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Crumbless

Doctor And Accountant Can Only Afford 45% Of A £600K Flat

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More whiney DT propaganda about Help to Buy not helping enough. Anyway an accountant and a doctor are buying 45% of a 2 bed flat in Holloway. Truly is insane when professionals including an accountant are stupid enough to sign up into such a scheme. Best part of £300K for less than half a flat in what was a crap part of London (i worked there 20 yrs ago, maybe its better now), it truly is bonkers beyond belief.

They'll be paying close to £3K a month when combining the rent on the 55% and the mortgage on the 45%. Then add on ground rent. And they won't even own a full bedroom when its paid off, how soul destroying is that.

http://www.telegraph.co.uk/personal-banking/mortgages/a-slap-in-the-face-buyers-lose-1400-in-latest-help-to-buy-failur/

Accountant Melissa Rawlings, 24, and her partner Dave Thompson, 28, a doctor, will use an arranged overdraft to make up the £1,400 they were expecting to get from the Isa. The couple is buying 45pc of a £600,000 two-bed flat in Holloway, north London.

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You've just got to love how the £1400 the government are not handing over to them is the problem, not the £600K cost of the flat.

It truly is just f'en insane, anyway 2 more high earners priced out of buying stuff in the economy for a good few years, and for much longer if they have kids. All for a crap flat that could be built for £70K.

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Accountants earn fckall all and are a dying job.

Possibly, but it leads to good work if you've got something about you.

Though if this is the height of Melissa's financial genius, i can't see her climb the corporate ladder or property ladder!

Edited by Crumbless

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You've just got to love how the £1400 the government are not handing over to them is the problem, not the £600K cost of the flat.

It truly is just f'en insane, anyway 2 more high earners priced out of buying stuff in the economy for a good few years, and for much longer if they have kids. All for a crap flat that could be built for £70K.

There must be an entire generation growing up for whom the the actual price doesn't even register.

When was the last time you drove past a car showroom that displayed the price of the car rather than the 'from' monthly payments? I wonder if it'll be long before this will be the ploy for new builds.

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Truly is mind boggling how people have been brainwashed into paying the kind of money for a home ..and with 40% even with HPI the other 60% will make more so they continue to lose how ..

I think these people stupidly believe that somewhere along the lines their wages will increase enough to cover the part then don't own ,they won't there is simply no pressure on wage .

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There must be an entire generation growing up for whom the the actual price doesn't even register.

When was the last time you drove past a car showroom that displayed the price of the car rather than the 'from' monthly payments? I wonder if it'll be long before this will be the ploy for new builds.

Looking at their ages and careers, i am guessing their parents will be mid 50s, southern middle class folk who have made a large fortune "investing" in property during the last 15-20 years.

And as their parents were savvy entrepreneurs in the cut throat property market where only the folk who can sign a mortgage application can survive, they no doubt see it as a road to riches.

But one thing is for sure thats a lot of money they'll not being investing in the local economy or use to create companies; doesn't bode well for the future does it.

Edited by Crumbless

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I find it profoundly sad that we have reached this situation.

We need doctors in London - why would you stay if all you can afford is half a flat in a dodgy bit of Islington with your partner. A flat you will never own outright.

Apparently they were going to use the help to buy isa to pay for furniture - so will have to sleep on a mattress until they can afford a proper bed.

Edited by MARTINX9

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Accountants earn fckall all and are a dying job.

Not just accountants. Doctors are on their way out, too. Google already does at least as good a job as the local doctors for everyday problems, and machines will do a much better job than doctors when we're all wired up with sensors for our tenth-generation Fitbit.

Anyone training to be a doctor today should probably quit and find a new line of work. And banks sure as heck shouldn't be giving doctors a 300k mortgage.

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I find it profoundly sad that we have reached this situation.

We need doctors in London - why would you stay if all you can afford is half a flat in a dodgy bit of Islington with your partner. A flat you will never own outright.

Apparently they were going to use the help to buy isa to pay for furniture - so will have to sleep on a mattress until they can afford a proper bed.

It was sad a decade ago, this is like living in some parallel universe where this insanity is seen as acceptable and something to aspire to.

If 2 well to do individuals who have clearly studied hard all their lives can't afford half a flat in a crap part of London what chance do those further down the food chain have. Time share on a studio flat where you get 5 nights out of every 15 is the future.

But i go back to my point above, the issue the DT picks up is they're not getting the governments free money, not that 2 high flyers are priced out.

The DT truly is the worst paper of the lot for ramping, the owners and journalists must be swimming in property wealth and/or debt.

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Do what most people do in London, have a lodger.

How demoralising, having to get Roger the lodger to cover the rent on a room you're never going to own. Besides he'd have to sleep on the floor as they can't afford furniture.

