Think she told my husband that and he's stuck to it.Hahaha!!! NO REMORTGAGE FOR THE SEXUAL DEVIANTS!!! CANT ENJOY SEX IF YOU WANT A MORTGAGE, SEX IS AN UNNECESSARY LUXURY!!!
*puts another order in with love honey*
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*puts another order in with love honey*
I paid for my own phone at uni- do her kids have jobs at uni like I did so I could afford to go? If not then Iām entitled to my opinion that this is an example of unnecessary spending IF owning a home is important to you and you say you canāt save.
My parents bought their house in 1996 on one wage for Ā£180K, it is now worth nearly Ā£1mil. Their first house they bough for less than Ā£10K on a 100% mortgage which allowed them to get on the market.
I bought in 2017 with two wages, circa Ā£65K, we could only get a Ā£250K mortgage and needed at least Ā£325K to get on the ladder. Where do you get Ā£75K from when paying Ā£950 rent a month plus bills before the price goes up again. We were very fortunate and were gifted money but I know so many who it is not an option for them regardless of how much they work and save, especially not in the South East.
If those on minimum wage jobs want a home so badly and it matters to them they can do what a poster above did and study in there evenings or time off. This will reap the rewards down the line as they will have a profession/skill/trade which can earn them enough to save for a place.
Again, before those with a chip on their shoulder try and apply it to their own circumstances I am talking in general terms. Some might not want to own a home, some might prefer to work the hours they currently work etc, which as Iāve said all along is completely up to them
Again, before those with a chip on their shoulder try and apply it to their own circumstances I am talking in general terms. Some might not want to own a home, some might prefer to work the hours they currently work etc, which as Iāve said all along is completely up to them
Its so depressing
we were hoping to move soon but houses here are going for 25% over the home report value (In Scotland, not sure what equivalent in England is) and Im just not prepared to get into a bidding war right now. If it means we need to stay put then its what Ill do. Would be mortgage free a lot sooner if we dont move. A relative of mine was trying to buy in London for years. Despite having a decent job and a good deposit he was continually outbid with properties going way in excess of what they were valued at and usually investors buying them. Its not like he was trying to buy anything extravagant either but didnt have 30k in addition to his deposit and you cant mortgage beyond what its worth.
SOME PEOPLE WHO WORK MINIMUM WAGE JOBS DO NOT HAVE TIME OR ENEGRY TO GET A SECOND JOB OR STUDY AT THE WEEKENDS OR EVENINGS BECAUSE THEY ARE ALREADY WORKING FLAT OUT TO PAY THEIR BILLS TO KEEP A ROOF OVER THEIR HEAD WHICH YOU THINK IS A CHOICE! WHAT IS SO HARD TO UNDERSTAND ABOUT THIS?! MULTIPLE PEOPLE ON THIS THREAD HAVE EXPLAINED THIS NOW IN VARIOUS DIFFERENT WAYS!!!!!!!!
Ive been actively saving for about 3 years, got myself out my overdraft, credit card and store card debt, and only have 5k to show for it. I reduced our shopping costs, shopped around for household bills and count every penny that comes in and out of my account. Meanwhile my partner is living his best life on 30% higher wage than me and we finally sat down a month ago and decided its time to look at buying. Weve paid 77k in rent in the 10 years weve been renting and I dont want to pay another persona mortgage anymore. Well it turns out he had 2 bank accounts (one is an ISA) that he 'forgot' about. Overnight we went from 6k to 18k. I dont doubt he did forget as he is shocking with his finances (he actually thought hed spent it all before we got together). But i was pissed that I have saved so hard for years and he magics up 12k like a Blue Peter presenter with one he made earlier!
So we start looking and my god the market is insane. We have estate agent friends telling us to wait until next year for it all to calm down and try and add another 5k to the deposit
So we start looking and my god the market is insane. We have estate agent friends telling us to wait until next year for it all to calm down and try and add another 5k to the deposit
Yes and those who don't clearly need to get over the fact they'll never own a home and they can just deal with being stuck in a renting cycle. The issue is the system is broken, if you have to work multiple jobs and not be able to do anything else apart from work and save to even dream of buying a property that's an issue with the whole system, not with people's prioritiesYesā¦ some donāt. Hence why (again) I said that what I am saying clearly doesnāt apply to everyone
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Why canāt banks and building societies start looking at what people have been paying in rent for the last God knows how many years. They could see they have never defaulted and could easily afford a mortgage instead of paying someone elseās.
This is something that has been raised a few times at government level and I think in time will have to become a part of the mortgage application process. If youāve rented for years, have never defaulted, have a good cedit history and have a stable income then that should be enough without the requirement for a ridiculous deposit.
