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Snake007uk

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Hello All,

I have been reading through these forums for the past couple of months and now I thought was the time for me to register and actually have some input.

I am FTB..... lucky I have my parents who can back me up for a deposit and even help out if I need it (my dad was one of the lucky ones picked up a couple of properties during the last crash).

My dad has 2 properties on RENT, my dad will NEVER sell these as they are mortgage free and are always on rent. One property is in East HAM just minutes from the station and the local High St. The other being in Leyton again round the corner from the station and local high st.

I think my dad was lucky getting these property but he worked hard to pay them off and now is reeping the rewards.

I would like to be a similar situation but unfortuantly the house prices are a killer. I am well educated and have a very good well paid job. Even on my salary i would find it hard to meet mortgage requirements if it wasnt for my dad lending me money for a deposit.

However I has have the guys on these forums noticed the slide in prices. I am waiting to december when i think it will really start going down (Christmas lots of spending bigger debts etc..)

At this point if the house prices still stay at where they are I MAY take the plunge...... I was wondering what you guys would say to this..... I basically need some good advice. considering my dad can help me out a great deal i really dont have to worry about high intrest rates.... but I would like to do this on my own.

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If you want to emulate your Dad's success my friend then you need to buy when prices will bottom out. I think this business cycle will take a lot longer than the next three months to play itself out.

Why not ask your parents for the money now and invest it elsewhere until the market turns. You could get at least 5% on your money which will buy you a lot more house for your money in a few years time.

It's frustrating but you need to be patient otherwise you'll make the worst mistake of your life!

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Hello All,

I have been reading through these forums for the past couple of months and now I thought was the time for me to register and actually have some input.

I am FTB..... lucky I have my parents who can back me up for a deposit and even help out if I need it (my dad was one of the lucky ones picked up a couple of properties during the last crash).

My dad has 2 properties on RENT, my dad will NEVER sell these as they are mortgage free and are always on rent. One property is in East HAM just minutes from the station and the local High St. The other being in Leyton again round the corner from the station and local high st.

I think my dad was lucky getting these property but he worked hard to pay them off and now is reeping the rewards.

I would like to be a similar situation but unfortuantly the house prices are a killer. I am well educated and have a very good well paid job. Even on my salary i would find it hard to meet mortgage requirements if it wasnt for my dad lending me money for a deposit.

However I has have the guys on these forums noticed the slide in prices. I am waiting to december when i think it will really start going down (Christmas lots of spending bigger debts etc..)

At this point if the house prices still stay at where they are I MAY take the plunge...... I was wondering what you guys would say to this..... I basically need some good advice. considering my dad can help me out a great deal i really dont have to worry about high intrest rates.... but I would like to do this on my own.

Welcome! You seem to be taking a sensible, cautious enough approach. I'm sort of in a similar situation to you, but at the other end of the equation! I'm a dad of 3 youngsters, and am in a position to help them with a first purchase (from cash saved through a lifetime of hard work). For their sake and mine I won't do this until I think prices have reverted to a more sensible level; to do otherwise is a) throwing mine and their cash away and B) leaving them with unecessarily high debt. I'm waiting until this time next year, though, since I think things will be much clearer then.

Good luck

Edited by Casual Observer

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You can give the money to me if you wish - WARNING: the value of your money can go up or down depending on whether I go for the fast cars and loose women or whether I decide to put the money in MY piggy bank!

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yeah I was thinking that too. I have saved abot 25k and my parents would probably give me about 50k. What would be the best short term investment.

I am also in your position making short-term invesments so I'm ready to pounce when the market turns. personally I like to play things safe and don't like to gamble too much, so my strategy is as follows:

7k in ISA'a every year for my wife and me.

Everything else into premium bonds (up to 30k each max).

There are better performing investments but I feel this is right for me given risk and I can pull my money out at any time.

Read the investment thread...

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how do premium bonds work ??

