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  #81  
Old 02-04-2007, 02:12 PM
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Quote:
Originally posted by kolinkins
Been saving for ages. But, with student loans (yes plural Dave) and the like, it's pretty much impossible to stay in the black month by month.

Student loans (and career development loans) are another thing the 30somethings of today did not have to deal with, so I cant possibly expect them to understand
I'm 35 - I had a student loans
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  #82  
Old 02-04-2007, 02:12 PM
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I think a lot of you misguided people are gonna feel the pinch in a few years. And i might add i am not looking forward to it but i am preparing for it. The housing market is just another branch of what many call a depression. Lets hope its not a great one!
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  #83  
Old 02-04-2007, 02:13 PM
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Quote:
Originally posted by kolinkins
Been saving for ages. But, with student loans (yes plural Dave) and the like, it's pretty much impossible to stay in the black month by month.

Student loans (and career development loans) are another thing the 30somethings of today did not have to deal with, so I cant possibly expect them to understand
Had both student loans and CDL's and I'm in my (early) thirties. It takes time to get financially sorted these days but in your mid-twenties you have time on your side.

Its hard, no doubt, but certainly not impossible though.
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  #84  
Old 02-04-2007, 02:13 PM
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Well I had to deal with them I am in my 30's (well 30). I had student loans (plural) and I have managed to buy property. They don't just get handed to you on a plate you have to save like you have never saved before and be prepared to live way out of london in a shit area in a poky place to get on the ladder. There are places out there but people seem to want to live somewhere nice for their first home and it don't work like that I am afraid.

Tell me ya budget I'll find you somewhere to live!
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  #85  
Old 02-04-2007, 02:14 PM
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Quote:
Originally posted by Dave
So not wanting to lose my home makes me a Tory?
that's not the bit that makes you a Tory.

It's the "get a better job" bit that does that....

I'm pretty sure I will be better at saving when I'm not spening half of my post tax income paying back loans. And why did I take those loans? To try and get myself a career good enough to buy a house. A horrible vicious circle.
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  #86  
Old 02-04-2007, 02:15 PM
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It's hardly Tory to think that millions of peoples finances shouldn't be buggered up to help 20somethings buy houses.
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  #87  
Old 02-04-2007, 02:15 PM
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Quote:
Originally posted by Dave
So not wanting to lose my home makes me a Tory?

you wouldn't lose your home it would just be worth less for a while and then as with all things economic there will be a turn around. That is if, and I very much doubt there will be, a slump in the housing market. You'll just have to stay in the house are living in until the market sorts itself out which it always does. All economies are a cycle of boom and bust - that's just what happens.
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  #88  
Old 02-04-2007, 02:16 PM
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If only you'd gone to the university of life, klinks. Not only would you be debt-free but going by the experience of others you'd also be one of the most well-balanced and omniscient posters on here.

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  #89  
Old 02-04-2007, 02:17 PM
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Quote:
Originally posted by kolinkins
that's not the bit that makes you a Tory.

It's the "get a better job" bit that does that....

I'm pretty sure I will be better at saving when I'm not spening half of my post tax income paying back loans. And why did I take those loans? To try and get myself a career good enough to buy a house. A horrible vicious circle.
Do you have anyone you can buy with? Two incomes are better than one...
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  #90  
Old 02-04-2007, 02:17 PM
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Quote:
Originally posted by Ecalap Latsyrc
It's hardly Tory to think that millions of peoples finances shouldn't be buggered up to help 20somethings buy houses.
well quite
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  #91  
Old 02-04-2007, 02:18 PM
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Quote:
Originally posted by Dave
So not wanting to lose my home makes me a Tory?
Nah, makes you a dad
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  #92  
Old 02-04-2007, 02:18 PM
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Quote:
Originally posted by kolinkins
that's not the bit that makes you a Tory.

It's the "get a better job" bit that does that....

I'm pretty sure I will be better at saving when I'm not spening half of my post tax income paying back loans. And why did I take those loans? To try and get myself a career good enough to buy a house. A horrible vicious circle.

