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I'm Aged 19 And Earning £18,000: Can I Buy A Home In Surrey By 25?

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Telegraph click bait strikes again,

http://www.telegraph.co.uk/finance/personalfinance/savings/12136696/Im-aged-19-and-earning-18000-can-I-buy-a-home-in-Surrey-by-25.html

To be honest I stopped reading after this paragraph:

"The idea is to buy a flat as “cheaply as possible” before he is 25. Nick currently lives with his father in Surrey, and his mother owns a home in Essex. Buying a flat in either area means Nick would be able to stay with one of his parents while renting out his property."

Lamb to the slaughter.

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Easy - if he is planning to do a degree, he could just pay for his own education with spare cash. No money - no problem. At least he wouldn't invest to currently over-priced asset and wouldn't need to pay student loan interest.

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So to summarise.

He earns 18k, take home around 1200 per month - pension contributions.
Pays 150 in rent (all inclusive + food?)
Has 3k car debt
Has 3.3k "saved"

Puts 300 a month into a Halifax account
Puts 400 - 500 per month into a Nattiest current account.

Pension (13% of take home pay, currently at £1200, so he's been working for 6 months or less)

So has 400 - 500 a month to spend on keeping the car running and food etc.. Assuming he can put away 700+ a month.

Over the last 6 months he has managed to saved £300, despite the parental subsidies, but does have a car, which is always handy.

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The son of “property mad” parents, Nick, a pensions administrator, has given himself six years to buy a place in Essex or Surrey.

and surrounded by lots of lovely lolly ;)

Edited by billybong

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He'll be some catch for a lucky Essex gal.

Car - tick

Job in Finance - tick

Own pad - tick

Parents into property (thus big fat inheritance guaranteed) - tick.

19yrs old. With luck he'll be married to some illiterate gold-digger by the time he's 21 and he'll get her up the duff a year after.

Livin the dream.

Go for it , boy !

Edited by Agentimmo

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Wrongmove says the average price for Surrey in the region of half a million squids?

What kind of education is the loon getting to think he can afford a house at a 25xsalary mortgage?

I guess BOMD can stump him up the £25k for a 5% HTB loan.

He just has to come up with the £2100 /m mortgage payment, then council tax, sky sports, modern motor, all the trimmings.

Then get a job that pays in the region of £60k to have any semblance of a normal life.

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Stay at home with your parents for as long as possible and be such an irritation that they buy you a place just to get shut of you. So spend your dosh on a brash motor, go out on the lash every weekend and come home smashed at 3am, bring your footy mates round all the time, trail mud everywhere and those ground up rubber bits from the astro, don't wash up, never shower cos baths are much nicer especially if you use all the hot water. P.S. remember living with your parents is all inclusive so eat everything in the fridge and demand a nice packed lunch every day for work (or you won't go).

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This is a good illustration of what we are up against. His 'property mad' parents, probably in their 40s have made loads of free money from housing and now he thinks he can do the same.

Unfortunately, people like his parents have already pretty much locked him out of the market if he wants to do it under his own steam, and they continue to inflate it further.

In lots of parts of Surrey, house prices have doubled in the last 6 years. If they do that again in the next 6 years (and his parents will be hoping they do), the £170k flat he is planning to buy would be £340k before he even buys it.

The saddest part is that he is scrimping and saving through his youth just to become a BTL landlord by 25.....

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I don't understand why they can still find these people.

This guy has as much hope of becoming a landlord as I do of becoming a footballer or a pop star.

The rational response to insane property prices is not to naively dream of 'getting on the ladder' but to get politically active and protest the injustice of it all. The only way he'll buy a house under his own steam is if something fundamental changes.

But what do I know - I'm old and bitter, now. Maybe he'll borrow a ton of money and his property bet will come good, or maybe his 'property-mad' parents will bail him out. I hope he has fun exploiting his tenant for their earning power.

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