Also renting is an option for me....Currently being asian (pakistani) we are allowed to live with our parents rent/bills free till the end of time :)

but i am hoping to get hitched within the next year so will need to get my own place. I think renting would be a good idea until the market sorts it self out. I know there are many others out there in a similar situation but every one seems to look at renting as putting money down the drain.

I have a simple answer to that. You rent for say £800pcm after a year u lost £9600 to rent. You buy pay intrest only or whatever house prices go down you lost same amount plus the house plus you can get a mortgage for 10 years..... not a hard decision.

to be honest on my salary some of my friends think you can buy anything its only when i explain to them about mortgage etc..... then...... they realise i need to atleaset increase my salary by 60/70% to be able to relax on prices right now.

just a note about advice... my dad doesnt claim to be a property expert... it was the fact he paid for his property the hard way and when the crash happend he saw the opportunity to get some others on the cheap.... he cant say if the market is heading for a crash... he was just a factory worker (now a bus driver).... he will just back me whatever the decision.

Edited by Snake007uk

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Currently being asian (pakistani) we are allowed to live with our parents rent/bills free till the end of time

Please don't take this the wrong way but... do you pay UK taxes? I ask as I know of several guys of Pakistani descent who, although in their 20s, have more money than sense. For years I could not figure this out until it was explained to me that they live in a kind of tax black hole between the UK and Pakistan and are able to get away with paying very little, if not any, income taxes at all. I am just curious as to how widespread this is? Are you aware of this happeing with others?

Please don't think the above is a racist comment - two of my closest friends are of Pakistani descent.

but i am hoping to get hitched within the next year so will need to get my own place.

Will you be expecting a dowry then? If so, what is the going rate for a young man like yourself?

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LOL taxes yes i pay taxes i pay the 40% mark and it bloody hurts man!!! :(

the reason I have saved money is because my montly expenditure is not more then £500... that include travel for work... food while at work, mobile phone bill, internet, sky etc... and going out... max it would ever hit is £600. I dont drink or smoke so no buying rounds :D, also i dont pay rent to my parents nor do i have to pay the bills, as i have mentioned my dad has properties on rent and so doesnt expect anything from me.

My dad has put me in the position to save up and get my self in a decent position buy a property i just have to make the decision when.

Nope I dont believe in dowry (its not a islamic custom) more a culture thing pakistani's and other culture's do.

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LOL taxes yes i pay taxes i pay the 40% mark and it bloody hurts man!!!

the reason I have saved money is because my montly expenditure is not more then £500... that include travel for work... food while at work, mobile phone bill, internet, sky etc... and going out... max it would ever hit is £600. I dont drink or smoke so no buying rounds , also i dont pay rent to my parents nor do i have to pay the bills, as i have mentioned my dad has properties on rent and so doesnt expect anything from me.

My dad has put me in the position to save up and get my self in a decent position buy a property i just have to make the decision when.

Nope I dont believe in dowry (its not a islamic custom) more a culture thing pakistani's and other culture's do.

Thanks for the info.

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Hello All,

I have been reading through these forums for the past couple of months and now I thought was the time for me to register and actually have some input.

I am FTB..... lucky I have my parents who can back me up for a deposit and even help out if I need it (my dad was one of the lucky ones picked up a couple of properties during the last crash).

My dad has 2 properties on RENT, my dad will NEVER sell these as they are mortgage free and are always on rent. One property is in East HAM just minutes from the station and the local High St. The other being in Leyton again round the corner from the station and local high st.

I think my dad was lucky getting these property but he worked hard to pay them off and now is reeping the rewards.

I would like to be a similar situation but unfortuantly the house prices are a killer. I am well educated and have a very good well paid job. Even on my salary i would find it hard to meet mortgage requirements if it wasnt for my dad lending me money for a deposit.

However I has have the guys on these forums noticed the slide in prices. I am waiting to december when i think it will really start going down (Christmas lots of spending bigger debts etc..)

At this point if the house prices still stay at where they are I MAY take the plunge...... I was wondering what you guys would say to this..... I basically need some good advice. considering my dad can help me out a great deal i really dont have to worry about high intrest rates.... but I would like to do this on my own.

