Chances of owning your own home!!!!

Doesn't it feel that we will ever own our own home?

How does it make you feel?

Also, anyone heard any stricking facts about getting on the property ladder?

I've got one: the average age of a melenial to get on the Housing ladder, will be 37 years old.

Reply 1

UWS

21

I'm just going to rent out after my master's. I'll worry about a mortgage another time, I'm just not earning enough for that...

Reply 2

adamantacademic

21

Original post by UWS

I'm just going to rent out after my master's. I'll worry about a mortgage another time, I'm just not earning enough for that...

Are you going to rent out an owned property or shift to a rented house?
How are you being housed now?

:smile:

soz if questions are a bit too intrusive

Reply 3

UWS

21

Original post by adamantacademic

Are you going to rent out an owned property or shift to a rented house?
How are you being housed now?

:smile:

soz if questions are a bit too intrusive

Live at home. Going to rent out a place after my master's :smile:

Reply 4

SeaplaneLady

2

Hah I think about this a lot.

I've bought an old caravan to renovate cheaply as I've realised I wont be able to afford rent next year. If I get the apprenticeship I want the first years pay is £10k but 5k of that would be going to rent for one bedroom in a shared house! Absolutely insane.

Even if i could afford a house I'd probably have to rent it out!

Reply 5

username2837176

OP

15

It is difficult....I think I will have to rent out bedrooms in my house to afford my mortgage .....

Reply 6

MonsoonFlower

22

Original post by mattymoo432

It is difficult....I think I will have to rent out bedrooms in my house to afford my mortgage .....

It is extremely hard to afford a mortgage when you are you are young as these days the banks will only look at your income, the long term plan and the actual bigger picture particularly your credit score to see whether you make payments on time. Basically the main question is how much can you pay off using your income? Obviously the higher the income the more chance of you securing your mortgage.
A lot of millennials would not be able to afford a mortgage straight after college/university because most entry level jobs are minimum wage and living expenses are extremely high which doesn't help with things.
Luckily for myself I can afford it because my parents are gifting me 5% of the deposit for the mortgage and the sister is already paying most of it.
But in conclusion it is difficult to afford a mortgage these days. :sadnod:

Reply 7

username2837176

OP

15

Original post by Boreism

It is extremely hard to afford a mortgage when you are you are young as these days the banks will only look at your income, the long term plan and the actual bigger picture particularly your credit score to see whether you make payments on time. Basically the main question is how much can you pay off using your income? Obviously the higher the income the more chance of you securing your mortgage.
A lot of millennials would not be able to afford a mortgage straight after college/university because most entry level jobs are minimum wage and living expenses are extremely high which doesn't help with things.
Luckily for myself I can afford it because my parents are gifting me 5% of the deposit for the mortgage and the sister is already paying most of it.
But in conclusion it is difficult to afford a mortgage these days. :sadnod:

Well enjoy your life scrunginrg off your parents

Reply 8

MonsoonFlower

22

Original post by mattymoo432

Well enjoy your life scrunginrg off your parents

As opposed to other young people who have no jobs and scrounging from their own parents and not having to pay for anything - is that what you are saying?

Apart from helping me get a mortgage, how else am I scrounging off the parents?
Now that the house is in my name, I will be paying for most things with my wages on top of the mortgage because bills don't pay for themselves do they? 😝

(edited 6 years ago)

Reply 9

Anonymous #1

Original post by Boreism

As opposed to other young people who have no jobs and scrounging from their own parents and not having to pay for anything - is that what you are saying?

Apart from helping me get a mortgage, how else am I scrounging off the parents?
Now that the house is in my name, I will be paying for most things with my wages on top of the mortgage because bills don't pay for themselves do they? 😝

You will never be able to say you bought your house on your own.

Scrounging off your parents to get by - yeah good luck with the bills.

Reply 10

MonsoonFlower

22

Original post by Anonymous

You will never be able to say you bought your house on your own.

Scrounging off your parents to get by - yeah good luck with the bills.

Obviously I won't but at least I will say I own something in life.

Actually my salary pays for the bills ON TOP of the mortgage NOT the parents. Isn't that why we work in the first place? 😛

(edited 6 years ago)

Reply 11

Anonymous #1

Original post by Boreism

Obviously I won't but at least I will say I own something in life.

Actually my salary pays for the bills NOT the parents. Isn't that why we work in the first place? 😛

Original post by Boreism

Obviously I won't but at least I will say I own something in life.

Actually my salary pays for the bills NOT the parents. Isn't that why we work in the first place? 😛

I own my house thanks t my parents - is that what you'll say?

Bet you're proud of yourself

Reply 12

MonsoonFlower

22

Original post by Anonymous

I own my house thanks t my parents - is that what you'll say?

Bet you're proud of yourself

As I say I've always paid for the mortgage NOT the parents because they can't afford it on the National Minimum Wage.
I'm the one who could get a mortgage so really they haven't helped me with that.

(edited 6 years ago)

Reply 13

Black Cat

20

OP turned nasty very quickly, there's nothing wrong with getting support from parents. In this day you really do need all the support you can get and I don't blame Borism for taking advantage of that. I'm sure you'd happily do the same OP and so would I.

Reply 14

LavenderBlueSky88

20

I’m trying to start thinking about it - it’s looking bleak tbh. On my salary I could only get a mortgage of around £100k which wouldn’t even get me a 1 bedroom flat where I live. My parents aren’t in a position to give me money and it will take me at least another 3 years to save up a decent deposit - currently have £3k which has taken me 2 years to save. Looks like I’m renting for a while longer!

Reply 15

MonsoonFlower

22

Original post by Black Cat

OP turned nasty very quickly, there's nothing wrong with getting support from parents. In this day you really do need all the support you can get and I don't blame Borism for taking advantage of that. I'm sure you'd happily do the same OP and so would I.

Exactly agree. There aren't a lot of supportive parent these days but some people no longer have them by their side either!
My parents have helped me but not a lot as I've been the only person who could get a mortgage because of my salary and pay for it in monthly instalments. It's almost impossible to do on National Minimum Wage.
OP is just jealous of my appreciated support from my parents which I am very grateful for. ☺