Well I don't understand it K - I really don't. Your situation sounds similar to loads and loads of my friends all aged between 25 and 30 - most of which are now managing to buy places even with outstanding student loans. Most of them not earning what you would call top whack.

However, it is all about priorities - if getting a house is high priority to you then getting a better paid job would seem a sensible option to be able to get one. That's sort of the way it works in an economy like ours. If you dont like it - move to Cuba, you'll definitely get a house there.
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  #93  
Old 02-04-2007, 02:19 PM
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Quote:
Originally posted by Lizzy
Well we just have borrowed from a lender that did at 5.4% (is that decent?)

You need to find a new IFA mate! Mind you we did have less than 50% of loan to value and I think that makes a difference.
5.4% with less than 50% LTV?!

I think you're the one that needs a new broker! I mean, it's not bad, but there are better deals out there. I think Hakers is the man on here.
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  #94  
Old 02-04-2007, 02:20 PM
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  #95  
Old 02-04-2007, 02:20 PM
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Quote:
Originally posted by Dave
I couldn't afford a house in my mid twenties.

Why do you think you should be able to?
That's what gets me when was this magical time when it was easy for 20 somethings to get on the property ladder and own property? Took me until I was 31 and then me and the misses bought a sh!thole that needed total renovation, we lived there worked full time during the day and come home and worked every hour on the house for the best part of a year. Now I'm pretty sorted property wise, (admitedly I cashed in my chips and moved to Spain, which helps) but it's only because we saved and worked like crazy to get there.

Having said that prices in London and the UK do seem pretty rediculous, but then that applies to everything from a bus ticket to property.
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  #96  
Old 02-04-2007, 02:21 PM
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Quote:
Originally posted by Lizzy
Well I don't understand it K - I really don't. Your situation sounds similar to loads and loads of my friends all aged between 25 and 30 - most of which are now managing to buy places even with outstanding student loans. Most of them not earning what you would call top whack.

However, it is all about priorities - if getting a house is high priority to you then getting a better paid job would seem a sensible option to be able to get one. That's sort of the way it works in an economy like ours. If you dont like it - move to Cuba, you'll definitely get a house there.
Might go to Jordan, a mate of mine just bought a 5 bedroom, 5 bathroom, 4 dressing room, 3 reception room house for 25k.....

Plus Lizzy, you have to be careful when being sympathetic about students loan. If it was the main one, 2.5% of income over 15k, then it would be fine, not worth a mention. And that's the loan most people talk about. Others of us had to take further loans to get through though.
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Old 02-04-2007, 02:22 PM
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Quote:
Originally posted by Bartman
5.4% with less than 50% LTV?!

I think you're the one that needs a new broker! I mean, it's not bad, but there are better deals out there. I think Hakers is the man on here.
actually it was less than that but we have decided to put down less deposit and we are staying with my current lender to avoid the whacking penalty which has pushed the rate up a bit. Holding back some of the deposit affected the rate. Actually I might be talking bollox it might be 5.15% - oh bloody hell don't ask me I just pay the sodding thing!!!
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  #98  
Old 02-04-2007, 02:26 PM
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Quote:
Originally posted by west country boy
If only you'd gone to the university of life, klinks. Not only would you be debt-free but going by the experience of others you'd also be one of the most well-balanced and omniscient posters on here.

Ciao!
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  #99  
Old 02-04-2007, 02:30 PM
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Why not find a friend to buy with and get an interest only mortgage.

Say the property costs 200k , then that means if you had a 100% loan you would be paying approx 450 month each.

My first 2 bed flat cost 60k (it was worth less than 40k 2 years later) so with rates at 15% that was approx 750 month on interest alone. Now bear in mind that it just on interest and in those days you had to repay capital as well (with maybe an endowment which has barely gone up in 15 years) and 750 a month is far more in the early 90s than it is today.

My point is not to say it isnt hard but on my tint back of an envelope example is it really harder today than 15 years ago - if anything it is a little easier?

I do rememebr my mum once telling me they have never been able to afford a home they bought.
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  #100  
Old 02-04-2007, 02:32 PM
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I am not sure it has ever been the case that the national average property price (218,000) has been almost 10 times the rate of the national average wage (24,000)
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