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Stu007

How to own a home by the age of 25 - BBC Article

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Also look at 3 of the locations the actual house price was relatively affordable in line with wages , in south east they would of had no hope on wages in those area's 

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Read this last night and was just coming on to post about it.

Quote

 When Laura and I were at McDonald's we were on a combined salary of £23,000 and we managed to save up £7,000 between us within a year. So I don't see how people can't do it. But then we don't have any kids. The Help to Buy mortgage scheme was a God-send. But if you're stopping something that's so good and helping young people, it's going to cause mayhem.

Oh, dear. They think they made big sacrifices to save up a whopping £7k together. The answers to What if you need to move? are telling. Good little mortgage slaves.

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Quote:

 

The Help to Buy mortgage scheme was a God-send. But if you're stopping something that's so good and helping young people, it's going to cause mayhem.

 

....They are being screwed over and yet think they're being helped. Words fail me.

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42 minutes ago, Quicken said:

Read this last night and was just coming on to post about it.

Oh, dear. They think they made big sacrifices to save up a whopping £7k together. The answers to What if you need to move? are telling. Good little mortgage slaves.

£7k?! What sort of deposit is that going to get you? These people must live on a remote island in the middle of Mordor if they think that is a great saving. Either that or they have basically mortgaged their entire lives away for a slum shed conversion.

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YOUNG PEOPLE, BUY NOW BEFORE YOU MISS OUT! YOU HAVE FAILED IF YOU DON'T!

The ramping is strong on this one. A pretty grim message to be sending out to those who are a little to young to know what is really going on. The BBC should be ashamed of themselves for publishing something that is so blatently against the interested of the target audience.

I notice that one of them is a debt collector. I wonder if he will be getting a call from his collegues in a few years time.

Edited by doahh

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Haven't they all basically lived in their bedrooms and bought in nationally cheap areas, saving small deposits and using the help to inflate scheme? Well done guys.

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they run these articles periodically...seem to be encouraging demand....I wonder why?  You could make a strong case there has never been a worse time to buy a house in living memory.  I guess they would say it is going to get even worse...god help us and our civilisation.

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The bit that made me laugh most was:

Quote

If we did decide we wanted to go somewhere else, we would probably look to sell the house and hopefully we will have made some money on it.

 

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Shouldnt that read...

 

how to own a mortgage...

 

or...

 

how to not own a house but have a massive weight round your neck.....

 

or...

 

how to live in a house that is owned by a bank....

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I'm sure this graph was on the article or one of the linked bbc articles, but can't find it there now. Very interesting IMHO. Look at the way home ownership in the 1976 and 1971 cohorts stopped growing ten years ago. The lambs in this article are closer to the 1991 cohort of course.

 

20170115-Cohort-home-ownership2.png

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Gotta love the beeb sometimes. I'm in that age range and skimmed the article knowing it would be full of shit - it gave me a chuckle at least. Not one mention of London...

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17 minutes ago, CunningPlan said:

None of them married. It is going to be a right old mess if/when any of the relationships fail.

It's okay - they can just stay together and be unhappy like my sister and her partner! 

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4 hours ago, Stu007 said:

http://www.bbc.co.uk/news/uk-38564137

I clicked on this article expecting some amazing rags to riches storys of people who have generated wealth for themselves by 25, and OWN a home.

Instead I was confronted by smug looking numpties who are being held up as successful for landing themselves a stonking great mortgage....

Quite - playing it fast and loose with the term 'own' there...

"How does it feel to be a home owner?

I feel ridiculously happy."

You said it, kiddo!

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3 hours ago, ST675R said:

If we did decide we wanted to go somewhere else, we would probably look to sell the house and hopefully we will have made some money on it.

This quote in the article, if you ask me is the core of the ponzi pyramid. Most don't realize even in a rising market the price has to increase 5% before you break even.

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Further Beeb attempt to discuss the housing market today - You and Yours asking people to call in and say what would improve their... was it housing or renting experience. Listened to the first few, they could all have been substituted by 'a house price crash'. A couple of people seemed to think the only problem was raising the deposit. 'We could afford it but we don't have the 50 grand deposit' - like that was a minor hiccup and they should by rights be able to find it down the back of the sofa. That's your problem? If you had a 50 grand deposit you'd flush it down that loo? What about the ensuing lifelong debt slavery (there I said it), dedicating your entire life to repaying an invented debt on the gallumphingly overpriced asset that a secure roof over your head has become. That doesn't make you froth at the mouth and want to shoot a banker? House price crash, that's what we need, a bloody house price crash, come on.

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Not wanting to provoke, but I guess I was the only one who was impressed then. To me the message was look outside the South East and with hard work and prudence (and a dash of luck) you can find properties that are decent at prices that are reachable.

First couple

- Saving NET £7K on a combined gross £23K wage is impressive.

- Current combined wage is £38.5K. They've bought a 3 bed semi for £125K, with at least £7K deposit from their own funds plus HTB so there lending multiple seems around 3 x combined. A little higher than we preach on here, but not ridiculously so, and they are both young enough that further promotions are not unrealistic before kids come along.

Second couple

- these two have pushed the borrowing more, the one thing they have in their favour is both very young so there is a chance of promotions before children may be on the scene

Third couple

- £66K combined salary, £145K house, economises enough that the weekly food bill is just £30 for the pair of them! This couple are practically HPC best practise mortgage couple.

- Granted both salaries are a little above the 'national average'

Fourth couple

- very similar to the first

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1 hour ago, Glental said:

Gotta love the beeb sometimes. I'm in that age range and skimmed the article knowing it would be full of shit - it gave me a chuckle at least. Not one mention of London...

Did they make it south of Manchester?

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