If they're still paying for their mortgage in their 60s then they've remortgaged a lot. Id love to move to a bigger house, id love a driveway and a garage and a utility room. Id get all that an hour up the road but I'm in a stupidly expensive area and I'm happy in my 3 bed terraced. I've been here 20 years and I'll happily stay here, I know I'm lucky compared to some but others will look down their nose.I feel like it sometimes works at the other end of the age spectrum too. I have had colleagues around retirement age to still have to work to continue to pay off their mortgage. I have found these people to be a little resentful of their mortgage free contemporaries. Same with people who want to move up the property ladder.
Having said that, Home ownership should not be at the expense of any enjoyment in life.
A lot of people are in the same situation.8 years ago I was adamant I couldnt possibly save and owning was an unachievable dream. Admittedly we had phone contacts that wasnt exactly expensive, the cheapest tv package. I did drink at weekends (at home so cheaply) and buy take aways but aside from my car payments (cheap car just simply tax and insurance payments monthly) I didnt live a careless lifestyle.
Now over the last 4 years we have finally managed to save the deposit and the house prices are now what are making it unachievable to own.
Each time you go without and make do to save that little bit more the goal posts move again.
I come from poverty. My dad disappeared when I was 2 and my mum was a single mum for years until I became an adult. we had sod all. Since having children Iv gone to college and bettered myself which has left to a better job, my husbands had a huge promotion at work which means more money and weve still got sod all. Unfortunately we dont all have parents to help us out while we are young with the cheap home lifestyle that affords us to save. But looking back 8 years if I'd know that owning is still out of reach I wouldnt have spent money any differently trying to save more. Because even by saving this past 4 years hasnt made any difference.
Hopefully this makes senseit's still early
When I was working minimum wage job, I went on holiday once a year which cost me 600-800 pounds and went out for a meal a couple times a year which all added up to like 1k per year. If I saved that it would still take me over 10 years to save for a depositYes exactly what I’ve said - it’s about what you prioritise which is completely fair enough either way. It’s the fact people say “I can’t save” when they’re spending all this money on other things - it’s not that you can’t it’s that you’ve prioritised something else, which is fair enough!
Exactly. The cost of living and the cost of property has gone up ridiculously high and the rate of pay on the whole hasn’t, so in real terms people are earning less (because they are having to use the majority of not all of their pay on basic living costs) the fact that some people don’t seem to be able to comprehend this, is astonishing. In the main, this is not about choice.A lot of people are in the same situation.
My friends and I had a challenge in which we would stick to the bare minimum (rent, groceries, electricity, Internet, petrol) for a year. Some of us were able to save up to 10k in a year. During the same time houses that were sold for 80-100k are now 175-250k. Even in remote places with no public transportation, no jobs and no distraction (cinema, bars) houses are sold for 150k in Ireland. Mind you our salaries didn't went up.
They were late 50s , I think but still stuck in the rat race to pay mortgage, rather than going to 1 income or part time. I just mean it's not the getting the deposit and paying for a few years, it can seem an incredibly long time.If they're still paying for their mortgage in their 60s then they've remortgaged a lot. Id love to move to a bigger house, id love a driveway and a garage and a utility room. Id get all that an hour up the road but I'm in a stupidly expensive area and I'm happy in my 3 bed terraced. I've been here 20 years and I'll happily stay here, I know I'm lucky compared to some but others will look down their nose.
House prices are stupidly high. I feel so sorry for anybody wanting to buy. I know stopping the stamp duty has helped people out but the prices are ridiculous. Id be waiting for a while if I was looking now, they'll hopefully start to level out a bit.A lot of people are in the same situation.
My friends and I had a challenge in which we would stick to the bare minimum (rent, groceries, electricity, Internet, petrol) for a year. Some of us were able to save up to 10k in a year. During the same time houses that were sold for 80-100k are now 175-250k. Even in remote places with no public transportation, no jobs and no distraction (cinema, bars) houses are sold for 150k in Ireland. Mind you our salaries didn't went up.
Not really though, the artificial pushing up of house prices means people are having to choose between them and its shit. Or in some cases will never be able to get a mortgage because they just dont earn enough if the area they live in is expensive.Yes exactly what I’ve said - it’s about what you prioritise which is completely fair enough either way. It’s the fact people say “I can’t save” when they’re spending all this money on other things - it’s not that you can’t it’s that you’ve prioritised something else, which is fair enough!
My brother in law had an endowment mortgage. He was advised by the bank that after 25 years they'd have only paid off half. They remortgaged to a straight repayment but kept the endowment as a saving and got a payout a few years ago. They are loaded BTW!!!Regards to older people in their 50’s plus apart from remortgaging many took out 0% interest mortgages years back and haven’t paid a penny off the capital.
They’ve had 3 holidays a year nice cars lots of home improvements but I just don’t get the mentality.
Think the chickens will come home to roost for many.
Agree.Look, we could probably cut out all the joy in our lives and save a bit more, but it’s not really going to get us to our goal any quicker in the grand scheme of things. If we cut out our once a week takeaway, we wouldn’t be that much closer to our goal in a years time than if we hadn’t. You can’t save more than you earn in a year after all. We could stop our children’s activities but then they’d be losing out on skills and experiences and I’m not going to have them miss out on normal childhood things just so we can buy a house. Maybe we should have waited to have children but life doesn’t always work out in that perfect linear way for everyone.
As other posters have shown with their experiences, It’s mental out there. You finally think you’ve got enough to go and then the goal posts move again. It gets to a point where you can either spend your life working and saving and saving and working and it’s still not enough, or have some balance and save what you can, but still allow yourself things that make you happy. Buying a house, although would be nice feels like a luxury that is out of our reach, so we may as well make the best of our circumstances and maybe one day this shit show will calm down or we will come into some money somehow.
Are you a drug dealer?I wish my phone was £20. I pay for four mobile phone contracts, over £100 a month.
Are you a drug dealer?
@Homebird44 you with your burner phones!!!!!how funny. Id imagine they use pay as you go!! No i have kids and they have phones.
You’d be surprised…how funny. Id imagine they use pay as you go!! No i have kids and they have phones.
@Homebird44 you with your burner phones!!!!!
just don’t ever have a takeaway will you, you won’t be allowed a mortgage then!!!
PMSL. The last time we remortgaged the advisor in the bank went through every single transaction on our bank statement. She even asked what the Love honey payment was. Think she was just a pervert.@Homebird44 you with your burner phones!!!!!
just don’t ever have a takeaway will you, you won’t be allowed a mortgage then!!!
Hahaha!!! NO REMORTGAGE FOR THE SEXUAL DEVIANTS!!! CANT ENJOY SEX IF YOU WANT A MORTGAGE, SEX IS AN UNNECESSARY LUXURY!!!PMSL. The last time we remortgaged the advisor in the bank went through every single transaction on our bank statement. She even asked what the Love honey payment was. Think she was just a pervert.
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