It’s all about being understanding of others. You don’t have to like it and you certainly don’t have to agree BUT the ability to put yourself in others shoes is a wonderful skill that clearly not everyone possesses. The whole “it doesn’t affect me so it must not exist” thing is bizarre, especially when it comes to money. Some people save hundreds a month, some piss it all away and some can’t afford to save at all. It is not for us to judge.
House Prices
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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.
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 sense
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.
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 deposit
and I bought the cheapest food, hardly bought new clothes, cheapest make up etc. It's pretty hard, if not impossible, to save anything if you're in a minimum wage job, it's not always about what you prioritise.
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.
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.
Also , sometimes houses are in negative equity, redundancy happens etc.
I agree with you , id rather live somewhere modest than stretch myself for the rest of my working life .
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.
Not really though, the artificial pushing up of house prices means people are having to choose between them and its tit. 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.
People can say oh years ago we didnt have x y and z but years ago most households had 1 income. We live in a society where most households have a dual income. It should be possible to buy a home and have some sort of a cultured life, have experiences.
I grew up financially disadvantaged, I wouldnt say poor but we didnt have a lot for a variety of reasons. My parents home is 5 times more expensive now than it was when they bought it in 1990, we dont live in a very expensive area. Has the average wage increased 5 times since 1990? No. Thats the problem. Yes there may be other factors at play for people struggling to get on the ladder but this is the main problem.
I am a home owner (well I pay the bank, dont own it outright) and even I can see the issues that people face and its not giving up £5 lattes, sadly.
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.
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.
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 tit show will calm down or we will come into some money somehow.
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 tit show will calm down or we will come into some money somehow.
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!!!
Agree.
we are also very conditioned in this country to view getting a mortgage as some sort of bench mark of success; as if it indicates some sort of lifetime achievement. It doesn’t. Maybe at one time, years ago it did. But no longer.
Are you a drug dealer?
Are you a drug dealer?
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!!!
You’d be surprised…
I’d guessed kids or business…of the legitimate type
Ah if only we weren't going so crazy with all the avocado toast, we could all buy a house by now
@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!!!
God the Tory vibes are quite awful here. The whole “go without” to save method works in theory where the salary warrants it, but socioecenomics play a huge part in this.
You might forego a holiday and phone bills to save, however you’ve done a university degree and as a result have a job that warrants you being able to save a decent chunk each month. Great, however not a one size fits all situation and doesn’t take into account people that are a disadvantage from birth that might not make it to a better paying job?
Those that grow up in abject poverty are likely to have lower school grades or may have left school at a younger age, may have poorer qualifications and as a result will be in a poorer paying job where they’re still required to pay the same rent or council tax as the rest of renters.
In my area mortgage payments are around 20-30% cheaper than rental payments but there are so many people living hand to mouth. Being able to mortgage would reduce their outgoings and improve their lifestyle but they can’t save because their income/outgoings completely align and not on frivolities. There are also properties in Scotland often snapped up by English investors meaning less availability, rising prices and a generation living in poverty at the mercy of landlords.
You might forego a holiday and phone bills to save, however you’ve done a university degree and as a result have a job that warrants you being able to save a decent chunk each month. Great, however not a one size fits all situation and doesn’t take into account people that are a disadvantage from birth that might not make it to a better paying job?
Those that grow up in abject poverty are likely to have lower school grades or may have left school at a younger age, may have poorer qualifications and as a result will be in a poorer paying job where they’re still required to pay the same rent or council tax as the rest of renters.
In my area mortgage payments are around 20-30% cheaper than rental payments but there are so many people living hand to mouth. Being able to mortgage would reduce their outgoings and improve their lifestyle but they can’t save because their income/outgoings completely align and not on frivolities. There are also properties in Scotland often snapped up by English investors meaning less availability, rising prices and a generation living in poverty at the mercy of landlords.
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