Hawk Posted June 9, 2009 Share Posted June 9, 2009 Live at home and save up tp 90%? Wow! Either they are earning an awful lot or they are being "kept" by their parents.I had to live at home for three years (graduated during the early 90's crash) and my mum would be practically at the back door with her hand outstretched on rent day. In fact, one day she was actually waiting for me on the steps All our parents seem to have the same opinion that if they charge us rent it will only prolong the length of time we will be at home ('Pity' what a wonderful thing). They all know we're careful with money, so no one needs a responsibility lesson! I could understand paying rent if your folks were relatively young & genuinely needed the cash, to pay bills etc, or if you were leaching off them. But all our parents are at that point were the hard work is over and they would just be throwing our rents on to the pile of cash they already have. Wouldn’t make sense. Quote Link to comment Share on other sites More sharing options...
50%deposit Posted June 9, 2009 Share Posted June 9, 2009 i think you should wait it out. did you steel the £45k? hard to believed you saved that much on a salery of £19k.... in 6 years £19k is a slave wage designed to leave you nothing extra after essentials than the price of a pint. Do you live at home and walk to work? whatever your true situation, you should sit out the next 2 years. Its people like us that hold the key to the house price crash. if we refuse to budge until house prices are affordable they will have to come down. FTB's need a union. feels like your pissing into the wind. but its a safe gamble. yuck. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted June 9, 2009 Share Posted June 9, 2009 I'm impressed that you've managed to save £45,000 when you earn £19,000 p.a.That's good going. t was easy. he just saved 15k for 3 years. Quote Link to comment Share on other sites More sharing options...
Wires 74 Posted June 9, 2009 Share Posted June 9, 2009 I could understand paying rent if your folks were relatively young & genuinely needed the cash, to pay bills etc, or if you were leaching off them. But all our parents are at that point were the hard work is over and they would just be throwing our rents on to the pile of cash they already have. Wouldn’t make sense. Have some people no pride -sponger ... Quote Link to comment Share on other sites More sharing options...
abharrisson Posted June 9, 2009 Share Posted June 9, 2009 Hi everyone.I have been a long time lurker and this is my first post. So please go easy on me. I make no claims about intellegence or Insights. Yet I feel this post is appropriate and neccesary to share with you guys and is very relevant. ME - First time buyer. - Spotless Credit record. - Saved deposit- £45k. - Job Security? As safe as anyone in current climate, with record of 6+ years attendance. - Intended purchase of house price £135k -Income £19k pa. Although rather obvious to you guys on here with the above facts and figures to hand, ONLY ONE lender would lend £94k on the house we liked. (And NO, I wasnt happy attempting to borrow so much). I am neither a bear nor bull. I consider myself a first time buyer with prudence both in saving and paying back debt. I am the lower end of the market for sure, yet, surely I represent a part of the market. Quantative Easing? House Price Recovery? Lending UP? At my level representing a FTB things just dont add up. Buying a home isn't a human right, sometimes its better not to buy. If you have saved £45k from a £19k salary with no inherited money then good luck to you, but I suspect you have been working for a fair while now indicating a lack of career progress. if thats the case then you may want to reconsider buying at all... £19k isn't much to live on and when you consider that the cost of running and maintaining has only risen when house prices have fallen then you may be able to buy one but couldn't possibly afford to comfortably run one... new central heating, builing work, new roofs, insurance, repairs etc etc etc all the costs associated with ownership have risen and will keep rising.... affording the mortgage is only a small part of the picture. Conclusion, we wont be buying. As we dont like the rubbish that is available to us at around £121k and under. Thoughts are welcome. Quote Link to comment Share on other sites More sharing options...
Hawk Posted June 9, 2009 Share Posted June 9, 2009 Have some people no pride -sponger ... hmmm... What does it have to do with pride? They don't need my money, they have their own! I'm not an investment they wanted to see a nice return on -- Think what you like, I'm sure they will be proud when I move in to my new house mortgage free. They taught me the value of money... I listened... I'm sure they're patting themselves on the back as we speak. Quote Link to comment Share on other sites More sharing options...
