Owning your home.

I'm With Stupid said:
I watched a video on Youtube of someone buying a shared ownership flat in London. It looks like a nightmare. You only own 25% of it and still have to pay rent on the rest. And from what they said, it's quite hard to be eligible for such schemes too, at least in London.
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You can also only put it up for saw as part ownership so it is a pain in the arse to sell.
 
Corky said:
That is for a 25% share of a 230k house.

There is rent on the 75% of £4,743.75 pa or £395 pcm to factor in.

Until interest rates went up you could get a mortgage rate cheaper than the rent percentage (2.75% pa of unowned equity) so Shared Ownership was a niche market.
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@Corky @I'm With Stupid
Fair does about shared ownership but 100k for a house in Rochdale is not unaffordable.
 
city2 said:
What is the point of struggling to make mortgage payments throughout your life, not being able to live a comfortable life with holidays, short breaks, payments going off the scale reducing your disposable income. When do you get the benefit of it, couples divorce and majority goes to the woman, you die whilst paying the mortgage, it makes you stressed. People should just have interest mortgages where you only pay the interest but your still building up a profit whilst having more disposable income to enjoy life while your young enough, your a long time dead. That’s what I think anyway.
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I am guessing you are much younger than I am but to counter your argument since my early 20's I have been buying my own home on endowment mortgages. During my first marriage we enjoyed a couple of holidays a year. Divorced from wife 1 I came out of it with a small lump sum as I was forced to sell but when I remarried we bought a new house and have moved about had two kids and enjoyed two sometimes three holidays a year as I believed ploughing my cash into having a good time rather than keep renewing kitchens and bathrooms to maintain a showhome was a better investment in my kids lives and my own mental health.

Mortgage has now been paid off - some 2 years ago - and I am sole owner of an asset worth north of £200k so I have something that, if pressed, I could utilize to raise funds so overall my view in paying mortgages since the 80's I am of the opinion that neither my time nor money has been wasted. I would of course caveat all this with the fact that for about half that period house prices vs incomes were much more affordable.
 
Looking long term I wouldn't worry either way, the whole world is going to hell in a handcart.

Nothing a big fucking asteroid couldn't sort out overnight.
 
Blue Mist said:
@Corky @I'm With Stupid
Fair does about shared ownership but 100k for a house in Rochdale is not unaffordable.
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There is a lot well under £100k in Bacup, although they have shot-up about 50% since 2019 and it isn't an accessible area for transport of any kind with no trains and the busiest roads outside a major city.

If you want a cheap house with good connections to Manchester (and Leeds) by train the best VFM is Todmorden.

If you go out of central GM to the north/NW it becomes more affordable, especially 20 miles away, but unfortunately you really needed to do it 6 months ago to get a good mortgage deal.
 
I've pondered this thread far too much this morning. I've come to the conclusion your attitude to this topic probably hinges on your priorities in life, how hard you're willing to work, and how much you're willing to compromise.

One of the people I know who thinks they're most hard done by because they can't afford to buy a house, has a full set of Turkey teeth, a brand new Mercedes on lease, just came back from 2.5 weeks in Dubai, dresses head to toe in designer gear, wears a Moncler jacket and lives in a studio apartment in town. They moan it's so unfair they can't afford to buy a place while living like a footballer.....

Another person in my circles dropped out of an apprenticeship to be a plumber, has spent nearly 10 years working in a supermarket, 'BMXing' in his spare time and spending loads of money on leasing mid-range German cars. Then he complains the market's escaped him and he simply can't afford to get on the ladder now.

One of my childhood friends has been going on about becoming a rockstar and being signed as an artist since his late teens. He's 40 in a few years and he's still not signed, still lives with his mum and dad (lucky guy) and has so much to say about how tHe NaStY tOrEeZ have scuppered his changes of ever owning a house. I'd argue his piss poor life choices have led to the scuppering, but I keep that to myself.

I find there's always someone else to blame, it's always someone else's fault with a lot of folk nowadays.

All the people I know who moan the loudest about how unfair it all is, are the ones who refuse to apply themselves and want to live like they're still teenagers. If you want to buy a house, you've got to accept the responsibilities that come with manoeuvring yourself into that position.

My squarest friends and associates who've just got their heads down and ground away are the ones who now own houses... they tend to do much less moaning about how unfair everything is too. Some of them have decent careers, others just grind things out and take an annual pay rise, living comfortably and not rocking the boat.

When I saved for a house I went through a steady stream of absolute shite cars bought for a couple of hundred quid a pop off Facebook or ebay, to tide me over. I was careful to choose small engines with low tax, and obviously good on fuel (Polos, Fabias, stuff like that.) No brand new German cars on lease or PCP for me (even now). I never really had a nice Boss or Ralph Lauren polo shirt or any branded clothes til I had bought somewhere.

