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House Price Crash Forum


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Everything posted by ArthurHon

  1. Retiring boomers with money purchase pension schemes are looking down the barrel at hardship. Youngsters laden with debt after leaving university and unable to find a job are looking down the barrel at hardship. This seems fair all things considered. Some people are doing okay, those who left university ten years ago. They have jobs, above average income, in fact enough loot to have a family in a rented home. Some people are doing better, they worked hard at school, went to a good university, got a top notch degree, bought a house ten years ago and are loaded. Some people are really cross, those who left university ten years ago. They have jobs, above average income, in fact enough loot to have a family in a house owned with a mortgage next door to someone they feel they are better than. All in all seems as per usual the only person getting shafted is the manual worker getting laid off work. Ttown is effectively turned into no-hope vile by some suits in London. Current situation terrible, forecast to get worse when the savings run out. I am not a marxist
  2. There are potential worse downsides to renting; eg. have 100k in bank ready to spend on house. You lose job, firm failing, too ill too work or accident whatever. Spend 1500pcm on rent plus 1000 pcm on housekeeping etc. after 3 years, and your funds are almost exhausted you start getting help. Net wealth after 3 years potentially 6k. eg. Have 200k house (on the day you bought it) 100K mortgage, no significant savings, say only enough to cover 3 months mortgage payments. as you have spent it all on a house. Lose job for whatever reason. After 13 weeks mortgage paid and provided with money to meet basic needs. Net wealth after 3 years = what your house is worth - what your mortgage has been reduced by. Likely to be significantly more than 6k Unless you are smart enough to make your wealth invisible you are likely to be better off buying somewhere so you can fall hook line and sinker into the arms of the welfare state.
  3. Defo are, I've three kids and the burn rate of my household is 2.5k/month, only 500 on mortgage . They are always in the house with the heating on trashing their clothes and shoes and eating. Interestingly I noted recently that if i were out of work, had no savings, and was paying 800 a month to house my brood in rent, in total i would get 2.5k a month for naught work.
  4. Nobody benefits, the worker loses some of their own time to useless activity, the employer gets naught because the worker probably spends an equal amount of unpaid overtime skiving.
  5. By 'worked' I'm reading attend. Then yes, me, my contract says salary xxxxx for xxxxx hours per week will not be paid overtime, lower grades get overtime but not me and I'm only middling in terms of seniority. Time Off In Lieu is what I get, which is difficult to fit in what with having to do the work I'm paid to do plus a bit of skiving leading to the grafter illusion.
  6. i should add add that I'm as prone to the occasional skive as the next worker, but I don't complain about late nights now and again.
  7. Not the BBC one but the others. I've seen many people that moan about the hours they do actively wasting time during core hours, I think it is unreasonable when they subsequently complain about staying late to finish a task that could easily have been completed in normal business hours.
  8. Hear hear. Work is a great place to just kind of space out. I don't think I could count the time I have to stay late to finish the work I should have been doing as unpaid overtime.
  9. You're right, HPI has grotoesquely distorted the picture. We are a little below this income and bought our house off a downsizing dinner lady + factory worker. Nothing wrong with that, decent honest occupations, it's a nice house too. But when it comes to income we would definitely have more than them coming in even when I suspect when they had been our age.
  10. I don't think this is an unremarkable lifestyle - owning own home, having savings and pension, expensive holidays, plenty of decent food to eat in addition to a reasonable monthly recreational budget. This is a comfortable though obviously not wealthy lifestyle enjoyed by the skilled working class.
  11. Agree that motoring costs are not compulsory however, the UK is an advanced western economy and this is probably the second generation of with a high percentage of car ownership. So life has become 'car centric' fewer bus routes etc and major employment centres only realistically reachable using personal transport. So if you are participating in the economy, and by that I mean working not spending chances are you have a car and you need it to work. Personally we could get by without a car as I don't need one to get to work, but for example, our nearest public park is 2 miles away and if we need anything more exotic than groceries we need to go to an out of town shopping centre. A typical family runs a car, heck even people one the dole seem to manage it.
