Now that everyone is renting their music and cars

[Al's 991]

OldGermanHeaps said:

The young couple in their early 20s i was speaking to last week that were moaning how hard it was to get on the property ladder had leased mid spec brand new audi a1 and an a3, they both always wear designer clothes and eat out and go to fancy pubs all the time and have their rooms in their parents houses filled with fancy tvs and sonos and they dont take any of the overtime offered. One of the apprentice sparks I work with on a few jobs saved £20odd grand in 2 years just by driving a £200 car then later a works van, wearing primark and george clothes and only going on cheap nights out and doing overtime and homers. I'm sure its still doable if you sacrifice short term to win long term and set your expectations accordingly for your first place.
My first place was a 1 bedroom flat next to a noisy railway line and you could touch 2 opposite walls in the kitchen just by outstretching your arms, but it was bearable by telling myself it was only temporary and it sure as hell makes you appreciate a 4 bed detached more later in life.

Don't forget there expensive phone contracts as well.

I worked all the hours I could on my own to buy a house ( no wife or girlfriend to help ) moved to a better paying job and saved a deposit to buy my own house. I was 30 when I had enough to buy. If you want something bad enough you can get it.
I had an old B/W TV no furniture and cooked on a camping gas stove for a couple of years. The only new piece of furniture was a brand new bed. So I could sleep and be fit for work the next day.
I then saved for my car. A second hand 924, heaven..........
30 years later and another job change, 3 houses a 911 and a wonderful wife.

Plus
I only had 1 O'Level and a few CSE's. Never went to University and did an apprenticeship.

Edited by Al's 991 on Saturday 17th February 16:25

[HustleRussell]

drainbrain said:

HustleRussell said:

I’m not, it’s just that you can no longer borrow 5x your salary as you could several years ago. Or buy a flat for a reasonable amount of money. Inflation continues, wage inflation has been non-existent for years.

Here Russell. I've found one for you in Surrey. £60k deposit. £35k salary with 4x multiplier to mortgage the balance.

http://www.rightmove.co.uk/property-for-sale/prope...

Send my £1k sourcing fee to the account I'll pm you.

(by the way, that took less than 30 secs to find)

Not bad but I don’t think anybody lends 4x these days, 3 is rule of thumb.

[Flibble]

HustleRussell said:

I’m not, it’s just that you can no longer borrow 5x your salary as you could several years ago. Or buy a flat for a reasonable amount of money. Inflation continues, wage inflation has been non-existent for years.

I was offered a mortgage in that range, I chose not to go for it, but it's not unheard of by any means.

That said, I don't think it's straight up salary multiples any more, it's about how much left after other commitments, so for someone with low outgoings the multiple will seem high.

Edited by Flibble on Saturday 17th February 16:28

[TooMany2cvs]

HustleRussell said:

drainbrain said:

HustleRussell said:

I’m not, it’s just that you can no longer borrow 5x your salary as you could several years ago. Or buy a flat for a reasonable amount of money. Inflation continues, wage inflation has been non-existent for years.

Here Russell. I've found one for you in Surrey. £60k deposit. £35k salary with 4x multiplier to mortgage the balance.

http://www.rightmove.co.uk/property-for-sale/prope...

Send my £1k sourcing fee to the account I'll pm you.

(by the way, that took less than 30 secs to find)

Not bad but I don’t think anybody lends 4x these days, 3 is rule of thumb.

With only 70% LtV, I can't see 4x being that big an issue.

[drainbrain]

HustleRussell said:

Not bad but I don’t think anybody lends 4x these days, 3 is rule of thumb.

Hmm. tbh don't think 4x is hard to find.

[227bhp]

nickfrog said:

HustleRussell said:

Classic PH, I point out that modest property around me is out of reach even though I have worked full time since I was 18, saved up a significant deposit and have a job which pays a moderate wage and PH deduces that I’m socially inept, work shy and ‘can’t be arsed’ to do anything.

Yes I saw the comment and it was very condescending, particularly in light of your contributions to PH who are very eloquent and useful.

You don't exactly come across as a thick slacker and I sympathise with you as my kids are only slightly younger than you, very successful too professionally but simply won't buy a home for a while, however clever/creative they are.

You and them belong to the first generation who didn't surf the affordable property wave because there isn't one and it's very easy for older people to be condescending when the only thing they had was luck on their side, almost however thick/uneducated they were.

Awww, there there, stroke his hair
It's precisely that attitude from your generation that has brought them up to be the way they are now, that's why they don't get it.
It's nothing to do with luck, I decided to work hard for it - you must have missed my point where I said I'm not advising how he spends his money, just don't complain when you decide to go motor racing and can't afford to buy a £400k house.
It's a relatively pointless argument anyhow unless he submits a spreadsheet listing all his incoming and outgoing, and that's not going to happen (neither would I).

Would you afford me some sympathy if I posted up I can't afford to race because i've got a mortgage to pay? I do doubt it.

[HustleRussell]

Al's 991 about the postman and woman said:

Don't forget there expensive phone contracts as well.

Never went to University and did an apprenticeship.

I didn’t go to uni, did an apprenticeship.

I don’t even have a mobile phone contract. Over three years ago when the going was good I bought an iPhone and have kept it going since on a cheap SIM only. That and the money I pay my mum in rent are my only regular monthly outgoings other than Spotify

No gym, Amazon, Netflix subscriptions. No designer label or unnecessary tech habit.