I had to compromise on how I wanted to live for 2-3 years tops while I saved up. And even then, I still enjoyed the trappings of a liberal Western nation. I wasn't slumming it by walking five miles a day for fresh water, or not showering for 6 months on end, or foregoing healthcare. It just meant I had to shop in Primark and not Selfridges. I also managed to go out for the occasional meal, regular catch ups with mates - and at least one holiday a year, without going nuts on spends. So I hardly lived 2-3 years of misery, I just had to be a bit careful with my money.

I also had to compromise slightly on where I bought my first house, but it was fine in the end. Rome wasn't built in a day and when I moved 6 or so years later, I moved to my ideal location.

I think if you're willing to get your head down and accept no one owes you anything, and that you might have to cut back on things you want to buy or have for a relatively short period of your life, you can get on the housing ladder with few issues. If you've got parents who will let you live with them while you save, or parents who will help you out financially, then even better! I had neither and I still did it in my early 20's - which was not long ago at all.
 
gandalfthebrave said:
I've pondered this thread far too much this morning. I've come to the conclusion your attitude to this topic probably hinges on your priorities in life, how hard you're willing to work, and how much you're willing to compromise.

One of the people I know who thinks they're most hard done by because they can't afford to buy a house, has a full set of Turkey teeth, a brand new Mercedes on lease, just came back from 2.5 weeks in Dubai, dresses head to toe in designer gear, wears a Moncler jacket and lives in a studio apartment in town. They moan it's so unfair they can't afford to buy a place while living like a footballer.....

Another person in my circles dropped out of an apprenticeship to be a plumber, has spent nearly 10 years working in a supermarket, 'BMXing' in his spare time and spending loads of money on leasing mid-range German cars. Then he complains the market's escaped him and he simply can't afford to get on the ladder now.

One of my childhood friends has been going on about becoming a rockstar and being signed as an artist since his late teens. He's 40 in a few years and he's still not signed, still lives with his mum and dad (lucky guy) and has so much to say about how tHe NaStY tOrEeZ have scuppered his changes of ever owning a house. I'd argue his piss poor life choices have led to the scuppering, but I keep that to myself.

I find there's always someone else to blame, it's always someone else's fault with a lot of folk nowadays.

All the people I know who moan the loudest about how unfair it all is, are the ones who refuse to apply themselves and want to live like they're still teenagers. If you want to buy a house, you've got to accept the responsibilities that come with manoeuvring yourself into that position.

My squarest friends and associates who've just got their heads down and ground away are the ones who now own houses... they tend to do much less moaning about how unfair everything is too. Some of them have decent careers, others just grind things out and take an annual pay rise, living comfortably and not rocking the boat.

When I saved for a house I went through a steady stream of absolute shite cars bought for a couple of hundred quid a pop off Facebook or ebay, to tide me over. I was careful to choose small engines with low tax, and obviously good on fuel (Polos, Fabias, stuff like that.) No brand new German cars on lease or PCP for me (even now). I never really had a nice Boss or Ralph Lauren polo shirt or any branded clothes til I had bought somewhere.

I had to compromise on how I wanted to live for 2-3 years tops while I saved up. And even then, I still enjoyed the trappings of a liberal Western nation. I wasn't slumming it by walking five miles a day for fresh water, or not showering for 6 months on end, or foregoing healthcare. It just meant I had to shop in Primark and not Selfridges. I also managed to go out for the occasional meal, regular catch ups with mates - and at least one holiday a year, without going nuts on spends. So I hardly lived 2-3 years of misery, I just had to be a bit careful with my money.

I also had to compromise slightly on where I bought my first house, but it was fine in the end. Rome wasn't built in a day and when I moved 6 or so years later, I moved to my ideal location.

I think if you're willing to get your head down and accept no one owes you anything, and that you might have to cut back on things you want to buy or have for a relatively short period of your life, you can get on the housing ladder with few issues. If you've got parents who will let you live with them while you save, or parents who will help you out financially, then even better! I had neither and I still did it in my early 20's - which was not long ago at all.
Click to expand...


Sounds like confirmation bias to support your own argument that young people don't prioritise correctly in order to achieve a house purchase. 3 stories of people you know doesn't quantify the issues new market entrants have currently.

People change their priorities based on how achievable they're goals are. If they feel that purchasing a house is unaffordable without sacrificing a big proportion of their living standards then that disposable income will go towards travelling, a new car or becoming a rock star.

UK house prices have rose at an extraordinary rate over the last 30 years whilst wage growth has been stagnant in comparison. Couple that with the increase in inflation on all key purchases and BOE base rates rising, getting a mortgage on a first home is tougher than ever.

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