eztiger Posted February 4, 2016 Share Posted February 4, 2016 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. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted February 4, 2016 Share Posted February 4, 2016 Tiresome! Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted February 4, 2016 Share Posted February 4, 2016 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. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted February 4, 2016 Share Posted February 4, 2016 And, if he finishes university debt-free, he will already be doing better than most people. Quote Link to comment Share on other sites More sharing options...
Squeeky Posted February 4, 2016 Share Posted February 4, 2016 So to summarise.He earns 18k, take home around 1200 per month - pension contributions.Pays 150 in rent (all inclusive + food?)Has 3k car debtHas 3.3k "saved" Puts 300 a month into a Halifax accountPuts 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. Quote Link to comment Share on other sites More sharing options...
billybong Posted February 4, 2016 Share Posted February 4, 2016 (edited) 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 February 4, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
wealthy Posted February 4, 2016 Share Posted February 4, 2016 A large mortgage for a box in surrey Living the dream Quote Link to comment Share on other sites More sharing options...
Assume The Opposite Posted February 4, 2016 Share Posted February 4, 2016 '5 holidays booked this year' Quote Link to comment Share on other sites More sharing options...
Sawitcoming Posted February 4, 2016 Share Posted February 4, 2016 Tiresome! +1 Sigh! Quote Link to comment Share on other sites More sharing options...
CunningPlan Posted February 4, 2016 Share Posted February 4, 2016 Yes - I found one here http://www.rightmove.co.uk/property-for-sale/property-57407846.html Nice refurbishment (could be a flipper?) and close to all local amenities. Or is that a misleading heading?? Quote Link to comment Share on other sites More sharing options...
billybong Posted February 4, 2016 Share Posted February 4, 2016 ^ House for sale Blatant - could be irony of course. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted February 4, 2016 Share Posted February 4, 2016 (edited) 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 February 4, 2016 by Agentimmo Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted February 4, 2016 Share Posted February 4, 2016 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. Quote Link to comment Share on other sites More sharing options...
ChewingGrass Posted February 4, 2016 Share Posted February 4, 2016 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). Quote Link to comment Share on other sites More sharing options...
worried1 Posted February 18, 2016 Share Posted February 18, 2016 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..... Quote Link to comment Share on other sites More sharing options...
Guest Posted February 18, 2016 Share Posted February 18, 2016 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. Quote Link to comment Share on other sites More sharing options...
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