Starcrossed Posted September 22, 2007 Share Posted September 22, 2007 The job of head of the council directorate I work in has been advertised at £45,000pa this week. This job is four notches up in the hierarchy from my own post. Going by an old-fashioned 3x mortgage I still wouldn't be able to buy the house I am renting if I had this job. In fact even with the 70K deposit I do have I would struggle to buy my house on 45K a year. Yet I can comfortably afford the rent. Shocking isn't it. So, could your boss afford your house? Quote Link to comment Share on other sites More sharing options...
Ah-so Posted September 22, 2007 Share Posted September 22, 2007 My boss already has 3 houses so probably does not want another. But she could afford it as she earns loads. Quote Link to comment Share on other sites More sharing options...
slurms mackenzie Posted September 22, 2007 Share Posted September 22, 2007 The job of head of the council directorate I work in has been advertised at £45,000pa this week.This job is four notches up in the hierarchy from my own post. Going by an old-fashioned 3x mortgage I still wouldn't be able to buy the house I am renting if I had this job. In fact even with the 70K deposit I do have I would struggle to buy my house on 45K a year. Yet I can comfortably afford the rent. Shocking isn't it. So, could your boss afford your house? Yes, if he wasn't already up to the eyeballs in debt. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted September 22, 2007 Share Posted September 22, 2007 The flat I live in is valued at more than her house, and she could not afford to buy my flat. However, she continues to question my rationale not to buy but continue to save. Quote Link to comment Share on other sites More sharing options...
Turnbull2000 Posted September 22, 2007 Share Posted September 22, 2007 (edited) A slightly larger 1 bed flat up the road from me is going for 180K, so I'm guessing mine is 'worth' roughly 150K. My rent is £500 and property is fully furnished. If I bought it, the mortgage would cost an additional £470 (assumed 5% deposit, 25yrs, 6.5% IR), with insurance and maintenance costs on top of that. Might be possible if I live off lentils, never go out, don't use electricity or gas (I'll gather sticks for cooking the lentils), and only exist to work Edited September 22, 2007 by Turnbull2000 Quote Link to comment Share on other sites More sharing options...
CrashedOutAndBurned Posted September 22, 2007 Share Posted September 22, 2007 (edited) With every scrap of savings down, it would cost about 200 more to buy the house we rent. However, we've had around £2000 of work done at the landlords expense in the two years we've been here. I don't really see how paying 200 more, losing all savings and being responsible for patching up a typically slapdash pollyfilla'd BTL hovel would make me any happier. There's a chance we'll be moving to the provinces in the next few months. Looking at rental there, the gulf looks far wider. Ie: Rent something with a market value of 200k for £600PCM. I guess the boss at the place I work must be on around 50k. They live alone in what must be a 450k house in a posh part of town. However, if they were a young high flyer on 50k that'd be out of the question and would have to go, at a stretch, for a flimsy Travelodge-style executive two bed with a cooker in the living room and a juliet balcony overlooking the decline of western civilisation. Edited September 22, 2007 by CrashedOutAndBurned Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted September 22, 2007 Share Posted September 22, 2007 (edited) Gr8 avatar. My daughter is asking "is it real (scared tone)?" Edited September 22, 2007 by Buffer Bear Quote Link to comment Share on other sites More sharing options...
ARIMA Posted September 22, 2007 Share Posted September 22, 2007 (edited) With every scrap of savings down, it would cost about 200 more to buy the house we rent. However, we've had around £2000 of work done at the landlords expense in the two years we've been here.I don't really see how paying 200 more, losing all savings and being responsible for patching up a typically slapdash pollyfilla'd BTL hovel would make me any happier. There's a chance we'll be moving to the provinces in the next few months. Looking at rental there, the gulf looks far wider. Ie: Rent something with a market value of 200k for £600PCM. I guess the boss at the place I work must be on around 50k. They live alone in what must be a 450k house in a posh part of town. However, if they were a young high flyer on 50k that'd be out of the question and would have to go, at a stretch, for a flimsy Travelodge-style executive two bed with a cooker in the living room and a juliet balcony overlooking the decline of western civilisation. That's brilliant , sums up new builds throughout the UK - did you come up with that yourself? Edited September 22, 2007 by GARCH Quote Link to comment Share on other sites More sharing options...
nohpc Posted September 22, 2007 Share Posted September 22, 2007 A slightly larger 1 bed flat up the road from me is going for 180K, so I'm guessing mine is 'worth' roughly 150K.My rent is £500 and property is fully furnished. If I bought it, the mortgage would cost an additional £470 (assumed 5% deposit, 25yrs, 6.5% IR), with insurance and maintenance costs on top of that. Might be possible if I live off lentils, never go out, don't use electricity or gas (I'll gather sticks for cooking the lentils), and only exist to work sorry mate but if you want to own your own home home you need to make sacrifices. What do you expect somebody to give it to you for free? you choose to rent that's fine. It's a lifestyle choice. Quote Link to comment Share on other sites More sharing options...
JustYield Posted September 22, 2007 Share Posted September 22, 2007 What kind of boss is on £45K? Sorry, good thread. As you were. Quote Link to comment Share on other sites More sharing options...
Guest DissipatedYouthIsValuable Posted September 22, 2007 Share Posted September 22, 2007 sorry mate but if you want to own your own home home you need to make sacrifices. What do you expect somebody to give it to you for free? you choose to rent that's fine. It's a lifestyle choice. So is putting yourself at risk of having your throat slit. Quote Link to comment Share on other sites More sharing options...