Serviced the old jalopy this morning and rotated the tyres. No lease for me.

[WolfieBot]

I got 4.5x with only a 10% deposit a year ago. Can't have changed that much in a year surely?

I'm not knocking you HustleRussell, I'm the same age / generation as you and can appreciate that it is hard. But I didn't have any help from my parents and I made it work with only marginally above average earnings. I just accepted that my first house wouldn't be great and got on with it.

[HustleRussell]

Wolfiebot it’s regional I guess. The people are right, I could go somewhere else.

[GR_TVR]

drainbrain said:

HustleRussell said:

Not bad but I don’t think anybody lends 4x these days, 3 is rule of thumb.

Hmm. tbh don't think 4x is hard to find.

Quite - HSBC will lend over 4x in most cases, for example.

[HustleRussell]

cml24 said:

HustleRustle, KBR?

Ive driven a few times to Leatherhead for work, and that was from Essex. There are surely parts of Kent maybe that are acceptable and cheap to buy in? Or Crawley isn't too far. Horsham is commutable and affordable.

Agreed that the side of London you're near is pricey, all the people you're age who work there live in Clapham, Richmond etc and that is unaffordable.

I worked in central London, near Paddington station (possibly on the same job) and bought a house in Romford, just under an hour commute - acceptable for me. I got a garage with it, five minutes from the station. Area is a bit 'lively' but lived in worse places.

You’re right on my place of work by the way. Are you still in the industry?

[ARHarh]

Al's 991 said:

Don't forget there expensive phone contracts as well.

I worked all the hours I could on my own to buy a house ( no wife or girlfriend to help ) moved to a better paying job and saved a deposit to buy my own house. I was 30 when I had enough to buy. If you want something bad enough you can get it.
I had an old B/W TV no furniture and cooked on a camping gas stove for a couple of years. The only new piece of furniture was a brand new bed. So I could sleep and be fit for work the next day.
I then saved for my car. A second hand 924, heaven..........
30 years later and another job change, 3 houses a 911 and a wonderful wife.

Plus
I only had 1 O'Level and a few CSE's. Never went to University and did an apprenticeship.

Edited by Al's 991 on Saturday 17th February 16:25

exactly. I bought a small 1 bed flat. Had to find 20% deposit and have 5x salary mortgage for my first place. Car was a rusty metro. No furniture except bed and second hand sofa. Now 30 years later mortgage free in a 4 bed house in the country. I have 1 o'level and some average cse's. No uni education. Just worked hard and tried not to spend more than I earn.

[DoubleD]

HustleRussell said:

Wolfiebot it’s regional I guess. The people are right, I could go somewhere else.

What about that flat that someone linked earlier?

[dazwalsh]

Purely down to people only having eyes on an overpriced new build as their first house rather than making that first and necessary step of a disgusting damp back to back in the inner city.

Instead they piss money down the drain renting and blame someone else.

I bought a btl a few months back, perfect first time buyer house, a 2 bed semi in Leeds, priced at 75k and my offer was the first last and only offer on the place. To say landlords are snapping everything up thats designated for first time buyers is wrong, its just first time buyers want to skip the first couple of steps on the property ladder and buy a house that matches their shiney new leased german hatchback

[HustleRussell]

DoubleD said:

HustleRussell said:

Wolfiebot it’s regional I guess. The people are right, I could go somewhere else.

What about that flat that someone linked earlier?

To be frank I can’t see £200k value in that. That is half of half of a house in a less than ideal location which has been developed to the max. You don’t get a normal flat for £200k. I look at places at 260 which believe it or not are ok value wise (have some potential).

[OldGermanHeaps]

Then move somewhere you can afford, or be happy renting, or earn more. The world is your oyster when you dont have kids and a mortgage to worry about, less comaining more action.

[anonymous-user]

I own my car. I own a house. I rent a house. I rent my music. I buy movies...

Do mix and match is the best way lol.

[egor110]

HustleRussell said:

Classic PH, I point out that modest property around me is out of reach even though I have worked full time since I was 18, saved up a significant deposit and have a job which pays a moderate wage and PH deduces that I’m socially inept, work shy and ‘can’t be arsed’ to do anything.

That's not what's happened though.

You've identified the problem is no affordable properties in your area but haven't acknowledged the solution is to move to somewhere more affordable.

Lots of people are in the same boat as you they just face a longer commute to allow them to buy a home.

[Flibble]

dazwalsh said:

Purely down to people only having eyes on an overpriced new build as their first house rather than making that first and necessary step of a disgusting damp back to back in the inner city.

Maybe I'm odd, but I have been actively avoiding new builds as I don't like them. The walls are too thin and everything feels like it is a shiny but thin veneer over crap.

[drainbrain]

HustleRussell said:

DoubleD said:

HustleRussell said:

Wolfiebot it’s regional I guess. The people are right, I could go somewhere else.

What about that flat that someone linked earlier?

To be frank I can’t see £200k value in that. That is half of half of a house in a less than ideal location which has been developed to the max. You don’t get a normal flat for £200k. I look at places at 260 which believe it or not are ok value wise (have some potential).

Any use?

http://www.rightmove.co.uk/property-for-sale/prope...