How is anyone supposed to get a mortgage?

Original post by Quady

I had no trust fund.

Got a job at 23 on £30k, saved £500/month
Promoted to £49k at age 29, bought a two bed place for £126k six months later with 25% deposit.

Whats the issue?

She does have a point. Most people will never get an income that high. So it will be harder for them, not impossible though.

Reply 62

SecretDuck

Original post by illegaltobepoor

But if you want to live a good future on a working class wage I would recommend leaving Sussex. Move up north along the railway. Your get a better quality house and you can commute to London for work. You should think about the quality of life instead of being in a main hub.

This would be my advice as well.

OP, take a rail map and determine which station you would need to commute to. Keep on going along the rail route until you find something in your budget. Then search on Google "is [area name] a nice place to live" and you will get honest opinions from locals and ex-locals. And of course keep in mind travel costs.

Edit: Of course compromises need to be made. For me to afford a decent house, I had to shed my anti-rail bias and accept that I won't afford a house in London but maybe close to the border if I'm lucky.

(edited 8 years ago)

Reply 63

Well thats one way of how to do it before you're 30. Can easily be done.

Most of us are on full time hours and well above NMW though...

Reply 64

Original post by SophieSmall

She does have a point. Most people will never get an income that high. So it will be harder for them, not impossible though.

I could've done it on £25k (which most people will get), just would've taken until 45.

Reply 65

Start caring about it then?

Reply 66

Original post by Quady

I had no trust fund.

Got a job at 23 on £30k, saved £500/month
Promoted to £49k at age 29, bought a two bed place for £126k six months later with 25% deposit.

Whats the issue?

Are you really that ignorant or just being an ass?

Reply 67

Original post by Quady

I could've done it on £25k (which most people will get), just would've taken until 45.

I do agree it's doable like.

I've just over the last little while been working on how it would be doable in my area on two average incomes of 20k (16.6 after tax-ish) in my area.

Total income 33.2 annually
Total outgoings (including generous luxuries, christmas +birthday expenses and unforeseen circumstances budget money) totalled at 18.5k annually leaving 14.7k a year in savings. In my area you can get decent and nice 3 bedroom houses for around 110k. In 7.5 years (granted if house prices didn't go up) you could buy a house outright in 7 years. Or save for 2 ish years and get a 25% deposit + mortgage which would replace cost of rent (which using several different mortgage calculators should be about 700 a month)

Also sorry if any of my numbers are mistyped or off a tad, half my number keys (and well a lot of my letter keys) don't work properly.

Edit: the house was 4 bedroom not 3, even better :tongue:

(edited 8 years ago)

Reply 68

Original post by ChaoticButterfly

Are you really that ignorant or just being an ass?

Making a point by being an ass.

The OP's assertion is way off the mark.

Reply 69

claireestelle

Switch to frozen lidl chicken breasts?
Their 4 pounds and you can strech them for 2-3 meals :smile:

Reply 70

claireestelle

Original post by SophieSmall

I do agree it's doable like.

I've just over the last little while been working on how it would be doable in my area on two average incomes of 20k (16.6 after tax-ish) in my area.

Total income 33.2 annually
Total outgoings (including generous luxuries, christmas +birthday expenses and unforeseen circumstances budget money) totalled at 18.5k annually leaving 14.7k a year in savings. In my area you can get decent and nice 3 bedroom houses for around 100k. In 7 years (granted if house prices didn't go up) you could buy a house outright in 7 years. Or save for 3 years and get a 25% deposit + mortgage which would replace cost of rent.

Also sorry if any of my numbers are mistyped or off a tad, half my number keys (and well a lot of my letter keys) don't work properly.

Edit: the house was 4 bedroom not 3, even better :tongue:

Where on earth do you live? We could only get a two bed for that where i live except for the rougher areas of course

Reply 71

Bill_Gates

This might sound mad, how about you both stay home and save for a deposit and then move out?

Working class in general make poor decisions, don't complain when the rich monopolize.

Reply 72

Original post by claireestelle

Where on earth do you live? We could only get a two bed for that where i live except for the rougher areas of course

Mordor

Reply 73

As I say I didn't need the £49k, could have got somewhere (terrace house probs) when I was on 30k sooner, but wasn't sure where my next job would be.

OH can do something different which pays more no doubt.

Reply 74

Original post by Quady

Making a point by being an ass.

The OP's assertion is way off the mark.

and being on 30k in your early twenties as something most people can expect is slap bang on the mark.

Come to the North. We have cookies :borat:

Reply 75

Original post by claireestelle

Where on earth do you live? We could only get a two bed for that where i live except for the rougher areas of course

It was for a 4 bedroom semi detached house on the Wirral in Rock ferry, old Chester road, on the nicer end of the road. Not the rougher area. I actually grew up a few doors down, wasn't as bad of an area as outsiders said.

It's a really nice house, if you go on street view you can see my old house! :P Miss it :frown:

Reply 76

claireestelle

We re never leaving the north for that reason as dont see ourselves paying to live in the south at all. Probably will end up in yorkshire :tongue:

Reply 77

Original post by claireestelle

Switch to frozen lidl chicken breasts?
Their 4 pounds and you can strech them for 2-3 meals :smile:

If you're pretty fussy on wanting a whole chicken for a roast dinner though, you can get then in lidl for £4-5 use it initially for the roast dinner. There should be a lot of meat left on the bird which you could use for sandwiches, to make a curry etc. Then you can use the carcess and scraps left on it to make chicken soup. It's what I do if I ever buy a whole chicken. Will usually last at least 3 or 4 meals

Reply 78

304820

I live in Essex and am increasingly thinking that the only answer to the OPs question is to move north.

Where I live a flat in one of the sink housing blocks is about 80k and a nice flat is by the station is 132k

Of course there is also the issue as to what job these days has the kind of security to allow you to take a 20 year mortgage out.

Reply 79