Man of Honour
- Joined
- 21 Nov 2004
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- 46,383
Ah yes, the generation that blames everyone else and expects the world to give them everything for free.
And boomers wonder why millennials are bitter towards them..
- Thread starter Scam
- Start date
Looking at the TfL website, moving from zone 2 to zone 5 would cost an extra £100 a month on the tube. So it would have to be quite a significant saving in rent to make it worthwhile. Not to mention living in a cheaper, worse area would up any insurance premiums.
- Joined
- 30 Jul 2006
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- 12,130
I have absolutely no idea why @Scam (or anyone else) chooses to blame people of a particular age for the lunacy that is property price inflation 
The average deposit was £46,187 and the average purchase price was £231,455.
A house at the average purchase price could have been bought using a deposit of £11,573 (5%).
Well yeah, it depends where in London you live etc.. Renting a 2 bed place in West London vs say a 1 bed place in a cheaper location, over a few years, can easily equate to a deposit, especially with two breadwinners.
I think for most people traffic isn't an issue - take the tube or train, also if you're adding an hour to your commute you could well be rather far away from London - there are plenty of relatively affordable areas with only a short train ride into central London
But could someone buying at 5% afford the mortgage repayments?
A house that costs £231K today you'd have to be on what 40K or so to sensibly afford? and at least around here a lot of basic houses like 2 bedroom mid-terrace aren't much below that - probably £178K or so other than in bad areas so anyone that isn't working a fairly reasonable job is looking at tiny flats generally in bad areas unless they can get together with someone else.
Sadly that is something that has become a big factor these days - things become much more attainable when you have two breadwinners but not everyone is in that situation - far less people even get married these days - dropped by 2/3rds since the days of the "boomers" which is an additional factor.
Soldato
- Joined
- 5 Aug 2006
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- 11,379
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- Derbyshire
As I am that generation I find that very offensive....
I'm joking I find them bloody annoying too.
Whine: "Oh it is so terrible I cannot afford a house".
Me: "Why have you got a £50 per month phone, the full Sky TV package and a leased car when you work 16h per week on a checkout age 25?"
Whine: "Oh my gosh your (using the wrong use of your/you're of course) so judgmental!"
- Joined
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A £50 per month phone, the full Sky TV package and a leased car are so much more important than somewhere to lay your head of a night - ask Jesus 
Clearly people with 5% deposits can afford the repayments otherwise they'd all have been repossessed or forced to sell up and there'd be a massive mortgage mis-selling scandal.
Much stronger legislation and regulation in the tenants favour. Treating them as homes, not investments
My rent is £650 a month. My house is worth £100k at the most. A mortgage would be easily affordable. In fact is could likely overpay by 20-40% by keeping the £650 monthly payment. Or take a much shorter mortgage, potentially 17 or 18 years instead of 25. The monthly payments are rarely the issue. While rent remains so high actually getting in the ladder is next to impossible for many.
Caporegime
- Joined
- 18 Sep 2009
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- Dormanstown.
That's pretty much what a lot of new build houses are lol. People are goaded into buying houses they can't actually afford with the 5% deposit and 20% equity loan.
Although 95% LTV isn't guaranteed to always be available on an older property as there's no legislation to require banks offer it is there?
What proportion of these 5% deposit/20% equity loan buyers aren'y paying their way?
As far as I know there's no legislation guaranteeing 95% LTV is available to anyone on any property. The equity loan scheme effectively makes you a 75% or less LTV purchaser as far as the lender is concerned.
Caporegime
- Joined
- 18 Sep 2009
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- 30,309
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- Dormanstown.
I wouldn't be able to say.
However, anecdotally until the legislation on the help to buy equity loan changes, I could put myself into a situation where I could buy a house I can't afford at a 90% LTV.
Point I was making was that not everyone will be able to afford a house on a 5% deposit that might be able to afford the monthly outgoings with a bigger deposit behind them.
Everyone has different financial circumstances and the LTV isn't a particularly good indicator as to whether or not someone can afford to pay their mortgage.
It's probably got a lot to do with buy to let and foreign investmentI have absolutely no idea why @Scam (or anyone else) chooses to blame people of a particular age for the lunacy that is property price inflation
That is a bit of a tangent to the point I was making.
But ultimately yeah everyone has different circumstances - too many people seem to be posting here assuming everyone else is lives are ultimately very similar to their own.
What Boomers? Couldn't agree more.
Blame them millennials for everything, and had everything handed to them for free.
Think my Grandad bought his house with a years wages or something. And if he ever needed a job he could pretty much walk into anywhere, ask nicely, and get a job. He said as much himself.
Anyway im going to unfollow this thread I think. Too many clueless people on either side of the fence looking for a fight.
Have fun chaps.
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