Property

Originally posted by lhatkins
err, I think Dom your missing two of your bigest outgoings, hifi and err your "other" hobbies! :)
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Bollox. I'd need a deposit of ~£45k added to what I could borrow to get anything halfway liveable round here these days. To save that up even without my extra outgoings would take me about a decade (being realistic). That would make me 38, and leave me with less than 25 years' employment to pay the bloody thing off. So I'd rather have my fun and good tunes thanks...

I don't want kids so I don't need to provide an inheritence, and as I say, I don't really expect to be living when I'm 60, so I could care less now to be honest.

But if the crash happens.... I might change my mind.
 
OK here's a suggestion... Not ideal, but why not club together with a mate (or two) and get a joint mortgage that way. This idea assumes you'd have to get on really well with and trust implicity your potential house mates cum business partners. Own the place for a couple of years, hopefully no negative equity in the meantime, then sell up and all go your own seperate ways when the time is mutually convenient for all (hopefully you all make a bit of profit too). Oh yes, the mutually convenient time to sell up or relinquish your share of interest in the property could be a bit of a PITA though...

But there you go, I just an idea I remember some work colleagues (all in their early 20's) at the time actually going through with. Not sure what's happened to them now, but it seemed to like a good idea at the time and made financial sense. They were living in Guildford BTW! ;)
 
Originally posted by HenryT
OK here's a suggestion... Not ideal, but why not club together with a mate (or two) and get a joint mortgage that way. This idea assumes you'd have to get on really well with and trust implicity your potential house mates cum business partners. Own the place for a couple of years, hopefully no negative equity in the meantime, then sell up and all go your own seperate ways when the time is mutually convenient for all (hopefully you all make a bit of profit too). Oh yes, the mutually convenient time to sell up or relinquish your share of interest in the property could be a bit of a PITA though...

But there you go, I just an idea I remember some work colleagues (all in their early 20's) at the time actually going through with. Not sure what's happened to them now, but it seemed to like a good idea at the time and made financial sense. They were living in Guildford BTW! ;)
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A lot of people do that around here - it's virtually the only way to get on the ladder IMHO. Personally, I would prefer to live on my own or with an other half (I like to have my own space (more than a box room) when I want it). I can't think of any other way I could get a mortgage though.
 
Dom

Houses price may float up and down but they will always remain high because we are a little island with nearly 60 million inhabitants.

Once again, stop whinging and get your act together. Henry has come up with a good proposal and you should consider it.

Another option is for you to borrow against a mortgage that does not require proof of income and rent out a couple of rooms to help pay the mortgage.

You are only kidding yourself when you say you don't care about not owning a house, because unless you are either thick or of a hippy type outlook, of which you are neither, you know owning your own house is your best long term bet.

You could buy one now and sell it when you are 55 and have a bloody good time spending the money.

So cut the whinging and get in there.

Regards

Mick
 
Originally posted by HenryT
Care to give some examples, or at least give some ideas of examples of locations? :) I bet they're all in the middle of nowwhere, either that or have problems such drainage issues, etc.


Sounds ideal! :D What's your line of work are you in now if you don't mind me asking? :)
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No problem Harry, Check this site out they have a list of locations on their database.

Your right on 1 issue they are in the coutryside, so its no good for use, but for Car owners its good, we're stuck to living in the City where we can't really afford it but have little choice.

Yes you would need planning permission to build it and morgauge comapnies do "self builder" loans AFAIK.

Been watching a lot of programs about this on the telly and they show you how you go about doing it, very interesting, but again, I'm not brave enough "yet" to take this sort of thing on, I couldn't be at work and build a house, one would have to give.

I've love to build my own though, start from scratch make it the way "you" want it not some poxy architect catering for "the masses". Sorry dreaming again.

It does make you a bit sick you only 3-4 years ago you could buy a 1 bed flat for £30-40k and now they're £80k plus.

Dom there is cheap places in Wondford, as long as you don't mind living in a "war zone"!
 
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Originally posted by domfjbrown
Exactly - you're normal. You have a woman. You can only afford to buy if you're in a relationship, good with a gun, or born with a silver spoon in your mouth these days if you're a first time buyer.

Note - that's not a personal swipe :) Fair play dude - I just get annoyed that single people are less than nothing when it comes to things like house buying...
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A well paid job helps more than most of those.

I guess its also down to where your priorities lie. I stopped buying av and hifi gear, dvds, computer gear, stopped going out so much, stopped buying weed - I basically cutback where ever I could. I'm glad I made the effort to be honest, my mortgage payments are less than rent would be and I have a place of my own. It actually taught me something too - to stop and think before I spend my money, made me much more aware of where all my hard earned cash goes.

Yep i've turned into a tight arse :D
 
Originally posted by tomson
A well paid job helps more than most of those.

