This sounds like a very good idea BUT...

Well she used to be someone I loved very much but people change, usually for the worse. I doubt very much that I'll have grandkids to fight over my money.

 

I don't think it is totaly unreasonable to 'want' to go on the property ladder though, its not like I am saying I want a 5 bedroom house with a swimming pool and pony in Didsbury complete with a E class AMG.

I don't even want a car.

I think with this scheme you won't pay rent on the other part of the house, which will make it cheaper.

 

Even without a car it's easy to commute. 30 mins by train puts me in manchester victoria. 45 mins to leeds. You couldn't drive to either one in that time.

 

You misund me AT, and its not at you at all. Its people who think they automatically deserve a new redrow 3 bed detached with garage and moan when they cant have it, lots of spoilt kids around my age (26) who are too use to having mummy and daddy buying hem new cars on their 21st etc etc. When I bought mu house last year I sold my shogun V6 LWB and now use works astravan. Digress; perversley the astravan a right old goer, its only a 2.0 DTi but it doesnt give much away to my old 318is, plus its lowered, air con etc, a Q van!

 

Argh ok sorry. Yep I totally agree with you, I know an 18 year old who's parents have bought a little Ford Ka, but they also pay her insurnace and this Ka is a 52 REG, wtf? That car is better than my dads but he dosn't moan. At least he bought it himself with cash (no loan interest etc)

My mates dad bought him his car, but its a £250 K Reg Fiesta and he looks after it. I have a cousin who was given an N Reg Escort Zetec (the same as my dads) in 1998 by his grandparents, it was worth about £6k-£7k at the time, he had it 2 years before it had to go to the scrap yard, he didn't bother washing it, servicing it or anything, in the end it ran out of oil and them being stupid and clueless gave the car away to a machanic who told them it was worthless.

So when you get given somthing you often don't look after things. I felt so guilty when my parents bought me a Sony DV camera for christmas, I told my mum to take it back becuase its too much but she didn't want to and I couldn't insist as she would be offended.

I must admit to liking gadgets and spending a lot of money on gigs (if I was t buy a house that would have to stop) but at leasts it all my money (well money I will have to pay back soon )

I think if I was well off and had kids I would not spoil them, I wouldn't make them suffer either, if they wanted to go to university I would pay for that, but buying them brand new cars, paying for their insurance etc is a totaly different matter.

I think my sister can be a spoilt at times, but because of the school she went to all her friends were rich, it really angered me when my sister said to me my mum why do we have to be poor becuase she couldn't afford to pay for a holiday for her. Well my parents can afford to put food on the table can afford to pay heating etc, the mortage so they are not poor.

I am not sure what the route of the problem is, but maybe some people just have too much money.

 

Wolfgang - in this day and age it's IMPOSSIBLE to buy in AT's situation - even if you live on bread and water and never go out. You physically can't save £10k a year on £18k, which is what you'd need to do to get a deposit and keep pace with the bloody ridiculous price increases.

I earn £22k in Exeter - I'm in the top 15% of earners here. Even after my folks die (horriible thing to say, but bear with me on this) I'd maybe have a £50k windfall. To buy anything worthwhile (2 beds freehold) I'm looking at £130k. So with deposit, I still need to find £80k. NO bank'll take those odds. And that's after my folks die, by which point the goalposts'll have moved again.

So as far as I'm concerned, I'm unwilling to live like a prisoner and never go out, to keep chasing the unobtainable.

Force scrotum-sucking buy-to-let people and holiday home owners to sell and you solve the problem in one fell swoop - there's more than enough houses to go round if you remove these selfish gits from the equation.

As for mortgaging yourself to your max to ONLY OWN HALF A HOUSE, what the fudge is the point? It's bloody madness. It's like buying a house that's leasehold, and then not owning the land you've paid for the bricks on. Sod that, I'll keep renting thanks. When yob rule totally takes over I'll emigrate or go out in a blaze of glory.

 

Its not so much the buying of these things its the expectations afterwards. Saying all that my tab with mother sanchez is quietly rising, prob is she isnt to willing to be repaid, glad ive not got those particular genes!!

 

T-Bone - Redrow built Ronan Point - I'd rather take a red hot poker up the arse than buy something built by cut price build big price sell "house" builders thanks. As for Persimmon/Ideal - let's not go there...

 

Very blunt but true. In the more diserable areas there is probably a lot of empty properties being used a second home. I have an uncle who is one of these people.