What a joke... relying on parents for a deposit. Stand up on your own two feet and save up your own deposit instead of sponging off of others. You know there was a thread on here over the weekend stating that if you cannot even get a deposit together what are the chances of you having the _long term_ financial commitment to maintain and keep a house. In fact if you actually did the decent thing and began saving _your own_ hard earned deposit in a few years time prices will have dropped and you have not come acroos as some parasitic spoilt child. Sorry to be so harsh but people like you make me sick.

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What a joke... relying on parents for a deposit. Stand up on your own two feet and save up your own deposit instead of sponging off of others. You know there was a thread on here over the weekend stating that if you cannot even get a deposit together what are the chances of you having the _long term_ financial commitment to maintain and keep a house. In fact if you actually did the decent thing and began saving _your own_ hard earned deposit in a few years time prices will have dropped and you have not come acroos as some parasitic spoilt child. Sorry to be so harsh but people like you make me sick.

I'm sensing a little bitterness? :D

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the reason I have saved money is because my montly expenditure is not more then £500... that include travel for work... food while at work, mobile phone bill, internet, sky etc... and going out... max it would ever hit is £600. I dont drink or smoke so no buying rounds :D, also i dont pay rent to my parents nor do i have to pay the bills, as i have mentioned my dad has properties on rent and so doesnt expect anything from me.

My dad has put me in the position to save up and get my self in a decent position buy a property i just have to make the decision when.

You are in an enviable position Bond. VERY enviable.

So long as you are happy at home and your parents are happy you being there then this is a complete no-brainer. Stay at home and keep saving until you can buy somewhere outright. You must be saving over £1K a month so keep at it and save another £50k in the next 4 years.

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What a joke... relying on parents for a deposit. Stand up on your own two feet and save up your own deposit instead of sponging off of others. You know there was a thread on here over the weekend stating that if you cannot even get a deposit together what are the chances of you having the _long term_ financial commitment to maintain and keep a house. In fact if you actually did the decent thing and began saving _your own_ hard earned deposit in a few years time prices will have dropped and you have not come acroos as some parasitic spoilt child. Sorry to be so harsh but people like you make me sick.

It's as much the Dads fault IMO. All young'uns are irresponsible up to a point when someone (usually family) set them straight on the ways of the world.

For kids who aren't taught to stand on their own 2 feet financially, often this day never arrives....

Snake, whilst I agree it's silly to go through unnecessary hardship if your family are well off financially, having an ambition to be financially independant will do wonders for your character. It will give you a drive to succeed at your trade, and also give you oodles of self-respect.

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It's as much the Dads fault IMO. All young'uns are irresponsible up to a point when someone (usually family) set them straight on the ways of the world.

For kids who aren't taught to stand on their own 2 feet financially, often this day never arrives....

Snake, whilst I agree it's silly to go through unnecessary hardship if your family are well off financially, having an ambition to be financially independant will do wonders for your character. It will give you a drive to succeed at your trade, and also give you oodles of self-respect.

I think some of you are jumping to conclusions about this poster without knowing his story. He clearly isnt idle rich - he has a good salary and neither is he some kind of playboy - check out those overheads.

The only thing I find a bit odd is the desire to get on the "property bungee" at the moment and borrowing £50k off his Dad to do so. If you are happy at home, stay there and keep saving and that way you wont need to borrow Dad's moolah in about 4 years when the market bottomns out.

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Snake007uk

As a retired lecturer you do not seem very intelligent if you do not

understand how premium bonds work. My grandson could tell you

in 10 words.

I have lectured at some top red brick universities. I came across

an indian once (hindoo) clever character. Most students left in debt

he had made £1million in property after graduating. A business he

ran while as an undergraduate.

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I think some of you are jumping to conclusions about this poster without knowing his story. He clearly isnt idle rich - he has a good salary and neither is he some kind of playboy - check out those overheads.

