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TRied HSBC mortgage calcukator..

They needs a 10% deposit - so thats 27k they have to find.

Even then, theyve 1300 month to find.

Then the 2 year term ends the SVR doubles.

I call BS. Or there's a very large cash deposit coming from somewhere.

 

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I wonder which too big to fail lender handed over a quarter of a million quid to two people on low incomes.

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I saw this and didn't understand how it qualified as 'news'.

Smacks of state / VI propaganda.

To anyone with half a brain (immediately ruling out all Daily Mail subscribers) it's obviously nonsense.

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Cmon they were at school 8 years ago.   I was here pushing back at those having a living breakdown 'they don't know what they're doing' buyers back then, and mad gainz HPI / paid-down mortgage time for them vs renters choice/renters unable to buy because others setting higher prices.

Very little to say about the £100,000+ renter-savers pay out vs foreverHPI, and those choosing to set ever higher prices.

On a social-media platform the other day I had someone explaining to me why it's right to buy, and rent dead money etc etc - he had his market position and that's fair enough.

Cake, and if it goes wrong, people want them to be bailed out.

This couple criticise other people for not being able to do as they have done, and for spending money on life.  Maybe they got a bomad boost, after also having never had to rent.

No certainty of HPC.

Maybe their pals will buy nearby door when/if prices fall.   

Otherwise this couple's plan works out nicely, and they can continue to hold the view they do about feckless people who complain about these house prices, vs them winning at life and being superior.

Anyway it's a market, and they made their choices, with no Shared-Ownership and no HTB.

We can all see the asking prices.  Know our incomes. Risk exist and we all have to take risks, but we can all practice caution, weighing up risks. 

Competitive market (many people want to own homes).   

Quote

 

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They jumped straight to middle age and forgot to have any fun. I hope they don't have any kids or their plans may go jump off a pier without them.

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38 minutes ago, spyguy said:

TRied HSBC mortgage calcukator..

They needs a 10% deposit - so thats 27k they have to find.

From looking at Rightmove renting a 2 bed house in Tiverton is about £550 pcm. Living with their parents for four years would easily have netted them that amount in savings.

Saving is easy if someone else is paying for the roof over your head.

Edited by anonlymouse

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9 minutes ago, anonlymouse said:

From looking at Rightmove renting a 2 bed house in Tiverton is about £550 pcm. Living with their parents for four years would easily have netted them that amount in savings.

Saving is easy if someone else is paying for the roof over your head.

If the place has rents that low that the wages are going to be low too.

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You all earn your money (I hope).. It’s what you do with it..

 

As Venger would say, your adults, market choices, take your risk etc.

 

They’ve made better choices than the majority of finance car buyers (no offence venger don’t get triggered) and I believe their figures. Good for them. 

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I cant bring myself to click on the link but often in these articles the couple are in the industry...EAs or similar, this isn't news its brain washing...dont young couples know their place??? They have to borrow stratospheric amounts and hand it over to an existing owner so they can retire and go on cruises and eat in fine restaurants. The young couple now will be working 80 hour weeks for the next 30 years and live on beans and toast...they are in effect the slaves of the former owner.

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9 minutes ago, Money Frugality said:

You all earn your money (I hope).. It’s what you do with it..

As Venger would say, your adults, market choices, take your risk etc.

They’ve made better choices than the majority of finance car buyers (no offence venger don’t get triggered) and I believe their figures. Good for them. 

That is freedom isn't it. :)

I disagree that it's a better choice to buy a house at that price, in this market, -with S24 ahead/3% SDLT surcharge just in play and much more- than a mid-range car on some finance deals, but freedom again to do as we will in the market. :)  It depends on the individual and their circumstances.  Some people don't even need cars where they live.  I will continue to rent and await better housing value.

I just ticked the SoldSTC box for the postcode with a search, and one house is on the market.

£325,000 Sold STC

http://www.rightmove.co.uk/property-for-sale/property-68056697.html

Previous sold prices http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=68056697&sale=43060350&country=england

Edited by Venger

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I like how the claim to have had no help , erm your married but living with parents rent free that's a pretty significant slice of help your getting right there .

My parents dead , grandparents too I have spent close to 40k in rent the last 5 years plus the bills council tax etc ..so these 2 giving it the whole well if you don't have expensive holidays etc you can buy can jog right on

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If only young people didn't waste their minimum wage income on iPhones and other little pleasures, they would only have to pay £4,688,544,987 for their one bedroom studio flat in Neasden and it would take 5 months off their 1000 year mortgage! They just need to knuckle down and start doing 18 hour, 6 day per week shifts and they'll own a quarter of their own studio flat by the time they are 85. Young people are so lazy and entitled these days :P.

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So working making use of this site:-

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator#results

Deposit £26,300

Loan £236,700

Normally you repay £1,373 per month. If you regularly overpay £500, you'd be mortgage free 6 years and 10 months earlier. Your total payment over this period would be £295,771. So your looking at £1,873 min a month to pull this off (a good £30k+ job, an thats just the loan not ,food, bills, entertainment). Now in 2004 Nationwide offered us £211,000 loan when we asked for £135,000. There was a very good reason we didn't take it. If a recession / extended job loss, 1 job would not cover the loan, forgetting living costs. We overpaid it off 12.5 years with £500-£1000 overpayment, some unemployment then a little inheritance finished off the last £10k. No kids, no cars, and long weekend holidays in the UK (dancing, walking, and music).

This is possibly the most irresponsible article I have ever seen. No information on the actual loan, how much they intend to overpay. To top it off constantly repeating “buying”, “paid” … no it was a giant loan! It was almost like the overpayment comment was added afterwards. Would i take this bet now if i was there age, heck no!

No wonder I do not read newspapers. There should be an anti media paper following up on stories with the papers name in bold.

 

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2 hours ago, nome said:

I wouldn't class a qualified plumber and maintenance engineer as ''low paid'' 

Either would I.

Quote

Qualified plumbing and maintenance engineer Darren will be taking care of the plumbing throughout the house.


An article on someone's decision to buy a home. 

About their decision to not spend much money on anything else in life.  Who criticise friends/other young people for claiming problem with house prices, when they're so smart to have bought.   What is the newspaper supposed to say, "They think this but they are actually wrong."  (?)  They are just reporting story of one couple. 

Anyway, another house is SoldSTC a few houses down for way more than they paid.   

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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