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OzzMosiz

When Will Sanity Return?

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Me and my missus take home around 3200 a month, have no debts and still cannot afford a home...

Lets assume we buy a sh** hole and take a mortgage of 150K @ 6.2% over 25 years.

Repayment: 1000

Council tax: 150

Water/Gas/Electric: 80

TV License: 13

Food: 300

Insurance: 18

Petrol: 120

Car Tax: 12

Car Maintenance: 30

Telephone/Broadband: 18

Mobile Phone x 2 = 60

Car Insurance: 35

Total: 1836 (left over 1364)

Now that may sound like a lot, but if the missus is out of work within 10 years (she is 27 - no kids) it means barely anything would be left over. If I had to take a drop in salary, again, it could be a problem, then add on any future rate hikes.

Perhaps I over analyze things and worry about things that might not happen.

This country is nuts!

Edit: due to forgetting g/f age :)

Edited by OzzMosiz

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No its ruled by pigs

the solution is to emigrate.

If I could emigrate my family and friends I would!!

It's a hindrance being brought up loved!

150K @ 6.2 over 25 years = 149K in interest, and they say renting is dead money!

Edited by OzzMosiz

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Me and my missus take home around 3200 a month, have no debts and still cannot afford a home...

Other sheeple manage to get a house, but im guessing that most of the bills get paid with a credit card, but what happens when the credit card is maxed out and the bank wont raise the limit? we will soon find out i think :lol:

Edited by HenryWeston

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Love knows no [geographic] bounds.

True, but its not so easy to go for a pint with my best mate or pop round my mums or 'inlaws' for Sunday dinner.

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That leaves £341 per week left over, although im a bear i think you could quite easily afford a house using those figures, Home ownership has never been affordable.

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That leaves £341 per week left over, although im a bear i think you could quite easily afford a house using those figures, Home ownership has never been affordable.

That means go buy one then. Sure you need advice like this

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Me and my missus take home around 3200 a month, have no debts and still cannot afford a home...

Lets assume we buy a sh** hole and take a mortgage of 150K @ 6.2% over 25 years.

Repayment: 1000

Council tax: 150

Water/Gas/Electric: 80

TV License: 13

Food: 300

Insurance: 18

Petrol: 120

Car Tax: 12

Car Maintenance: 30

Telephone/Broadband: 18

Mobile Phone x 2 = 60

Car Insurance: 35

Total: 1836 (left over 1364)

Now that may sound like a lot, but if the missus is out of work within 10 years (she is 28 - no kids) it means barely anything would be left over. If I had to take a drop in salary, again, it could be a problem, then add on any future rate hikes.

Perhaps I over analyze things and worry about things that might not happen.

This country is nuts!

I'm in a similar position. I used to think I'd be loaded with this sort of job/income. Got a kid on the way now so the sums don't look so clever and we can only realistically afford a 2 bed flat in a not so nice part of town which is what we did 2 years ago rather than fly kites on a £200K IO purchase. Sanity will return but its going to hurt. I for one will get my fingers burnt and I consider myself quite well prepared.

Choices, choices, should the wife give up work to raise our children properly or leave the kids to "timeshare" parenting with several other kids and the minimum wage nursery nurse?

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That leaves £341 per week left over, although im a bear i think you could quite easily afford a house using those figures, Home ownership has never been affordable.

That leaves no room for job loss/wage reduction, and that doesn't even include any petrol/food increase or any rate hike affecting mortgage rate. If rates went to 10% that hikes the mortgage up by around 375 quid a month.

I also would want to save at least 200 a month to put away.

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True, but its not so easy to go for a pint with my best mate or pop round my mums or 'inlaws' for Sunday dinner.

Emigrating is easier than you realise - but most would need some help.

In reality you will make new friends - but i hear what you say.

As for parents and in-laws they will love you wherever you are and there is always Skype to while away the hours on a sunday morning.

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That leaves £341 per week left over, although im a bear i think you could quite easily afford a house using those figures, Home ownership has never been affordable.

lol try reading the post again

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TV License: 13 dont pay it

Food: 300

Insurance: 18

Petrol: 120 get rid of car

Car Tax: 12 get rid of car

Car Maintenance: 30 get rid of car

Telephone/Broadband: 18

Mobile Phone x 2 = 60 get rid of phones

Car Insurance: 35 get rid of car

saving 270 per month

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That leaves no room for job loss/wage reduction, and that doesn't even include any petrol/food increase or any rate hike affecting mortgage rate. If rates went to 10% that hikes the mortgage up by around 375 quid a month.

I also would want to save at least 200 a month to put away.

You missed out maintenance costs too - realistically £200 per month for a house (unless it's newbuild shoebox of course, which I'm sure you wouldn't be silly enough to buy).

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TV License: 13 dont pay it

Food: 300

Insurance: 18

Petrol: 120 get rid of car

Car Tax: 12 get rid of car

Car Maintenance: 30 get rid of car

Telephone/Broadband: 18

Mobile Phone x 2 = 60 get rid of phones

Car Insurance: 35 get rid of car

saving 270 per month

Get rid of car = get rid of job!

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take home around 3200 a month

mortgage of 150K @ 6.2% over 25 years.

Well, I think you're over-dramatising it a bit.

Your gf might get pregnant. You might die the day after you get the house. A tornado might come and your insurance policy doesn't cover you for that. You might move in next to the neighbour's from hell. ... etc etc

Firstly - being left with £1364 is a LOT. I paid my mortgage and all my bills on an old 6-bed house alone starting with less than that each month.

