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Eddie_George

20, Recruitment Consultant, No Degree, £475K Flat In Cambridge Thanks To Htb

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Will Robertson, 20, left, a recruitment consultant, recently bought his first home. When he was considering what to buy, he said he was interested in new-builds because he wanted something modern that would not need maintenance.
He chose a two-bedroom flat at Crest Nicholson’s Halo development
in Cambridge, where prices start at £475,000. “I really love the high-spec design, and the finish,” he says. “You can really see how great the quality is, and as soon as you walk into the apartment it feels open and airy. In particular, the glass balcony makes the living room even more spacious and bright because it lets natural light flood in.”

This can't be true, surely.

And guess what.... he has been an Estate Agent in his short career!

Paywall: http://www.thetimes.co.uk/tto/money/mortgages/article4678059.ece

halo.png

https://www.crestnicholson.com/halo/availability

Edited by Eddie_George

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This can't be true, surely.

And guess what.... he has been an Estate Agent in his short career!

Paywall: http://www.thetimes.co.uk/tto/money/mortgages/article4678059.ece

Good for him, only £475k (at least) left on the mortgage.

F**k me, that's a lot of money. I spend little, now (didn't always) earn in the top 1%, am 43 years of age and still haven't managed to amass that outside of my pension.

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This has to be fake, right??!!

On the subject of who needs estate agents...who needs recruitment consultants? Nothing but untrustworthy middle men.

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475k? At 20?? So he put down £23750 (at min - I guess he might have put down more but we'll assume), paid 12k stamp duty and 'got' 95k from help to buy and then borrowed another 350k ish.

With mmr, that implies this kid is earning at least 70-80k pa. To repeat, at 20. In Cambridge. As a recruiter.

This is ******** or I'm in the wrong job.

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I guess he might well be earning 80k in recruitment but that would be heavily bonus driven. My landlord is a recruiter in Cambridge (good bloke otherwise!) And I know his basic is half that.

Are you allowed to include what could be highly variable bonuses under MMR? One lean quarter and this chap is potentially f**ked. A 350k repayment mortgage must be (finger in the air) around 1700pm. Assuming a basic of 35k, that'd leave him pretty stretched if the bonuses dry up.

Madness at a new level.

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475k? At 20?? So he put down £23750 (at min - I guess he might have put down more but we'll assume), paid 12k stamp duty and 'got' 95k from help to buy and then borrowed another 350k ish.

With mmr, that implies this kid is earning at least 70-80k pa. To repeat, at 20. In Cambridge. As a recruiter.

This is ******** or I'm in the wrong job.

Let's assume £375k mortgage and 3% interest (how likely is that for say 25 years). If his mortgage is for 25 years he needs to earn £25k every year to just cover the mortgage.

If interest rates were 6% then at current tax/NI rates that jumps to £36k. Good luck to him.

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Let's assume £375k mortgage and 3% interest (how likely is that for say 25 years). If his mortgage is for 25 years he needs to earn £25k every year to just cover the mortgage.

If interest rates were 6% then at current tax/NI rates that jumps to £36k. Good luck to him.

Not to mention that after 5 years he has an effective second mortgage of circa 100k to deal with for the remaining 20. Another 500 quid per month to find.

Does the story mention anything regarding his personal circumstances? Surely that's the story here. The geezer is either some kind of recruitment God who has been given a 25 year 100k per year contract or there's some huge thing (maybe a 200k inheritance, lottery win) that's glossed over. Or maybe he bought 5000 bitcoins in 2009.

I either need this man as my life coach or he and his lender need to be institutionalised.

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Not to mention that after 5 years he has an effective second mortgage of circa 100k to deal with for the remaining 20. Another 500 quid per month to find.

Does the story mention anything regarding his personal circumstances? Surely that's the story here. The geezer is either some kind of recruitment God who has been given a 25 year 100k per year contract or there's some huge thing (maybe a 200k inheritance, lottery win) that's glossed over. Or maybe he bought 5000 bitcoins in 2009.