Da Vinci Code Posted September 22, 2007 Share Posted September 22, 2007 (edited) sorry mate but if you want to own your own home home you need to make sacrifices. What do you expect somebody to give it to you for free? you choose to rent that's fine. It's a lifestyle choice. Far Out. I would've thought someone with 1,444 postings would understand the pure logic and reasoning better than that. No one is asking for anything for free, just placing the facts on the table fair and square. Paying nearly double for the 'privilege' of owning the place is just madness. Stick with renting ol' son - the mortgage will be the same as your rent in 3 years!! "It's a lifestyle choice" Edited September 22, 2007 by Da Vinci Code Quote Link to comment Share on other sites More sharing options...
Ethel Posted September 22, 2007 Share Posted September 22, 2007 What do you expect somebody to give it to you for free? Of course. And when the roof leaks or the boiler breaks down I expect somebody to come and fix it for free too. Just like my landlord does now. Quote Link to comment Share on other sites More sharing options...
Starcrossed Posted September 22, 2007 Author Share Posted September 22, 2007 Of course. And when the roof leaks or the boiler breaks down I expect somebody to come and fix it for free too. Just like my landlord does now. Touche! Quote Link to comment Share on other sites More sharing options...
@contradevian Posted September 22, 2007 Share Posted September 22, 2007 That's brilliant , sums up new builds throughout the UK - did you come up with that yourself? It is a pretty good line, though I had to google to find out what a juliet balcony was Quote Link to comment Share on other sites More sharing options...
winkie Posted September 22, 2007 Share Posted September 22, 2007 It is a pretty good line, though I had to google to find out what a juliet balcony was It's a balcony that stops you making a run for it when you realise what you have let yourself in for. Quote Link to comment Share on other sites More sharing options...
The Ginger Winger Posted September 22, 2007 Share Posted September 22, 2007 What kind of boss is on £45K?Sorry, good thread. As you were. £45K is not a lot of money and you are unlikely to attract anyone of any real abilty..unless is somewhere in Cornwall or Wales where somebody looking to downsize and live there would be happy to take a pay cut. Quote Link to comment Share on other sites More sharing options...
Chrysalis Posted September 22, 2007 Share Posted September 22, 2007 The average salary here for someone at managerial level is 29k and non managerial 16k. Would be interesting to see where those people live who think 45k is a low salary. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 22, 2007 Share Posted September 22, 2007 £45K is not a lot of money and you are unlikely to attract anyone of any real abilty..unless is somewhere in Cornwall or Wales where somebody looking to downsize and live there would be happy to take a pay cut. Sorry but £45k is very good money in my book. Ability is a matter of opinion. Quote Link to comment Share on other sites More sharing options...
Moo Posted September 22, 2007 Share Posted September 22, 2007 Yes, my boss could very easily purchase the place where I rent. He's not short of a few quid. He has, however, become scrotum-shakingly bearish recently about the prospects for the housing market and prospects for the economy in general, so the chances of him actually being persuaded to buy anything are zero. As it stands, my earnings are not dissimilar to those of the example boss, and we could technically afford to buy the place we're in (on a repayment mortgage, not "let's pretend we're buying a house" IO crap). However, the repayments would be in the realms of seriously browned trousers, and any "change in circumstances" would result in arrears in next to no time. Quote Link to comment Share on other sites More sharing options...
The Ginger Winger Posted September 22, 2007 Share Posted September 22, 2007 (edited) The average salary here for someone at managerial level is 29k and non managerial 16k.Would be interesting to see where those people live who think 45k is a low salary. Average income in the square mile is £105k for a male. £45k in London would go nowhere there is no way a family of two children can be bought up in any semblance of comfort on £45k unless they have substantial savings to make a mortgage unnecessary. That why debt is rising Edited September 22, 2007 by The Ginger Winger Quote Link to comment Share on other sites More sharing options...
winkie Posted September 22, 2007 Share Posted September 22, 2007 Average income in the square mile is £105k for a male. £45k in London would go nowhere there is no way a family of two children can be bought up in any semblance of comfort on £45k unless they have substantial savings to make a mortgage unnecessary. That why debt is rising What is it for a female then? Why, just borrow yourself into oblivion, it will all come out right in the end. Quote Link to comment Share on other sites More sharing options...
The Ginger Winger Posted September 22, 2007 Share Posted September 22, 2007 What is it for a female then?Why, just borrow yourself into oblivion, it will all come out right in the end. £51,008 and I attach the link to prove it! http://www.thisismoney.co.uk/news/article....mp;in_page_id=2 Borrowing when inflation is round the corner may not be too foolish beside IVAs and bankruptcy are so easy (although some banks are getting sniffy about the fee charged by these debt management cos) Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted September 22, 2007 Share Posted September 22, 2007 What kind of boss is on £45K? He said. One four notches up from a homeless peasant Quote Link to comment Share on other sites More sharing options...
winkie Posted September 22, 2007 Share Posted September 22, 2007 £51,008 and I attach the link to prove it!http://www.thisismoney.co.uk/news/article....mp;in_page_id=2 Borrowing when inflation is round the corner may not be too foolish beside IVAs and bankruptcy are so easy (although some banks are getting sniffy about the fee charged by these debt management cos) Half measures, time I lodge my claim. That was last year... I think you will find a lot has changed over the last 12 months. Yes we have inflation, but not wage inflation, we have to equalise with the rest of the world I am afraid. Quote Link to comment Share on other sites More sharing options...
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