Hot take: It should be perfectly possible for people earning minimum wage to be able to save up and get a mortgage and not break their back doing so. Homeownership shouldnāt be something reserved for those who āearn enoughā because 1. What ever is deemed āenoughā seems to be getting higher and higher and 2. we need people working minimum wage jobs as they are often the ones which keep the economy ticking over. Shelf stackers, delivery drivers, cleaners etc. Someone has to do it and not everyone is going want or be able to train their way out of it, should those people just never get the opportunity to own their home? It should be realistic for everyone to get on the ladder if they choose by saving up a modest amount in order to get a mortgage on a home at a fair price but thatās not whatās been happening for a long time. Itās hard enough for people on middle-higher wages to get on the property ladder. The problem isnāt with people not working/studying hard enough. The problem lies with ridiculous house prices, high rents and investment landlords who buy more properties than they need. Not with the people at the bottom trying to get by who just want somewhere to live that is more secure than private renting.
Telling people to study is great and all but it wonāt solve the problems in the housing market. Not to mention, you often need to pay as an adult to study in the first place, you also need the time and when you already have a family and/or a job where you canāt afford to cut your hours itās not always feasible for everyone. Mental health is also a thing and stretching yourself too thin in life doesnāt help anyone.
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We didn't even have a deposit, we had a cashback deal with our mortgage that covered the deposit. I'm so envious of anybody that has never needed to remortgage. Id have three years left and be paying about Ā£300 a month. I wish!!!
Also just to chime in, it's not as easy to just go out and get a second job. Lots of people on minimum wage (myself included) are shift workers and as my partner put it to his colleague, nowadays you need basically 70 hours availability for your full time contract meaning you can't get a second job.
Edit: This whole "just go without and if you really wanted it you would find a way" sounds so similar to when a lot of people would come out and say "All these people on benefits buying mcdonalds and phones and tvs, they wouldn't be poor if they just didn't spend money!!"
Edit: This whole "just go without and if you really wanted it you would find a way" sounds so similar to when a lot of people would come out and say "All these people on benefits buying mcdonalds and phones and tvs, they wouldn't be poor if they just didn't spend money!!"
Hi thats me!! My daughter works in McDonald's when she's back and saves for her rent. She's going into her 2nd year this year and she'll hopefully get a job once she's back. My son was furloughed and then made redundant, he's just finished his last year and is applying for jobs. He pays his car insurance, petrol and anything else he needs from his student loan.Dont feel you need to justify it. The majority of us here can see exactly why its difficult. If hard work was the only thing that got you places the people working manual jobs outside in all weathers, care assistants looking after the sick and elderly would be earning a lot more than they are.
The whole system is rigged. Its set up to keep poor people poor. Not even in regards to home ownership just in general. Society even has those on minimum wage pitted against people who dont or cant work. How often do you see people who arent high earners moaning about 'benefit scroungers' answer - alot.
The whole system is rigged. Its set up to keep poor people poor. Not even in regards to home ownership just in general. Society even has those on minimum wage pitted against people who dont or cant work. How often do you see people who arent high earners moaning about 'benefit scroungers' answer - alot.
You do know studying costs money right? College and university courses cost money, some arenāt always flexible to evening classes.
Thereās also socioeconomic factors involved in this too - you as a middle class person might feel energised of an evening after sitting a desk for eight hours a day eating nutritious food. A poorer person will likely be working a more manual job, involving more physically exhausting work and might not have access to the same nourishment.
For someone āeducatedā your inability to understand that your theory could work but actually has so many variables and fundemantal flaws that mean it is almost always impossible is absolutely baffling.
The privilege is reeking out of you. I work with some of the wealthiest people in our society and do pro Bono work with some of the poorest and if you think classism and privilege arenāt real youāre off your head.
Really donāt want to engage with the dumb Tory as so many people have written it so much better, but our economy is dependent upon exploitation of cheap labour. Pls I beg of you read something to get a bit more informed about the lay of the land for the majority of Britons. Wealth inequality is widening & class mobility now a myth.
I grew up poor as duck in a post war council house, this is v gauche of me but our household income is v high yet we now live in exactly the same layout of house (not ex council). Our income to property value multiplier is only 1.2 but itās the deposit that did us in - we were renting then Grenfell happened and we learnt our flat was a death trap so had to move earlier than planned. This is life, itās not all stay at home in ur mumās spare bedroom (my parents are dead lol x) and bootstrap ideology. And this is one of the most privileged āthatās lifeā situations that happens.