When you think my parents paid £15k in 1980 for a house that is now worth at a maximum £200k somthing is very wrong. Of course my parents have worked for it, but most of that house was paid for on a single income of about £25k of todays money.

So my parents simply had the advantage of being born in the 1950's.

I think somthing will change it has to, otherwise my generation will have to pay rent and not be able to buy a house for ever more. Add the pensions crisis on top of that it all makes for a very bleak retirement.

The UK may be the 3rd richest country in Europe and the 5th richest in terms of GDP but long term there is a crisis waiting.

 

Reminds me of Didsbury point bult on the old Withington Hospital site in Manchester. Its 1.5 miles away from Didsbury yet its still marketed as Didsbury, some of the 2 flats are on the market for £300k.

People are just paying for the name, there is no way in a million years I would buy one, you can buy a pretty big house for that in West Yorkshire.

 

AT - I was blunt because my dad's got terminal cancer - when you have news like that you tend to get realist. Mum'll hopefully live for a good few years yet, but I was always prepared for this as I'm adopted, and my folks are much older relative to me than the average family. Mum's had cancer twice herself, but luckily it was benign both times.

I'll never retract my holiday home/buy-to-let comments for anyone; it's totally DECIMATED Devon and Cornwall. Rich sods should stick to areas they can afford, and leave country folk to have the ability to buy where they work.

As for me, I'm not worrying about retirement. I have a rare congenital syndrome which has heart problems in later life. If I live to retirement at 65 I'll be impressed, but the way those twonks in Labour are going, the goalposts will have moved several times by then, and I bet retirement'll be nearer 95 by then!

As for what I heard on the news last night about graduates and educated people in good jobs having to work longer than lower paid workers before they can retire, that's just tight-fisted BS. If kids bothered to pay attention in class they could learn and get decent-paid jobs. Why should people who work hard be penalised while dole scrounging bottom feeders get everything on a plate?

 

Dom - you're wrong... lending £80k on top of a 70k deposit to someone earning £22k would be seen as a VERY safe proposition. Lenders were prepared to lend me up to 4.7X salary when I bought my place. In the end I borrowed 3.5X on top of 20k, which they regarded as low risk to themselves. All they're looking at is what the house is worth, and that it's more than their equity in it so if/when things go wrong, they won't lose money. Thus if you're putting in more than 20%, things are clearly going to favour them in this situation and so the risk they're carrying is less.

 

I know, I use to work in the new-build industry, utter crap. Persimmon and barrats were my two biggest customers and I use to turn white when I visted sites, give me a decent victorian house any day, now thats engineering.

Going back to ATs problem, surely we're now stuck in a very sid vicous cirlce. Alot of people have packed in private pensions in favour of purchasing property and you cant really blame them. I underdstand the 2nd home syndrome in your area and the likes of the Lake District etc but the real problem is the buy-to-let market.

Back to this cheap housing scheme, I see that redrow have got a debut range that starts at 55k, can you imagine what they are like!

 

Coudln't agree more dom, massive problem the greedy bastards with holiday homes and buy to let, I know of people who own 11 properties, ban it at once I say.

 

Im seriously considering re-locating to one of the east euro countries. I know a few whose doing it and they are delighted with life.

 

troulbe is the greedy bastards are now pricing the spanish and cypriots out of the market, I bet their sights are on cheap houses elsewhere, when will the greed end?

 

I'm afraid it will only end if/when interest rates steeply and people get their fingers badly burned.

The whole sorry business shows up the foolishness of the policy of flogging off council houses and getting rid of dedicated accomodation for nurses/police etc.

 

Issaac its funny how they will lend grauduates more money (regardless of how much they earn) even though they are usualy paying of a massive student loan as well.

My parents house amazes me, I shall take a picture of some of the details on the windows. Some of the details in the joinery is simply amazing considering the machinary they would have had in 1906, then there is the engineering bricks.

They are not even wired properly have the time. Why pay a spark £15+ an hour when they can pay a labourer £5.25 to wire up light switches?

This attitude to cost cutting is going to cause deaths. I would imagine a 55k new house is no better than a static caravan.

 

Yep all my local estate agents not happy with inflating prices near me are now offering villas for like £150k in spain.

Its the old saying the rich get richer and the poor get poorer.

 

They will also lend them more if their parents agree to underwrite the mortgage. And people wonder why the birthrate is falling!