Thanks From A Ftb!

[Fred]

Hi,

I'm currently thinking about buying my first house with my partner but the only houses we can safely afford are houses that we basically would NOT want to live in.

We have a joint income of 41k and would only fancy a 100K mortgage incase interest rates went silly. For our area that is an above average income (for 20 year olds anyway) so it makes me wonder how on earth people are going to buy houses!!! Its like £105,000 for a beat up house in an area where you have horses wondering around the streets (you know the areas I mean).

Even though we don't want to live like that we had kind of resigned to the fact we would have too!

Anyway after reading this site I have decided to give it a year and see what happens. I would wait longer but we could do with a house and I don't fancy paying £600pm rent for something I don't own!

Thanks for the info on here people!!!!!!

[JST]

It's good to know this site serves a useful purpose!

[Jason]

Welcome Fred. Another website you may be interested in is http://www.firsttimebuyerhelp.co.uk/

[laurejon]

Fred, learn to walk before you run.

Get a Flat first in a nice area, then work your way up.

The days of getting a house as a FTB'er are long gone, in fact I cant remember them ever existing!!.

When you say horses running in the street, are we talking new forest?.

Or Wales.

[zzg113]

The days of getting a house as a FTB'er are long gone, in fact I cant remember them ever existing!!.

See the "What was an FTB place in years gone by" thread:

http://www.housepricecrash.co.uk/forum/ind...?showtopic=3640

Also, bear in mind that in a low-inflation environment you cannot "work your way up the ladder" as Laurejon suggests. If you buy a tiny 1-bed flat with a massive mortgage, you will likely be stuck there for the forseeable future.

[laurejon]

The world has changed, as has the UK.

We have a much much bigger population, and many many more people living on their own.

Its just not like the old days you dream of and it aint going back.

Sure a man could go to work, and earn enough to pay for a three bed house and a wife who stayed at home doing the cleaning, bringing up the kids, and satisfied his every need. Some wives took part time jobs holding lolypops outside schools for extra pin money, this went towards shoes for the kids or a holiday in skegness.

I'm afraid we will never go back to that, the wife is a pointless excercise why on earth would anyone bother getting married. 1 out of three marriages end in failure, and I there are more children born out of wedlock than in.

The world has changed, certainly not for the better but it has changed and we have to deal with it. 3 bed houses for FTB'ers in leafy London Suburbs is a distant memory that will never ever return.

[Time to raise the rents.]

Hi,

I'm currently thinking about buying my first house with my partner but the only houses we can safely afford are houses that we basically would NOT want to live in.

We have a joint income of 41k and would only fancy a 100K mortgage incase interest rates went silly. For our area that is an above average income (for 20 year olds anyway) so it makes me wonder how on earth people are going to buy houses!!! Its like £105,000 for a beat up house in an area where you have horses wondering around the streets (you know the areas I mean).

Even though we don't want to live like that we had kind of resigned to the fact we would have too!

Anyway after reading this site I have decided to give it a year and see what happens. I would wait longer but we could do with a house and I don't fancy paying £600pm rent for something I don't own!

Thanks for the info on here people!!!!!! 

<{POST_SNAPBACK}>

Awooga!!!

Oh, sorry, don't you negheads do that for bearish posts out of the blue??

The opposing view addressed just 1 hour earlier than when this thread was posted:

http://www.housepricecrash.co.uk/forum/ind...showtopic=13402

Edited August 6, 2005 by Time to raise the rents.

[Time to raise the rents.]

Hi,

I'm currently thinking about buying my first house with my partner but the only houses we can safely afford are houses that we basically would NOT want to live in.

We have a joint income of 41k and would only fancy a 100K mortgage incase interest rates went silly. For our area that is an above average income (for 20 year olds anyway) so it makes me wonder how on earth people are going to buy houses!!! Its like £105,000 for a beat up house in an area where you have horses wondering around the streets (you know the areas I mean).

Even though we don't want to live like that we had kind of resigned to the fact we would have too!

Anyway after reading this site I have decided to give it a year and see what happens. I would wait longer but we could do with a house and I don't fancy paying £600pm rent for something I don't own!

Thanks for the info on here people!!!!!! 

<{POST_SNAPBACK}>

And Fred, I wonder if you'll be thanking them after another year. On 41k you could comfortably afford 4 times your salaries. There are plenty of other people who'll jump if you don't, it's just that you'll have to pay more or get less for your money to jump later.

[Levy process]

And Fred, I wonder if you'll be thanking them after another year. On 41k you could comfortably afford 4 times your salaries. There are plenty of other people who'll jump if you don't, it's just that you'll have to pay more or get less for your money to jump later.

<{POST_SNAPBACK}>

....Or maybe if you did "jump" now, you will find the repayments weigh you down for years, as incomes stay flat or even fall. Maybe you will find in 25 or 30 years time that you don't have much else to show for your work; very little savings to retire on. Maybe you will discover that just because the monthly morgage repayment is manageable today, that isn't actually the true measure of affordability. And maybe a couple taking out 4 times their joint salary would suffer if one of them wanted/had to give up work (e.g. kids etc). And, maybe you will find that in a couple of years, you can pay less or get a lot more for your money for "jumping later".

All these are also possibilities, are they not Mr Time to Raise the Rents? :angry:

Edited August 6, 2005 by Levy process

[Time to raise the rents.]

....Or maybe if you did "jump" now, you will find the repayments weigh you down for years, as incomes stay flat or even fall. Maybe you will find in 25 or 30 years time that you don't have much else to show for your work; very little savings to retire on. Maybe you will discover that just because the monthly morgage repayment is manageable today, that isn't actually the true measure of affordability. And maybe a couple taking out 4 times their joint salary would suffer if one of them wanted/had to give up work (e.g. kids etc). And, maybe you will find that in a couple of years, you can pay less or get a lot more for your money for "jumping later".

All these are also possibilities, are they not Mr Time to Raise the Rents? :angry:

<{POST_SNAPBACK}>

Or would they be better described as reasons to buy?

A property of your own is part of an overall strategy to get through life in a comfortable financial position. A property can help deliver that as a savings vehicle and a vehicle to put excess effort into.

All those negative possibilities you've posted could partly be offset by the money achieved when selling the home.

How will Fred go renting when his salary drops or he has a baby?

[Nomadd]

I would wait longer but we could do with a house and I don't fancy paying £600pm rent for something I don't own!

So - for something of equal type - blow £1200 on a mortgage. And you still won't 'own' it; the bank will. And you'll be trapped, with the posibility of negative equity, you'll have stamp duty, maintenance costs, etc., etc. to cope with - for 25 years!!

If I was like you - in my 20's - the last thing I'd be doing is putting the noose of an overpriced pile of bricks in the UK around my neck. Go live a little, and come back to all this nonsense in 5 years time - it's not like the housing market is going anywhere (but down!) in that timeframe.

Nomadd

Edited August 6, 2005 by Nomadd