Moreover the next step up on the ladder for us isnāt a juice thatās worth the squeeze. Londonās quality of property is fucked, Iāve spent another 2 depositās worth getting our house up to scratch since we moved in 2 years ago. All the first owner occupiers are dying now abs the state of the properties entering the market are abysmal, as has been pointed out lenders donāt loan for works so itās incredibly hard for ppl on a normal or slightly above average, or even a āprofessionalā salary to buy them unless they want to live in delapidated squalor.
I canāt imagine having such an incredibly narrow world view? Baby banks are popping up left right and centre and FSM and hungry kids has been the scandal of the year. Most people simply donāt have a disposable income, and thereās no changing that without changing the WHOLE system and making work pay properly.
I grew up poor as duck in a post war council house, this is v gauche of me but our household income is v high yet we now live in exactly the same layout of house (not ex council). Our income to property value multiplier is only 1.2 but itās the deposit that did us in - we were renting then Grenfell happened and we learnt our flat was a death trap so had to move earlier than planned. This is life, itās not all stay at home in ur mumās spare bedroom (my parents are dead lol x) and bootstrap ideology. And this is one of the most privileged āthatās lifeā situations that happens.
Moreover the next step up on the ladder for us isnāt a juice thatās worth the squeeze. Londonās quality of property is fucked, Iāve spent another 2 depositās worth getting our house up to scratch since we moved in 2 years ago. All the first owner occupiers are dying now abs the state of the properties entering the market are abysmal, as has been pointed out lenders donāt loan for works so itās incredibly hard for ppl on a normal or slightly above average, or even a āprofessionalā salary to buy them unless they want to live in delapidated squalor.
I canāt imagine having such an incredibly narrow world view? Baby banks are popping up left right and centre and FSM and hungry kids has been the scandal of the year. Most people simply donāt have a disposable income, and thereās no changing that without changing the WHOLE system and making work pay properly.
The whole system is broken. I am sad that some people canāt see this. The cost of living (including property) has risen so much and wages have not. 30+ years ago, those on lower wages or single income families could still afford to buy a house more often than not.
I grew up in a working class family and my parents struggled at times, with my mum working nights in her care job and as a lunchtime supervisor at school to make extra money. They still managed to buy a house! Sure, it was small and dilapidated and in an area many would scoff at, but they managed it and there was never a question they wouldnāt.
I know various posters would probably applaud their efforts, but the point is that it was almost 40 years ago - I donāt think that is really possible anymore in the South East (where we live). At least not without an inheritance or some kind of windfall.
My childhood home was actually up for sale about 2 years ago, for around Ā£500k. Weāre talking a two up, two down terraced house with the only bathroom at the front of the ground floor, right by the front door. Iām not sure what my parents paid, but I can see on Rightmove that it was sold for Ā£69k in 1998, so my parents most likely paid a lot less than that.
I grew up in a working class family and my parents struggled at times, with my mum working nights in her care job and as a lunchtime supervisor at school to make extra money. They still managed to buy a house! Sure, it was small and dilapidated and in an area many would scoff at, but they managed it and there was never a question they wouldnāt.
I know various posters would probably applaud their efforts, but the point is that it was almost 40 years ago - I donāt think that is really possible anymore in the South East (where we live). At least not without an inheritance or some kind of windfall.
My childhood home was actually up for sale about 2 years ago, for around Ā£500k. Weāre talking a two up, two down terraced house with the only bathroom at the front of the ground floor, right by the front door. Iām not sure what my parents paid, but I can see on Rightmove that it was sold for Ā£69k in 1998, so my parents most likely paid a lot less than that.
Itās also the biggest middle class delusion going that it couldnāt happen to you. You, like the peasants you look down on, are also only an average of 3 pay cheques away from homelessness. Your jobs arenāt forever - there is no job security anymore and look at what happened at the start of the pandemic.
Iām guessing from what youāve said youāre most likely a middle management level at most so not likely in a high demand burn out situation but for people with v high incomes (ARTP or entrepreneurs etc) burn out happens and it happens fast. Or a bad tax advisor fucked you over and suddenly your wifeās leaving you and taking 50% with her. The stories I hear are horrifying and why youād have to be dumb to max yourself out at 4-5x, but itās the only alternative the majority of the country have. But it means youāve got a system where the avg FTB is in their mid 30s signing up to earn the same as their youthful peak for 20-30 years? Bleak.
Iām guessing from what youāve said youāre most likely a middle management level at most so not likely in a high demand burn out situation but for people with v high incomes (ARTP or entrepreneurs etc) burn out happens and it happens fast. Or a bad tax advisor fucked you over and suddenly your wifeās leaving you and taking 50% with her. The stories I hear are horrifying and why youād have to be dumb to max yourself out at 4-5x, but itās the only alternative the majority of the country have. But it means youāve got a system where the avg FTB is in their mid 30s signing up to earn the same as their youthful peak for 20-30 years? Bleak.
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