On £25k but 'poor'?! Misery thread...
Discussion
Dougan1 said:
Pulse said:
Nope, our first house was just shy of £150k, but we needed to furnish it as well, so saved up £20k.
How much did you typically pay off per month?Pulse said:
We didn't approach it that way, and in fact for the first few years, we did nothing at all with it. After about 3 years, we realised we could save a lot of money by paying it off, so started putting as much as possible in whilst still in our fixed rate. Then when the end of the 5 years came, we put in everything we had (at the time, £44k). Since then, we've knocked chunks off it as and when we could be bothered to go to the bank - usually at least £2000, otherwise it's not worth the hassle.
To pay off £130k in 6 years is just over 20k a year (ignoring interest). To take home £20k a year a single person needs a salary of £25k, so to save £20k a year I suggest your wages were significantly higher than the joint income of £28k you stated earlier in this thread? NightDriver said:
To pay off £130k in 6 years is just over 20k a year (ignoring interest). To take home £20k a year a single person needs a salary of £25k, so to save £20k a year I suggest your wages were significantly higher than the joint income of £28k you stated earlier in this thread?
I did say our wages have gone up. They've gone up a fair amount I'd say, but nothing spectacular. Up until 6 months ago, I was still on £30k.Pulse said:
I did say our wages have gone up. They've gone up a fair amount I'd say, but nothing spectacular. Up until 6 months ago, I was still on £30k.
My point is just that whilst your example is great as inspiration for people, for someone actually on £25k household income, just 'making sacrifices' on it's own will not get them in a house with their mortgage paid off in under 10 years.... NightDriver said:
My point is just that whilst your example is great as inspiration for people, for someone actually on £25k household income, just 'making sacrifices' on it's own will not get them in a house with their mortgage paid off in under 10 years....
Without being rude, that is pretty obvious.Based on where I live,
2 bed semi - 80k
Deposit - 20k
Mortgage - 60k at £250 a month based on current deals and interest rates.
Earnings - take home £1600 a month at £25k per annum
With the mortgage at £250 there's no way you need more that £1k a month to live, so if you over paid by £260 a a month you'd pay it off in ten years. This also leaves you with £340 for rainy days, home improvement etc.
2 bed semi - 80k
Deposit - 20k
Mortgage - 60k at £250 a month based on current deals and interest rates.
Earnings - take home £1600 a month at £25k per annum
With the mortgage at £250 there's no way you need more that £1k a month to live, so if you over paid by £260 a a month you'd pay it off in ten years. This also leaves you with £340 for rainy days, home improvement etc.
MajorProblem said:
Based on where I live,
2 bed semi - 80k
Deposit - 20k
Mortgage - 60k at £250 a month based on current deals and interest rates.
Earnings - take home £1600 a month at £25k per annum
With the mortgage at £250 there's no way you need more that £1k a month to live, so if you over paid by £260 a a month you'd pay it off in ten years. This also leaves you with £340 for rainy days, home improvement etc.
Wow, uber cheap!2 bed semi - 80k
Deposit - 20k
Mortgage - 60k at £250 a month based on current deals and interest rates.
Earnings - take home £1600 a month at £25k per annum
With the mortgage at £250 there's no way you need more that £1k a month to live, so if you over paid by £260 a a month you'd pay it off in ten years. This also leaves you with £340 for rainy days, home improvement etc.
t holes just have to look north. NightDriver said:
My point is just that whilst your example is great as inspiration for people, for someone actually on £25k household income, just 'making sacrifices' on it's own will not get them in a house with their mortgage paid off in under 10 years....
Oh, I agree! I wasn't trying to make that point though - just that what I've 'achieved' could easily be rolled out on a smaller scale for those on less wages.Like I said, I was only on £30k up until recently, so it's not like I've been on high wages for a long time... I'm not even on high wages now.
I bought my first house for £35k in the early 90s...around here now you can still earn a salary and buy a house/flat for £60k upwards in a nice town...millions of people live this way ...not all the country lives in the expensive parts 
sure, the job opportunities might be less than living in a city of millions, but isnt that the same in all countries....you dont generally walk out of school and buy a £200k posh apartment in the city for your first job......
sure, the job opportunities might be less than living in a city of millions, but isnt that the same in all countries....you dont generally walk out of school and buy a £200k posh apartment in the city for your first job......
okgo said:
Yes this magical property being spoken of is probably next to a motorway and a railway line. Noise = cheap.
Ever heard of such places like Liverpool or Manchester ? There are big cities even further north like Leeds they all have jobs plenty of well paid ones and magical property a plenty! BoRED S2upid said:
Ever heard of such places like Liverpool or Manchester ? There are big cities even further north like Leeds they all have jobs plenty of well paid ones and magical property a plenty!
What, you can live in a nice part of Liverpool (oxymorons aside) for under £100k?What is a good job paying in those cities? £50-60k I guess?
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