Mortgage Rate Rises

413x said:
If parents are happy then this is great.
Its better to undercharge your kid for rent and help them on the life ladder if everyone is happy.

I'd have stayed longer. But living at home came with being a slave and paying rent.

I may have missed this being a sarcastic retort to a previous post however! :D
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I think the point being made though was you wouldn't have to subsidise their rent to help them onto the ladder etc..

I moved out when I was 18 and there were options that I could afford with the job I was doing because that was normal and not some incredible twist of events, it was only the late 90s.
 
matt100 said:
I think the point being made though was you wouldn't have to subsidise their rent to help them onto the ladder etc..

I moved out when I was 18 and there were options that I could afford with the job I was doing because that was normal and not some incredible twist of events, it was only the late 90s.
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I stupidly went to uni. Then stupidly stayed at my parents (limited jobs) and stupidly stayed at same job. Wasn't until I was 25 I think I moved out of frustration at feeling like a child.

Due to limited earnings in that area it did not benefit me at all. Probably opposite as it was the lazy option.
 
ci_newman said:
Why didn't your son move somewhere cheaper instead of leeching from his parents for 30 years instead?
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Because you tend to get arrested for kicking your kids out if they are under 16....


Edit - On a serious note, the average first time buyer is in their 30s. If rent is cheaper at home, and it works, why would you pay another person's mortgage?
 
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I know someone from school who once they turned 18 their parents started charging them a couple of hundred in rent a month Bearing in mind they will still in full time education in sixth form at the time. I think they just ended up living at their boyfriends house until they went to uni. Always found that rather odd to be honest.
 
MikeTheNative said:
I know someone from school who once they turned 18 their parents started charging them a couple of hundred in rent a month Bearing in mind they will still in full time education in sixth form at the time. I think they just ended up living at their boyfriends house until they went to uni. Always found that rather odd to be honest.
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6th form I got free
I started to get charged 20% of my take home from the first pay packet when I got a job!
I think they were keen to get rid of me.
 
MikeTheNative said:
I could understand to a certain degree if they had a full time job but they were still in school at the time. Had to get a part time job just to pay for the rent lol
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I suppose it depends on families.

Certainly some of my secondary school friends were expected to go and get a job at 16 and start paying their way.
So I can see how some families if stretched (it really wasnt the land of milk and honey at that point that some who didn't live it think it was), then they would have expected someone taking optional education to still pay their way.

I think that way of thinking has probably been consigned pretty much to history now. And ofc you cant really leave school at 16 now anyways.
 
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MikeTheNative said:
I know someone from school who once they turned 18 their parents started charging them a couple of hundred in rent a month Bearing in mind they will still in full time education in sixth form at the time. I think they just ended up living at their boyfriends house until they went to uni. Always found that rather odd to be honest.
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It is super odd parents charging rent at all. Typical boomer behaviour. The only difference is if they are competently investing that rent. Embarrassing really.
 
dLockers said:
100% acceptable and a use case covered in my post. I would be cross if they sat on it and didn't appropriately invest it, though.
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Sorry need to clarify this one as its a little more than I gave away.
She was not living in their house but in fact her grans house that her parents had inherited.
She paid them rent whilst living in that house, but when she moved out to get her own they gave her her rent back.
I doubt it was the exact amount, they were not exactly short of a few quid.
(She and her sister shared the house and it was sold when both moved out)
 
danlightbulb said:
Dont you understand its relative? If they move somewhere else, their incomes would also likely drop so in the same overall position on affordability.

The only way to 'win' is work in the city in a high paid job but in cheap accommodation, then take that money and buy something cheap up north with it, changing jobs and living a simpler life on a lower income.

This is only an option for a small subset of people.
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No, salaries go with the job, not area usually. Unless you are on min wage. A qualified engineer or trade can command a comparable salary in the private sector in most parts of the country. Public sector wages tend to be national, teachers etc. London weighting MAY be available but that is usually for other additional costs, not mortgages.
 
I think paying parents rent is fairly normal, however it's usually only a nominal amount. Really it's good to teach them that bills need paying each month. Especially when kids usually don't have any idea of the cost of things, so a general £100 or so a month which covers food/rent/utilities etc i'd say is usual once the kids are working.
 
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