Council tax: 150 - seems a lot. A house of £150k I would expect to be about £100. Is this fact?

Water/Gas/Electric: 80

TV License: 13

Food: 300 - how much????? You must be HUGE. That is £10/day EVERY day. Easy to cut that back to half that.

Insurance: 18

Petrol: 120

Car Tax: 12

Car Maintenance: 30

Telephone/Broadband: 18

Mobile Phone x 2 = 60

Car Insurance: 35

Total: 1836 (left over 1364)

You can't have your cake and eat it.

On your figures though (£1364 left over AFTER all the bills), I don't see what the problem is.

Are you a troll?

This has to be a wind up.

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Me and my missus take home around 3200 a month, have no debts and still cannot afford a home...

Lets assume we buy a sh** hole and take a mortgage of 150K @ 6.2% over 25 years.

Repayment: 1000

Council tax: 150

Water/Gas/Electric: 80

TV License: 13

Food: 300

Insurance: 18

Petrol: 120

Car Tax: 12

Car Maintenance: 30

Telephone/Broadband: 18

Mobile Phone x 2 = 60

Car Insurance: 35

Total: 1836 (left over 1364)

Now that may sound like a lot, but if the missus is out of work within 10 years (she is 27 - no kids) it means barely anything would be left over. If I had to take a drop in salary, again, it could be a problem, then add on any future rate hikes.

Perhaps I over analyze things and worry about things that might not happen.

This country is nuts!

Edit: due to forgetting g/f age :)

If only the majority of the UK population "over analyzed" like you, then we wouldn`t be in the crazy situation we are in now with house prices. Plenty of people with your kind of income would be on a borrowing binge. I`d say that you are being very sensible, but I suppose that if you want to take the plunge into the property market, then your finances look reasonably healthy. As you say, you can only afford a sh**hole with a 150K mortgage, so that would be enough to put me off also.

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As you say, you can only afford a sh**hole with a 150K mortgage

Some people have unrealistic expectations of their first house. They forget it's a ladder and want to move to Loadsadosh Avenue from day 1.

Maybe the OP could provide links to the sort of place in his region that could be purchased for £150k.

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Well, I think you're over-dramatising it a bit.

Your gf might get pregnant. You might die the day after you get the house. A tornado might come and your insurance policy doesn't cover you for that. You might move in next to the neighbour's from hell. ... etc etc

What is more likely house destroyed by tornado or job loss?

Firstly - being left with £1364 is a LOT. I paid my mortgage and all my bills on an old 6-bed house alone starting with less than that each month.

Means nothing without figures

Council tax: 150 - seems a lot. A house of £150k I would expect to be about £100. Is this fact?

Food: 300 - how much????? You must be HUGE. That is £10/day EVERY day. Easy to cut that back to half that.

150 is about right - considering it'll go up about 5-10% a year.

Food includes cleaning products etc. Perhaps could be brought down a touch.

On your figures though (£1364 left over AFTER all the bills), I don't see what the problem is.

Are you a troll?

This has to be a wind up.

Nope no wind up. £1364 is a lot, but I did include loss of a wage, which could be very likely.

I am certainly no troll either.

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Guest wrongmove
Me and my missus take home around 3200 a month, have no debts and still cannot afford a home...

Lets assume we buy a sh** hole and take a mortgage of 150K @ 6.2% over 25 years.

Repayment: 1000

Council tax: 150

Water/Gas/Electric: 80

TV License: 13

Food: 300

Insurance: 18

Petrol: 120

Car Tax: 12

Car Maintenance: 30

Telephone/Broadband: 18

Mobile Phone x 2 = 60

Car Insurance: 35

Total: 1836 (left over 1364)

Now that may sound like a lot, but if the missus is out of work within 10 years (she is 27 - no kids) it means barely anything would be left over. If I had to take a drop in salary, again, it could be a problem, then add on any future rate hikes.

Perhaps I over analyze things and worry about things that might not happen.

This country is nuts!

Edit: due to forgetting g/f age :)

I think you may be being a teeny weeny bit catious - speculate to accumulate, and all that.

I can understand that buying now is risky because of the chance of price falls, but you seem to be in a pretty strong financial position to me.

You could still save £1k pcm and leave money over for fun - holidays, social life. In just 6 years you would have accumulated £72k + interest + the repayment mortage would have reduced in size. This would slash your mortage to less than half its current cost, freeing up your wife to start a family.

Get a fix, of course, and overpay like crazy - you don't need a 25 year mortgage. If you paid £1700 pcm, easily affordable to you now, you would own the place outright in just 10 years!! £2k pcm and the place is yours outright in 8 years.

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Some people have unrealistic expectations of their first house. They forget it's a ladder and want to move to Loadsadosh Avenue from day 1.

Maybe the OP could provide links to the sort of place in his region that could be purchased for £150k.

http://www.rightmove.co.uk/viewdetails-161...=2&tr_t=buy

http://www.rightmove.co.uk/viewdetails-164...=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-161...=2&tr_t=buy

http://www.rightmove.co.uk/viewdetails-150...=1&tr_t=buy

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Guest wrongmove
Are you a troll?

This has to be a wind up.

I am quite sure that OM is not a troll, based on his posting record here, but is a newbie posted this, that would be my conclusion too.

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