I guess its also down to where your priorities lie. I stopped buying av and hifi gear, dvds, computer gear, stopped going out so much, stopped buying weed - I basically cutback where ever I could. I'm glad I made the effort to be honest, my mortgage payments are less than rent would be and I have a place of my own. It actually taught me something too - to stop and think before I spend my money, made me much more aware of where all my hard earned cash goes.

Yep i've turned into a tight arse :D
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I spend very little in month on going out etc, but have my student loans to pay back which take a reasonable chunk (I'm on the old scheme). I would love to get on the property ladder (and as you mentioned, mortgage payments would be cheaper than rent), but certainly wasn't born with any silver spoon so don't know how I'll manage it. Will probably have to try and move back up north (moved here to get a job only as I couldn't get one up north)
 
Re: Dom

Originally posted by mick parry
Houses price may float up and down but they will always remain high because we are a little island with nearly 60 million inhabitants.
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...and thousands of empty holiday homes in the South West...

Originally posted by mick parry
Once again, stop whinging and get your act together. Henry has come up with a good proposal and you should consider it.
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Hmm - I'm with Batfink - buying a house with mates is a risky proposition at best.

Originally posted by mick parry
Another option is for you to borrow against a mortgage that does not require proof of income and rent out a couple of rooms to help pay the mortgage.
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That's an idea; I have 2 mates who are up for renting with me. How do you go about this? BTW - according to the bank last weekend, I've a 95% chance of being accepted for any allowable mortgage, so that's good to know (my brother and sister both had real hassle when they were looking to borrow).

Tomson - I'm in roughly the top 10% of earners in Exeter, but still can't get anything worthwhile. Right now I'd rather not go back to the south east and die of stress, because to get the sort of pay I'd need to get up there, it would be a nightmare...

Mick - I should stop whingeing I know - but it's really hard. I do save SOME money each month though, so I've not totally given up hope. I do feel though that people in this country are too wrapped up in the house thing. I guess if I'd really wanted one I could have got one in 2000 (before the office confirmed where it was moving to) and let it out - I could have had a 3 storey house backing onto Heavitree Park for that then. Now I can't even buy a bedsit for the same price - that's just under 4 years. Something's rotten in Denmark...

Now the stock markets are recovering, hopefully the scourge of the buy-for-profit homo-wner will be over... Buy-to-let I can handle, but buying then selling a couple of months later without moving in? What the hell?
 
Re: Re: Dom

Originally posted by domfjbrown
Right now I'd rather not go back to the south east and die of stress, because to get the sort of pay I'd need to get up there, it would be a nightmare...
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Dont blame you mate.
 
Originally posted by batfink
Will probably have to try and move back up north (moved here to get a job only as I couldn't get one up north)
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Did a similar sort of thing myself. Moved away from the south-west due to lack of (decent, ok read well-paid) jobs, moved to the south-east where there was plenty, gained some useful experience and moved back to the south-west where I am now when a decent job turned up. Hmm, now things turned a bit sour with that job so had to leave. Now I'm beginning to wonder if the move was so wise one afterall! :rolleyes: There's jobs around here, yes, but nothing on the salary level I was on before. So do I move eastwards again, or maybe to some place else entirely for a while? ;)
 
Well, based on the last hour in this ****ing dump, I'll be unemployed very soon... I've had the afternoon with HELL on this excuse for a computer - Dreamweaver will NOT insert tables without crashing. Pity then that I have a site who's deadline is tomorrow, and I have to insert 15 tables. OK so I could do them by hand, but then if I need to edit them...

I reckon more of my ranting tomorrow will get me sacked. Good 'cos if I have to spend another minute using this unreliable heap to do my job...

Thank god for half days and impending stag weekends in Newquay. I feel a migraine coming on - could do with a lie in...
 
Originally posted by domfjbrown
Thank god for half days and impending stag weekends in Newquay. I feel a migraine coming on - could do with a lie in...
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Just sounds like another normal week at work for you then Dom - nudge-nudge-wink-wink! ;)

Just imagine working somewhere where you get no flexi-time, less than 30 days holiday a year and no training courses (or Net access for that matter). :p

Oh yeah, how about working for a place whereby if you want to pull a sicky, *you've got to* phone up a health advisory help line first, who then dish out medical advice to you and phone up your line manager on your behalf if appropriate.
 
i must be one of the few who isnt intrested in owning propety,been there, done that,got the nasty bank letters to prove it.Bought a house with a small morgage nearly 20 years ago,decided that it wasnt for me and tryed to sell without any luck,in the end i just posted the keys through the banks door and disapeared for 6 months,i'm more than happy renting,if i get board i can just pack up and bugger off without all the hassles of selling and buying a place,ok its dead money and somneone else is profiting,but that some else has all the problems of maintaining the property.As for moving jobs /location to earn more ive done the complete opposite,iv recently changed jobs and location and taken a pay cut of around £6k,but quess wot ,im a hell of a lot happier than ive been in a very long time,and strangely enough no worse off financially
 
HenryT

"So do I move eastwards again, or maybe to some place else entirely for a while? "

Well here in Carms wages are low but so is the cost of living so it kinda balances out. In my case I try to earn a high income but live in an area that's low cost, makes sense to me!

