Grown adult kids at home

[Born to be a blue]

I had to move out at 17 as my mum and dad down sized to a one bedroom, moved out with my partner rented and struggled to buy our own house, 35 this year and should be in a position to buy next year. It's been a slog.

 

[uwerosler28]

So a 20 year old could buy a house now?

If they are working full time and Iiving at home , a deposit shouldn't be a problem of they want to makes the efforts to get it together.

 

[Millwallawayveteran1988]

So a 20 year old could buy a house now?

Might not find a deposit so easily but why would they want to when they pay peanuts, their parents still do their washing and they have a fridge full of food to feed themselves. There seems no hunger to do this anymore from so many.

 

[Tuearts right boot]

I bought my first one when I was 20 but in those days you could get a 100% mortgage. Not sure if it's possible nowadays. If not, I guess you'd need a loan/gift of some sort from family to pay the deposit.

Doesn't seem that long ago you could get a 120% mortgage ffs.

 

[PragueBlue]

Doesn't seem that long ago you could get a 120% mortgage ffs.

Didn't know that was ever possible. Surprised a bank would lend more than the value of the asset it was being borrowed against. I know houses appreciate over a period of time but seems a risk for the bank to take. A property market downturn and they could be well out of pocket.

 

[Millwallawayveteran1988]

Didn't know that was ever possible. Surprised a bank would lend more than the value of the asset it was being borrowed against. I know houses appreciate over a period of time but seems a risk for the bank to take. A property market downturn and they could be well out of pocket.

Northern Rock did for a while. Certainly more than 100%. No wonder the collapsed.

 

[Mr Kobayashi]

If they are working full time and Iiving at home , a deposit shouldn't be a problem of they want to makes the efforts to get it together.

They aren't likely to be buying a house though are they?

Average salary for someone aged 18-21 is 18K.

Doubt that passes the affordability checks.

After tax it's £16,371.00. If they were living independently after living costs, of say £1000 a month there's not much left over. They could scrape and save for a couple of years for a deposit on a studio but it would also have gone up in price in that time.

 

[Mr Kobayashi]

Didn't know that was ever possible. Surprised a bank would lend more than the value of the asset it was being borrowed against. I know houses appreciate over a period of time but seems a risk for the bank to take. A property market downturn and they could be well out of pocket.

The new 120% mortgage

www.lovemoney.com

 

[SkyBlueFlux]

Some of the young ones at our office pay their parents £100 a month! That was the going rate for me 35 years ago! Loads of young adults live with their parents down my street as is clear by the number of cars parked everywhere. Brand new Audi’s, Golf’s etc etc. I dread to think what my daughter’s (13) generation will be like. I am really hoping she goes to Uni and becomes independent quickly.

When I bought my first house with my missus at the time, we didn’t have a pot to piss in. Everything went on the 15% mortgage and a night out was mates around for a homemade curry and a couple of cans. I keep hearing it’s so expensive blah blah blah but it was then! I was out at 18 and owned a house at 20.

The last time house prices were this high relative to wages was 1876! Wages have stagnated with hardly any increase for twenty years, while the cost of everything else has continued to increase rapidly.

If you earn the average young person's salary and save 100% of it, then it would still take you 3-5 years to afford a deposit big enough to offset how low your salary is relative to the most affordable house prices on the market. That's if your parents are nice enough to let you live rent-free for 3-5 years and you buy nothing else.

This idea that young people are going round in flash cars and drinking too many lattes so they can't afford a home is insulting and patronising bollocks. My younger sister has worked full-time in social care and schools for 8 years and she can hardly afford to feed herself properly, I had to buy her a pair of shoes the other week. And she works full-time and lives with friends in a shoebox that costs over £1,000 per month. She dreams of owning a home and has dedicated herself to public service, and for what? She has saved nothing, and she will never be able to retire or afford a home.

Young people in this country have been completely fucked over by a completely broken system, and yet their parent's generation who were the ones doing the raising seem so keen to stick the boot in with generalisations and false assumptions of having a superior work ethic. Of course, there are useless and lazy kids, there are useless and lazy members of every generation and there always has been. There are also incredibly hard-working people who are being completely left behind.

 

[Thaksins Love Child]

They aren't likely to be buying a house though are they?

Average salary for someone aged 18-21 is 18K.

Doubt that passes the affordability checks.

After tax it's £16,371.00. If they were living independently after living costs, of say £1000 a month there's not much left over. They could scrape and save for a couple of years for a deposit on a studio but it would also have gone up in price in that time.

Plus unless life is hell at home they might actually want to enjoy their youth. Holidays, travelling, nights out. Plenty of time to get tied down with bills and kids.