  12. I’m in this demographic and I agree mostly with the family budget proposed but would suggest that this describes the budget of an affluent working class family – Tradesman breadwinner maybe spouse working part time so no child care costs and whilst there are many in this postion I don’t think it is typical. I think the OP is about right with food costs - £500 a month for a family of four. Undoubtedly could be done for less but if you a having fresh fruit and veg with every meal and good quality meat or fish maybe fours times a week is about right. Holiday cost are over the odds few people are fortunate enough to spend this much on a holiday every year. I would say maybe 1K and that’s in a year you’re feeling wealthy. Pension contributions at 12% of income seems a little high. Personally I do 8% and among my contemporaries this is a lot. If you were putting in 12% you would be saving less. Clothing is high, I would say £50 a month on two children and maybe £200 a year on each adult. Motoring costs – If you rely on the car for commuting yes, in which case the mileage used might be conservative. I spend less but do most servicing/repairs myself. Don’t know about home maintenance having mainly been a renter but it seems a lot. I would’ve thought if you were maintaining (doing DIY) rather than improving a relatively new house (last 50 years or so) it would be less.
  13. But, bonny lad(y) the question is are you an EA or closely associated? I think that if I had the communicative skills to elicit such revelations on a regular basis the cost of accommodation would not concern me as I would be very wealthy! Communicative skills like that are priceless!
  14. TMT I read so many of your posts relating to conversations you've had with EAs it unreal, you must be one! Or clean their windows or something that has you in their offices a few times a week but not buying houses. Now I can recognise alot of the EAs in my town when they pick up the phone but we only ever talk about one thing, whether or not I am buying the house they are showing me or I'm inquiring about. These have now ceased though as I'm buying one, which I know is a terrible decision.
  15. Because he choose not to reward failure by claiming a pension?
  16. And there's the chargeback risk with Paypal too. OP what did you do in the end? I need to liquidate too but worried about getting bouncing cheques from a dealer.
  17. Yeah it does seem quite hard, I think you have to MEW then admit to spunking it so they won't pay the interest on your loan. I don't think you get SMI your wife is still in work though.
  18. The big issues are is it is walking distance to one of my kids school, and because we will still be living there (rather than having to move because the landlords sells up) my other children will be able to go to the same school when they start rather than constantly moving schools. They can't all be walked to different schools at the same time and the school they go to is almost entirely dictated by where you live at the time of the application. Plus if I lose my job they'll pay my mortgage even under the adjusted SMI whereas now they'd let me burn through my savings before giving me owt.
  19. Next year I will be poorer no doubt. The mortgage I take out will be smaller by then too. If I continue renting next year I will likely be in the same situation I am in now, may be able to buy a bigger house though the house I can buy now is perfectly suitable and affordable, not buying now is speculative in my particular situation.
  20. That presumption is correct, 60% LTV. Rigorous checks too which I was surprised at, base rate needs to go to 7.5% before I'll be paying more for my digs than I do now in rent.
  21. HSBC are giving me a mortage, base rate +1.69%, no messing around at all £99 fee. Wish I'd bought a house last year would have paid less for house and cleared about 10k off mortage.
  22. Bootle also points out that that the income to price ratio has been flashing red for 'ages' I think this is bit understated, it has been flashing for over 7 seven years, perhaps a new normal is being established.
  23. But what is local in this day and age? where I live just about anywhere between west London and Cardiff is commutable by car, weekly commuting is not uncommon either, arrive Monday morning and leave Friday afternoon. Until road fuel is much more expensive how much influence do local wages have?
  24. That sounds like you got an honest appraisal of the market from an EA! I have to ask though, why were you in their office if you were not interested in buying or selling a house? I've tried it a couple of times to find out what was going on at the coalface as it were and they were not interested in having a conversation, how did you get yours off the ground?
  25. I don't know, it's all handled by an agent. I think I might give shelter a call.
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