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as a millenial, life ends at 18 Watch

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    (Original post by jamesthehustler)
    i'd get a soliciter on my payroll and leases i was told don't apply once you own a site by my old boss
    Who is going in pay you then?

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    Move to a country where housing is affordable then
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    (Original post by Reue)
    I just whacked 2x £10k salaries for a joint mortgage in the Barclay's calculator. It said they'd lend £80k.

    Obviously there will be affordability checks but we've no way of knowing an individual bank's requirements for those as it really does depend on the circumstances.
    What about single people though? And even for couples I dread to think of how much they would be paying out from an already low salary. I doubt they would pass the credit and lenders check to be honest the mortgage underwriters will know better as they are supposed to lend responsibly (especially now, post financial crisis), and the online calculator would mean very little.

    As for 80K houses I don't think there will be nearly enough of them going for those on national minimum.
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    (Original post by lotusbloom)
    What about single people though? And even for couples I dread to think of how much they would be paying out from an already low salary. I doubt they would pass the credit and lenders check to be honest the mortgage underwriters will know better as they are supposed to lend responsibly (especially now, post financial crisis), and the online calculator would mean very little.

    As for 80K houses I don't think there will be nearly enough of them going for those on national minimum.
    Single people don't need houses obviously, rent a one bed flat or share with a bunch of other people, the fact you likely don't have any family commitments means you can move to where labour is in demand anyway, this saves houses for people who want to buy as couples. Win win.
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    (Original post by Reue)
    None of that suggests any of your initial post to be correct.

    Anyone earning even minimum wage working full time can afford to buy a house in the UK.
    Completely depends where you live. At 18 i could by a flat if I moved to the other side of the country- however I would have no friends or family around me. In the south owning a property is a far of dream, even renting one is too expensive for some students.


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    (Original post by lotusbloom)
    What about single people though?
    What about single people? Having spoken to a number of people in their 40s+ it seems they also had to couple up in order to afford a first home. Doesn't have to be with a BF/GF, I know people who have bought with family members or friends.

    (Original post by lotusbloom)
    And even for couples I dread to think of how much they would be paying out from an already low salary.
    £395 a month on a 90% LTV £90k property. Less than 25% of their net take-home pay.

    (Original post by lotusbloom)
    I doubt they would pass the credit and lenders check to be honest the mortgage underwriters will know better as they are supposed to lend responsibly (especially now, post financial crisis), and the online calculator would mean very little.
    25% of take-home salary seems a very reasonable cost to maintain.

    (Original post by lotusbloom)
    As for 80K houses I don't think there will be nearly enough of them going for those on national minimum.
    There's ones spare at the moment, which suggests supply fulfils current demand.
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    (Original post by DiddyDec)
    Who is going in pay you then?

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    well the rolexes, tiffany, cartiers, oscar hayman's and h. stern's should do it but there's still the versace, daussi, nubar, patek philippes, shaker, louis vuitton, longines, scott james, tacori, kays, sophia d, hamilton and ulysse nardin
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    (Original post by whorace)
    Single people don't need houses obviously, rent a one bed flat or share with a bunch of other people, the fact you likely don't have any family commitments means you can move to where labour is in demand anyway, this saves houses for people who want to buy as couples. Win win.
    Single people don't need houses? Well indeed they may not need a 2+ bedroom property. And what about those who have lost their families or are divorced? Are they meant to shack up in a flat share for the rest of their lives or be obliged to pay rent with no rights to own property? I believe it is a human right to be allowed to own property regardless of whether you have family or not.
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    (Original post by lotusbloom)
    Single people don't need houses? Well indeed they may not need a 2+ bedroom property. And what about those who have lost their families or are divorced? Are they meant to shack up in a flat share for the rest of their lives or be obliged to pay rent with no rights to own property? I believe it is a human right to be allowed to own property regardless of whether you have family or not.
    If you get divorced and you haven't already got your house,

    - You should have invested in a better partner
    - You should have been a better partner
    - You should move back into a one bedroom property

    If they die and you haven't paid it off, well tough luck. If you want to own property make enough money to buy it.
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    (Original post by Failingstudent98)
    Completely depends where you live. At 18 i could by a flat if I moved to the other side of the country- however I would have no friends or family around me. In the south owning a property is a far of dream, even renting one is too expensive for some students.
    Totally agree.

    Why wouldn't you move at 18 to be somewhere you could reasonably set yourself up for life? It's the best time to move; unlikely to have many commitments or ties to an area. I can guarantee that at 21 when you finish university a large chunk of your old hometown friends will not return to the area anyway.
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    (Original post by whorace)
    If they die and you haven't paid it off, well touch luck.
    Pay the £8 a month for mortgage life insurance.
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    (Original post by lotusbloom)
    I believe it is a human right to be allowed to own property regardless of whether you have family or not.
    No-one is taking away your right to own property. But that doesn't mean anyone needs to give it to you.
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    (Original post by Reue)
    No-one is taking away your right to own property. But that doesn't mean anyone needs to give it to you.
    I was responding to whorace, who said single people don't need houses. They can buy houses if they chose to and can afford to as they do have that right.
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    (Original post by lotusbloom)
    I was responding to whorace, who said single people don't need houses.
    Nowhere did he suggest they didn't have a right to own a house :s
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    (Original post by whorace)
    If you get divorced and you haven't already got your house,

    - You should have invested in a better partner
    - You should have been a better partner
    - You should move back into a one bedroom property

    If they die and you haven't paid it off, well tough luck. If you want to own property make enough money to buy it.
    It's not that simple. Property prices are increasing much faster than wages. According to the CEBR house prices will jump up another 50% in the next 10 years, mostly due to shortage in housing supply and increase in population. Even many on good professional wages cannot afford to buy today. The fact is that there is a housing crisis in the UK and I'm sorry but many millennials will never be able to afford property.
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    (Original post by Reue)
    Nowhere did he suggest they didn't have a right to own a house :s
    He said they don't need them, I said they had a right to them.
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    (Original post by lotusbloom)
    He said they don't need them, I said they had a right to them.
    Those 2 statements are pretty unrelated.
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    (Original post by lotusbloom)
    It's not that simple. Property prices are increasing much faster than wages. According to the CEBR house prices will jump up another 50% in the next 10 years, mostly due to shortage in housing supply and increase in population. Even many on good professional wages cannot afford to buy today. The fact is that there is a housing crisis in the UK and I'm sorry but many millennials will never be able to afford property.
    So what? As long as they have a place to live and suitable living conditions, the market is saturated it needs cheaper alternatives which the new generation can afford. Property ownership was so last century.
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    (Original post by whorace)
    So what? As long as they have a place to live and suitable living conditions, the market is saturated it needs cheaper alternatives which the new generation can afford. Property ownership was so last century.
    Indeed, ownership was last century. I don't personally mind, I'm happy with renting. However, it is ludicrous to suggest that home ownership is a slice of cake for millennials or that simply anyone can own a home and that they banks will now hand out mortgages like sweets.
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    (Original post by Straighthate)
    i will probably never be able to afford to leave home until im 30

    i will be a ****ing old ******* by the time i can be indepedent and start having a life

    lay down and rot guys
    aware, srs
 
 
 
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