seenoevil Posted June 9, 2009 Author Share Posted June 9, 2009 Thanks for all the comments and measured thoughts guys. Some sharp knives out there too. In a positive way. In answer to some questions, which I am happy to answer honestly and truthfully. - Nat West was the lender, although I had to potentially sign a disclaimer and be in debt until ages 77 !! - I obsessively save approx £6k every year, but as alot of you had already rightly read into, my late Grandad left me with maybe £20k of my savings. (And this is where much of my values of prudence come from). - My partner is disabled, and would play no part in paying the mortgage, as she brought no extra funds to the table, HOWEVER, I was ENCOURAGED not to mention her on the mortgage application. - We both live with our respective parents. - Not sure about the Formula questions or trolling suggestions that arose somewhere from people. Formula was the only way to break down what was going on. -The term I used of 'attaining' the house that was pointed out. Wasnt a reflection of me, but 'how' its felt. Its felt like a commodity, not a place to live and grow old in. It should be a postive experience, but it has been negative in many aspects. And so I label it 'attaining' a house as the love long since drained away after jumping through the hoops and wearing emotional protection against the people mentioned below.... - Estate Agents....Somewhat off topic, and dont want to give them any air time, but Estate Agents....JEEZ. They have been my neccesary evil, and evil is the only descriptive word I can use. Theyve missed appointments, forgot viewings, lied and said I was waiting at the wrong adderess.... allsorts of circular recurring rubbish to suggest they didnt even want to sell. At times theyve been fun to have 'fun' with, and at times its been too draining for words. Some GOOD real life examples of passive/aggresive Agents have used? ----- I was 'informed' "The Vendor has reluctantly accepted my offer" after weeks earlier being TOLD to "Look for property you can afford". Why the need to add 'reluctantly who knows?? Hope there are some answers in there and more questions, but yeah, to repeat, I feel im the little guy at the bottom of the chain. The media talking up figures and the market. But I would strongly challenge that. People do seem to be buying /selling (I have to take a balanced view as I see this appears factual from my own research whilst house hunting) , but ask the question HOW THE HECK.....???? Quote Link to comment Share on other sites More sharing options...
pokercola Posted June 9, 2009 Share Posted June 9, 2009 Im interested in what you have to say because you because our salaries and saving are similar. (I earn 23K, save about £800 a month because i live at home, 10grand saved so far, think im about to have a windfall of maybe 20) Can i ask where you live? I live in Surrey and my salary is basically $hit all around here. Using 4X earnings with my deposit i could borrow about 110k....... A 2 bedroom flat, in a not amazing area is around £150k! So, I just keep saving and hoping. I'm realistic and not especting lovely houses in Esher for 50 grand, but i think i should be able to afford a little flat without enslaving myself. May be too much to ask. Quote Link to comment Share on other sites More sharing options...
seenoevil Posted June 10, 2009 Author Share Posted June 10, 2009 Im interested in what you have to say because you because our salaries and saving are similar. (I earn 23K, save about £800 a month because i live at home, 10grand saved so far, think im about to have a windfall of maybe 20)Can i ask where you live? I live in Surrey and my salary is basically $hit all around here. Using 4X earnings with my deposit i could borrow about 110k....... A 2 bedroom flat, in a not amazing area is around £150k! So, I just keep saving and hoping. I'm realistic and not especting lovely houses in Esher for 50 grand, but i think i should be able to afford a little flat without enslaving myself. May be too much to ask. Thanks for the input Pokercola. I live in Suffolk, and, everything being relative, my wages are not that bad. Or dont seem to be bad for Suffolk and what services and employers we have! Prices in my region? 1 bed flat my way, prob set you back 85K. 2 bed mid about £110k. 2 bed semi £140. 3 bed semi maybe £180. Thats not to suggest they are selling for that mind! For what its worth, why shouldnt you expect something nice for £110k !! But yeah, must suck if you are still 40k short of a base property you maybe have to compromise on and maybe dont even like. Quote Link to comment Share on other sites More sharing options...
kara gee Posted June 10, 2009 Share Posted June 10, 2009 - Estate Agents....Somewhat off topic, and dont want to give them any air time, but Estate Agents....JEEZ. They have been my neccesary evil, and evil is the only descriptive word I can use. Theyve missed appointments, forgot viewings, lied and said I was waiting at the wrong adderess.... allsorts of circular recurring rubbish to suggest they didnt even want to sell. At times theyve been fun to have 'fun' with, and at times its been too draining for words. Some GOOD real life examples of passive/aggresive Agents have used? ----- I was 'informed' "The Vendor has reluctantly accepted my offer" after weeks earlier being TOLD to "Look for property you can affordf". Why the need to add 'reluctantly who knows??Hope there are some answers in there and more questions, but yeah, to repeat, I feel im the little guy at the bottom of the chain. The media talking up figures and the market. But I would strongly challenge that. People do seem to be buying /selling (I have to take a balanced view as I see this appears factual from my own research whilst house hunting) , but ask the question HOW THE HECK.....???? Estate Agents..... next time they're rude, speak directly with the manager and send a letter to the vendors of mentioned property sending a copy of the letter to the MD of the estate agent stating your disgust at the rude, patronising way in which you've been treated. I HATE rudeness. Never ever tell them how much you can afford. It has NOTHING to do with them. And Never use their mortgage advisors. Now you're here on HPC, log in regularly, read all the posted news articles, stay strong, keep saving and avoid buying. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 10, 2009 Share Posted June 10, 2009 testing..1..2..3. testing Quote Link to comment Share on other sites More sharing options...
eric pebble Posted June 10, 2009 Share Posted June 10, 2009 I dunno..... ........ but you could always take out a LIAR LOAN!! Quote Link to comment Share on other sites More sharing options...
Treebeard Posted June 10, 2009 Share Posted June 10, 2009 I dunno..... ........ but you could always take out a LIAR LOAN!! Sorry did you just say the words liar loan not in red and not in font 72??? Quote Link to comment Share on other sites More sharing options...
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