long term over just getting a mortgage.
Would need to work out if you put the difference between a mortgage and rent on the same property in savings, you would be better off after 25 years.
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spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
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quote:
Originally posted by BarnshaW
quote:
Originally posted by Robbo
quote:
Originally posted by BarnshaW
quote:
Originally posted by A2H GO
quote:
Originally posted by James
quote:
Originally posted by A2H GO
Got with my Mrs at 18, we saved up and moved out when I was 21. I'm 25 now, been paying the mortgage (and overpaying) for 4 years whilst saving to get married next year. Following that, we'd like to have a kid/s providing we're earning enough to provide for it.
I have no respect at all for people who claim benefits or live in council houses when they're perfectly capable of working like everyone else.
At the same time, those still at home in their late 20's using the excuse of saving for a deposit are clearly not very good at saving.
That's easy to say if you live somewhere where houses cost hardly anything. Where I am you need to spend about £180k for somewhere half decent. Assuming you put down 10% and factoring in a couple of grand for costs, you need a minimum of £20k. If you earn £25k a year for example, it would take you bloody ages to save £20k.
Its all relative. If people in that area couldn't afford to buy them they wouldn't be that expensive.
its not relative at all, i simply cannot afford to move out, even renting around here is ridiculously expensive, upto 900/1000 PCM for a 2 bedroom flat? house prices approx 200k for small terraced houses in a bad area.
how could anyone young or earning anything below 25k afford that? just because the house prices are expensive in an area it does not automatically mean the jobs pay to match that.
so find a one bed or a studio if thats what you cna afford. or shock horror, find a slighly diff location
a different location? like what? maidenhead? slough? high wycombe? all similar prices..... then whilst it might be cheaper to live the costs of commuting then probably balance it back out to before.
OR i can continue to live at home, save good money and not care what Gary off corsasport thinks about people over 18 living at home.
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JM_16v
Member
Registered: 17th Oct 05
Location: Essex Drives: GLC63S
User status: Offline
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i rented a £975 house, hated rented
move back with mum and dad
saving to buy a 1 bedroom house with the misses
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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quote:
Originally posted by Paul_J
quote:
Originally posted by A2H GO
Could always rent like oRbbo and put the surplus cash into savings.
I don't know how much oRbbo pays in rent, but I'd imagine it's quite a lot. Let's just say a standard rent (what I paid before for a flat) was £750 + bills + council tax + fuel + food etc etc... It doesn't leave a massive amount over to put into savings.
Heeence - I moved back home temporarily so I could save solidly and thus afford to move out with a much larger deposit.
this is what i generally dnt get though, if x amount for rent/mortgage is out of peoples price ranges then why do they not just find somehting that is?
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Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
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spend all your life paying off a mortgage
Old age sets in
House is sold to pay for the nursing home
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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can't believe the amount of clueless people in here seriously, are people moaning that £750 a month to have your own place is expensive?
when i started saving i was on 26k so not exactly flush and i managed it whilst running a car that cost me £700 a month aswell.
people would just rather go and spend £100 a week on drinking and clubbing and then go shopping and spend another 100 on clothes, then moan they will have to downgrade their life to be able to move out.
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
User status: Offline
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go and stay in a hotel for a month and i bet it's more than £750 a month.
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A2H GO
Member
Registered: 14th Sep 04
Location: Stoke
User status: Offline
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Motrgage V Rent
£100k house with 100% mortgage = £800pm (theoretical) over 25 years = £240k.
Assume after 25 years house is still worth £100k and you own it.
OR
£100k house rented at £500pm with the difference of £300 in savings each month over 25 years =
Rent paid = £150k
Savings = £90k.
Its a generalisation but in theory you pay the same out renting, but end up with less and don't get the benefit of any increase in value of the property.
[Edited on 15-11-2011 by A2H GO]
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Paul_J
Member
Registered: 6th Jun 02
Location: London
User status: Offline
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quote:
Originally posted by Robbo
this is what i generally dnt get though, if x amount for rent/mortgage is out of peoples price ranges then why do they not just find somehting that is?
I guess what you mean is, you could find a shit hole, in a shittier location e.g. studio flat, no parking, high crime rate area which is affordable? but then why would I want to live there?
To be honest, I'm not really a good example in this thread, I don't need to live at home at all really, just suited to far faster saving than if I was renting and I couldn't be bothered to wait. I could easily afford to rent / pay a mortgage already - just seems logical while I make up my mind with what I want to do.
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DaveyLC
Member
Registered: 8th Oct 08
Location: Berkshire
User status: Offline
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quote:
Originally posted by Aaron
quote:
Originally posted by DaveyLC
quote:
Originally posted by Aaron
quote:
Originally posted by DaveyLC
LOL how much was the house and where??
I call bullshit.
Call it what you want
Details please then..
I'd LOVE to know how you got a repayment mortgage for £330/month unless you put down SPASTIC amounts of cash?
Yeah, ok, just to please you, i'm going to give you a load of personal details on my property purchase People like you make the internet a great stage for entertainment.
Dont be put off by these comments of mine, please, ask me more questions of this nature You're giving my office a great laugh
I love responses like that...
"I would tell you but I can't"...
It normally means you're talking complete and utter shit 
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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but sooo many benefits to renting, especially in this day and age that you have to factor in also. principally the freedom to come and go as you please, no hassle with moving and not being able to sell the house, cost savings on stamp duty and fees, maintenance etc. that you cant really quantify
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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IMO, if the pro's and cons of renting and buying were written out, they'd totally balance out
Edit - taking personal circumstances into account of course
[Edited on 15-11-2011 by Aaron]
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