Owning your home.

[SWP's back]

20 years ago I bought my first house, £425 a month mortgage, my mate said he preferred to rent so he had more money for holidays and living his life, his rent was £300 a month. I'm mortgage free now, he's paying £1100 a month rent now.

This, in a nutshell.

 

[BlueMoonday]

Yeah because that last paragraph sums up ALL young people.

Dont be so ridiculous

How is it ridiculous? You can do anything if you put your mind to it. The problem is, people don't want to because we live in a materialistic and greedy society where people expect things straight away.

Spend a few years saving and making sacrifices here and there and before enough know it you will have a deposit ready. Allowing you to own your own home and you can spend many years doing the things you want to do.

Unless you are rich, have rich parents, or have been left with a decent inheritance then there's no other way.

 

[KS55]

Best way forward now for the up and coming of today's society.

1. Leave school early.
2. Sign on as soon as you hit the correct age.
3. Meet some bird and get her knocked up.
4. Apply for Council House.
5. Application successful, Move in.
6. Have more kids (Gets Extra Cash).
7. Get most things in life handed to you or get for free.
8. Laugh your bollocks at watching people coming home for their lunch break from work whilst your only awake.
9. Have a packet of Monster Munch for breakfast.
10. Go back to bed.

I actually know a woman who did this. Got pregnant on leaving uni and continued throughout her life to re-boost her benefits by further pregnancies. Never had a guy to live with her or for longer than impregnation took.
She now lives on a state pension with pension credit which is pretty good.
Of course she is a dyed in the wool socialist.

 

[Bluesince1979]

I know, it just needs "avocado toast" for the full house

Cancel the £9 a month spotify and they are laughing. Theyll have a £20k deposit in no time

I dont see a way for a lot of kids to get on the ladder. Fortunate ones will have parents who bought houses for fuck all and have PLENTY of equity to pull out and pass on. Ironically its those parents that rant about kids ‘spending money going to thailand’.

And getting the dipper us the easy bit. They then have to find a mortgage that could be 5,6,7x their salary.

Its a mess.

As i said earlier, i jumped back on the ladder at 47! By over paying each month i may be 65 by the time i am mortgage free. My oldest lad will be nearly 40 by then. Hes got nowt coming his way from me but his mind set is that he wont be able to buy.

Feel for the young, i wouldnt swap

 

[inbetween]

Ha come on man. The market is so far away from this now and houses are so expensive that it's detached from any sort of modern reality. You can't just buy a 12k house and treble it's value. You have to struggle to buy a 250k house and hope it's value doesn't fall in this market.

Getting on the ladder has always been the main barrier that certainly young people have to overcome. An average flat in and around Manchester goes for what, £150k? That means you need at least £7500 and that's difficult for anyone to raise if you're renting and have moved out already.

The problem young people have is they delay their earnings until their mid-20's. I knew people who stayed on at university from 18 and didn't leave until they were 23. For someone who starts working at 18 on £20k that's £100k worth of earnings and potential savings lost (ignoring tax and spending).

I'm not blaming these choices but it's really hard for young people nowadays and they aren't exactly taught to save or manage their money. We live in a society which only teaches us the best of things such as how to spend money and enjoy yourself so many think they're entitled to do that and have the best of both worlds. What isn't taught is that life is mostly brutal and it takes hard choices to get the things you want.

At the time I bought (6 years ago now) it took me 3 years to save up and it was difficult but it was doable. I didn't drive a brand new car like some young people I know of, I drove an 8 year old MG with 70,000 miles on it. I didn't have the latest phone and always bought used off Ebay because I couldn't afford anything else and getting new clothes meant a trip to either Primark or Matalan. When you look around nowadays, I see many who can afford £800 Canada Goose coats but they can't seem to afford to save that £800 towards a deposit.

The irony of it is ask how many young people who think housing prices should fall, those without houses will say yes. Ask those same people in a few years time once they have their house whether they still think house prices should fall, all of them will say no.....

 

[Bluesince1979]

How is it ridiculous? You can do anything if you put your mind to it. The problem is, people don't want to because we live in a materialistic and greedy society where people expect things straight away.

Spend a few years saving and making sacrifices here and there and before enough know it you will have a deposit ready. Allowing you to own your own home and you can spend many years doing the things you want to do.

Unless you are rich, have rich parents, or have been left with a decent inheritance then there's no other way.

Its because your insinuation is that young people DONT save. That they spend all their money on trips to thailand and designer gear.

How old are you? Genuine question.

 

[BlueMoonday]

Its because your insinuation is that young people DONT save. That they spend all their money on trips to thailand and designer gear.

How old are you? Genuine question.

I'm not too far off the age band we are talking about so I'd like to think I've a fair and decent insight.

 

[Scottyboi]

Best way forward now for the up and coming of today's society.

1. Leave school early.
2. Sign on as soon as you hit the correct age.
3. Meet some bird and get her knocked up.
4. Apply for Council House.
5. Application successful, Move in.
6. Have more kids (Gets Extra Cash).
7. Get most things in life handed to you or get for free.
8. Laugh your bollocks at watching people coming home for their lunch break from work whilst your only awake.
9. Have a packet of Monster Munch for breakfast.
10. Go back to bed.

Ha good fucking luck. Deluded or what.

 

[Blue Mist]

Renting is the only way. Anyone that buys a house is a fool especially now they have brought the Proceeds of Crime Act in. Just one raid on your skunk farm and everything is gone.

 

[eaststandlevel3]

My lad is 17 and doing an apprenticeship it worked for me as I bought my first house at 21. I’ve been mortgage free for 5 years. I don’t charge my lad any rent like my dad did to me but on the proviso he saves money well. After 12 months he’s just spent £7k on his first car himself. He has got another £5k saved towards a house deposit. He’s not out boozing or entertaining women yet so it may all change soon! What he does know is the value of money and hopefully will stand him in good stead to get a property once he’s out of his time.