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Do what most people do in London, have a lodger.

Given it's shared ownership the housing association normally have to approve it if you want a lodger.

Nice of you to maintain and cover the repairs and service charges for a property they own most of as well. And if the doctor wants to relocate out of London - you cannot rent it out so either have to still pay the mortgage and rent or sell up. No wonder HA chief execs are amongst the highest paid in the entire public sector - sorry charitable sector!

Charities they are not!

Edited by MARTINX9

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Truly is mind boggling how people have been brainwashed into paying the kind of money for a home ..and with 40% even with HPI the other 60% will make more so they continue to lose how ..

I think these people stupidly believe that somewhere along the lines their wages will increase enough to cover the part then don't own ,they won't there is simply no pressure on wage .

That's true - it is absolutely astonishing at the level of brainwashing that has occurred over the past 20 years. 500k is somehow seen as a relatively normal amount of money. No its not - its a sh*tload for anyone on any sort of normal income. 20 years ago a newly qualified doctor could expect to move up the property ladder 4 or 5 times times in line with wage growth and promotions. This chap will now be stuck with this partially owned flat for most of his working life.

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Accountants earn fckall all and are a dying job.

Not sure where this comes from.

I know plenty of super busy, local but we'll paid accountants.

If companies are doing well, or are in trouble, they always need accountants.

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I find it profoundly sad that we have reached this situation.

We need doctors in London - why would you stay if all you can afford is half a flat in a dodgy bit of Islington with your partner. A flat you will never own outright.

Apparently they were going to use the help to buy isa to pay for furniture - so will have to sleep on a mattress until they can afford a proper bed.

I know someone who lives there and has a much nicer flat. She is a pro single parent and I guess as she can afford a much nicer flat, the sort of person the Government thinks should be able to afford to live in Holloway.

However as someone who can't afford to live there, I am not that upset if they end up with no doctors there.

Of course we could ask the pro single parent to move to somewhere cheaper - a welsh coal mining village - and sell her flat to the doctor but I guess that would be wrong for some reason or other.

Edited by iamnumerate

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Not sure where this comes from.

I know plenty of super busy, local but we'll paid accountants.

If companies are doing well, or are in trouble, they always need accountants.

Is from talking to accountants over the the last 20 odd years.

The profit in accountancy was charging for an accountant but using a book keeper.

Im not sure of the exact figures but there are a good 50% less accountants than 30 years ago.

Software has eaten their market.

There's a lot of spin about accountants.

It used to be a good steady job.

Now local firms are now almost one man bands.

Now, he margins are pretty low.

Software stops the hour padding, which was the main source of profit.

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More whiney DT propaganda about Help to Buy not helping enough. Anyway an accountant and a doctor are buying 45% of a 2 bed flat in Holloway. Truly is insane when professionals including an accountant are stupid enough to sign up into such a scheme. Best part of £300K for less than half a flat in what was a crap part of London (i worked there 20 yrs ago, maybe its better now), it truly is bonkers beyond belief.

They'll be paying close to £3K a month when combining the rent on the 55% and the mortgage on the 45%. Then add on ground rent. And they won't even own a full bedroom when its paid off, how soul destroying is that.

http://www.telegraph.co.uk/personal-banking/mortgages/a-slap-in-the-face-buyers-lose-1400-in-latest-help-to-buy-failur/

Accountant Melissa Rawlings, 24, and her partner Dave Thompson, 28, a doctor, will use an arranged overdraft to make up the £1,400 they were expecting to get from the Isa. The couple is buying 45pc of a £600,000 two-bed flat in Holloway, north London.

I thought that I have to say these goon youngsters who are aren't prepared to live in the boring burbs are not a good advert for the genuine hardship the younger generation has with housing

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I thought that I have to say these goon youngsters who are aren't prepared to live in the boring burbs are not a good advert for the genuine hardship the younger generation has with housing

Holloway has gone up about 4 times since 2000, if Doctors and Nurses could afford it then, why shouldn't they be able to now?

I don't think anyone has ever justified anywhere why housing should become more expensive.

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Its quite funny,but they are probably making one of the worst investment choices out of anyone in the world right now (only thing worse would be buying 100% of the flat).I hope for the banks sake its a repayment mortgage.

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Holloway has gone up about 4 times since 2000, if Doctors and Nurses could afford it then, why shouldn't they be able to now?

I don't think anyone has ever justified anywhere why housing should become more expensive.

Areas change they always have, Holloway and Hackney are now uber trendy (god knows why) so why would you beggar yourself to live there when you can't afford it? just because you want to pay £4 for a coffee ?

As my post said this doesn't detract from the appalling house situation facing many youngsters, these just aren't good examples

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