I either need this man as my life coach or he and his lender need to be institutionalised.

If it's ok with you FG I'd rather not have him as my life coach. Not the type of life I'd enjoy and I only know 0.0001% about him.

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I guess he might well be earning 80k in recruitment but that would be heavily bonus driven. My landlord is a recruiter in Cambridge (good bloke otherwise!) And I know his basic is half that.

At 20 years old with just A-levels and 8 months' experience as a recruiter? I very much doubt it.

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If it's ok with you FG I'd rather not have him as my life coach. Not the type of life I'd enjoy and I only know 0.0001% about him.

Haha - indeed. Well if my MMR derived assumptions about his salary are right, then if you were his life coach instead and he adopted your FIRE philosophy and tactics instead of signing up for a 475k flat, there's a good chance he'd be set for life well before 30 ;-)

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At 20 years old with just A-levels and 8 months' experience as a recruiter? I very much doubt it.

Well quite ;-)

I really want to see what utter shite the full 'article' says about him. The pre pay wall glimpse looks more like a sickening ministry of lies advert.

Edited by Frugal Git

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Haha - indeed. Well if my MMR derived assumptions about his salary are right, then if you were his life coach instead and he adopted your FIRE philosophy and tactics instead of signing up for a 475k flat, there's a good chance he'd be set for life well before 30 ;-)

Quite.

A quick fag packet calculation. Salary sacrifice £20k of £80k into pension and live off £20k. That leaves £22k after tax into ISA/non-tax friendly wrapper. Start building a balanced portfolio that earns a real 4% per annum. Result = £526k after 10 years. All of a sudden he's not trapped in some cr*p flat built by the lowest bidder but instead finds himself in a situation where the world is his oyster.

I really struggle with why more people don't do what I do. Maybe I'm the nutter and everyone else is normal?

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When that flat is worth £1m in 5 years you'll all feel a bit daft.

Yep. Can't wait. Lets hope my half decent Cambridge wage will have also risen 8x in the same period to make that starter flat sensibly priced by then too.

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Oh dear, this isn't going to end well.
:wacko:

It's amazing how people just accept the £475k is worth it for a flat in Cambridge.

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That will be his forever home. There is no ladder if you join at those prices at that age. What he needs to earn after tax, factoring in the interest due on that mortgage amount over the lifetime to pay for that flat...its an extraordinary amount of money for anyone planning on being anything other than a top earner for several decades.

The numbers truly are crazy. Perhaps because very few people are yet to earn these numbers through honest endeavors or have earned them thusfar through HPI they can rationalise it. For me, even on a pretty good salary a £100k debt sounds like a massive and scary burden. Obviously I am in the minority though.

Edited by SillyBilly

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Yep. Can't wait. Lets hope my half decent Cambridge wage will have also risen 8x in the same period to make that starter flat sensibly priced by then too.

Shut up, Ive heard news about a helpers to help buy scheme and a funds for funding lending money scheme. He'll be okay.

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Shut up, Ive heard news about a helpers to help buy scheme and a funds for funding lending money scheme. He'll be okay.

I quite like that...

Even the government are going to some day run out of other peoples money. In the not to distant future they're certainly going to run out of mine.

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Shut up, Ive heard news about a helpers to help buy scheme and a funds for funding lending money scheme. He'll be okay.

Duly noted. Good to know common sense is returning to the market and the government are finally stepping in to help out the wealth generating lubricators of industry that are 20 year old recruitment consultants.

With two decades under his belt already, this is absolutely the point in his life when he should be settling down. Perhaps he can finally enjoy glass of rose on his balcony overlooking the delighful Cambridge train station whilst reflecting on those hard won A Levels.

I was beginning to believe aspiration was dead. I'll be signing up for a half million self cert tomorrow and gazumping this chump. Must make sure I don't miss the boat!

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