The only thing I find a bit odd is the desire to get on the "property bungee" at the moment and borrowing £50k off his Dad to do so. If you are happy at home, stay there and keep saving and that way you wont need to borrow Dad's moolah in about 4 years when the market bottomns out.

If someone is capable of standing on their own two feet, but still choose to rely on their parents for financial support, I find it hard to take them seriously.

I hate the fact that I am dependant on my family right now - I live with family so I can save for a deposit. However I have more than enough about me to succeed, and I refuse to accept their offers to help me buy my own property. I will do it on my own, because thats how it should be.

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"Opinion"

Every young person with a bit of drive should be able to succeed financially in this country, and that includes being able to buy a home off their own back.

However, due to the situation that has unfolded, it isn't possible for the majority.

Hence, I think its OK to accept help from parents to buy a home right now. But people should at least aspire to not to be financially reliant on their family.

Edited by FTBvish

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Every young person with a bit of drive should be able to succeed financially in this country, and that includes being able to buy a home off their own back.

However, due to the situation that has unfolded, it isn't possible for the majority.

Hence, I think its OK to accept help from parents to buy a home right now. But people should at least aspire to not to be financially reliant on their family.

IMO it doesnt matter as long as your happy with life and happy with your situation and the people around you., people should aspire to be happy. I know a few people who are still living at home because of the costs of housing, and the more people stay at home, as opposed to renting/buying, the harder rents/house prices will fall...

The more people need lodgers to help pay bills, and the more people need to buy together the less unsesstainanble the market becomes as demand will be dropping off a cliff..

Edited by moosetea

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If someone is capable of standing on their own two feet, but still choose to rely on their parents for financial support, I find it hard to take them seriously.

You're assuming that everyone who lives at home with parents does so purely for the financial benefits. Not always the case, especially in Asian cultures.

What I would say I agree with is that if you are living at home and still relying on parents for financial support (beyond housing you) then that is pretty disgraceful. You see it a lot though, especially in those "I am a FTB with debts and I want financial advice" columns in the money pages of the press. The amount of times I've read one of those and it involves a 20-something saving nothing with big credit-card bills, a car, student loans and a social life costing £100+ a week...

Edited by DonnieDarker

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Snake007uk Dad is supporting him. They as a family are standing on their own two feet.

You cannot be critical over this way of life.

Why do middle class English kids think that they can trot off to uni do a socio political science basket weaving degree, smoke pot, amass a huge debt and then be paid very handsomely and live on their own like kings.

The self reliance Snakes family is demonstrating is commendable, those critical are just jealous.

Timing and making the right decisions in life is as equally important as following the crowd, be patient, save, economise and you will get your house.

(On the university front you would be better living at home, doing an OU degree whilst in employment learning something practical)

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Snake007uk. your stuck in the peak of a cycle. admit that to yourself and stick your money somewhere safe. ISAs and prem bonds was the best advice i saw here, possibly a bit of gold. if your looking just for a home, you might be able to buy and get away with it if not in london.

but if your looking to invest in housing, its pointless right now.

your dad should know this. whats he playing at ?

jsut put it somewhere safe for 3 more years. then begin your empire.

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ok i have to laugh at some people's replies.

1) My dad is "LENDING" me the money

2) I have saved up a deposit in one year @ work over 25k

My dad was going to help me increase that deposit so that i dont have a high mortgage repayment.

The other thing about me standing on my own two feet. Well I think i have done that very well to be honest. I have an Excellent Job as a Senior UNIX administrator for a very well know firm.

My parents willing to help me is there decision and at the end of the day being asian makes a BIG difference. Asian Parents help there kids alot because it is OUR (My) responsibility to make sure I sought out my fianances, because once my parents reach retirement its MY job to take care of them (no old folkes home, not living on there own).

Living at home is just the position I am in. I am hoping to get married mid next year so I wont be living with my parents for long. While I am I will be saving like mad.

and about comitment to a long term mortgage well you fail to relise i want a family one day and they will need some where to stay, regardless if my dad is helping me or not, this will not change, so i will have no choice but to make sure i am fianancially stable.

Any other comments ??

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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