What do you do for work?

Best regards

Barnie.
http://www.barnies-place.co.uk/
 
Re: Dom

Originally posted by mick parry
Houses price may float up and down but they will always remain high because we are a little island with nearly 60 million inhabitants.
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Something just occurred to me...Japan.

They're a little island with a higher population than here (I think). What are their house/box prices like ?
 
Re: Re: Dom

Originally posted by batfink
Something just occurred to me...Japan.

They're a little island with a higher population than here (I think). What are their house/box prices like ?
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VERY VERY VERY high. 50 year mortgages aren't uncommon, I believe. My parents used to have Japanese students in as lodgers when I was growing up (they all had these groovy toys, like Tomoko with her "Snoopy" Game & Watch (in 1982) or Kanako with her Sony radio/recording cassette walkman with speaker (1985) - she actually let me keep that but god knows where it went... Anyway, I digress... I'll ask mum for info after the weekend, since she's been there a couple of times and always hears from the ex-lodgers (who were all ace by the way!).

Les - you should have burnt the place down - then you'd have got the dosh back on the buildings insurance... :)

Henry - if I could find a job that I actually liked, I'd not have to surf and whinge. I don't know what job that'd be yet, but it aint this one. Time off is irrelevant anyway now I'm nearer people I need to visit etc... That health thing is crazy though - I dunno if they'd be realistically allowed to do that... Is that your old job, or another one you've been in?
 
Looking from the outside, I'd advise anyone against buying property inthe UK right now. The bubble is bound to burst. In a year ot two, prices will have become more normal again. The present level is unsustainable, it's an irrational exuberance just like the one we had on the stock market.
 
Originally posted by Barnie
"So do I move eastwards again, or maybe to some place else entirely for a while? "

Well here in Carms wages are low but so is the cost of living so it kinda balances out. In my case I try to earn a high income but live in an area that's low cost, makes sense to me!

What do you do for work?
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Hi Barnie - I work in IT (as do quite a lot of people on this forum it seems ;) ), computer programming and software development is what I've mainly been doing for the past few years. Although to be honest it's something I do more for the money than for the love or enjoyment of it these days. In the area where I'm living at the amoment, the cost of living isn't actually that bad once you've got yourself sorted out with housing. I'm one of the lucky ones (or unlucky ones depending on your perspective), I actually own my own house with no mortgage. All I need to do is find the money for the monthly utility bills which would be easily done on an average wage for this area, but unfortunately at the moment I have quite a large loan to pay off. Had I still been in my previous job I would have easily have cleared this debt by the middle of this year and by then I would have been quite happy to settle for a lower paid job. So it's more a case of bad timing and lifestyle changes which I'm not ready for at the present time.

I think Themadhippy has some valid points though (and certainly lives up to his name by saying what he says :D ), at least from my own perspective, being someone who at present is not tied down or settled with family commitments, etc. The only person I really have to worry about is myself, so I can see that material possessions, and especially property ownership can be a hinderance as much as a benefit. I've got a few yearnings (which have yet to be satifisfied) to travel and work in other countries for a bit. So in some ways, selling up (putting the sale proceeds in the bank to gather some interest) and renting whilst I travel around seems a lot less restrictive.

Originally posted by domfjbrown
Henry - if I could find a job that I actually liked, I'd not have to surf and whinge. I don't know what job that'd be yet, but it aint this one.
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A job which doesn't involve computers? :)

Originally posted by domfjbrown
Time off is irrelevant anyway now I'm nearer people I need to visit etc...
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Really? :confused: So when you were living in the south-east you'd take time off to travel down here, and now you're down here you spend as much time going back up there? :p

Originally posted by domfjbrown
That health thing is crazy though - I dunno if they'd be realistically allowed to do that... Is that your old job, or another one you've been in?
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I know a place which has implemented such a procedure. It's a place I've been for an interview at. Although it doesn't bother me in the slightest, as I've never ever pulled a (false) sicky in my life. :D

Originally posted by batfink
So on that basis we should all find the largest country with the lowest population and live there where it'll be cheap (Siberia anyone?)
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Yep, large land mass against low population density in proportion to that land mass, oh but has to have good weather - not freezing ya nuts of weather like what we've got at the moment... ;)
 

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