Your chances of owning your own home?

PiKe

PiKe

PiKe

Caporegime
Joined
18 Oct 2002
Posts
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Location
Lake District
I'm 27 and still living with my parents, trying to save up for a deposit on a house but I really can't see myself being able to, even if I had the 20% deposit against the property I think the monthly repayments on a mortgage wouldn't be manageable along with needing to pay bills, run a car, eat, and the the other essentials.

I set myself a target to not still be living with my parents at the age of 30, I refuse to rent as I consider it to be 'dead money' and it's just further impeding me from actually owning a property. I'd be in the situation where I was living hand to mouth, all my wage would be used up on living and I wouldn't be saving any.

I saw an article the other day that said that an entire generation may well be without home ownership, which in the current climate is looking like it might just happen.

Is anyone in a similar situation to me?
 
Same here. I rent a room from a friend's family home, great setup and the rent is really cheap but it won't last forever. My salary isn't great though my girlfriend will be moving to London once she gets a job. We don't really have a choice other than to rent and then try and buy a house.
 
Your lucky you had the option / patience to live with your parents and save up anything at all, a lot of younger people have been paying rent since their 20s, for people like us, owning a house is just not going to happen for a very long time, if at all, unless theres a massive change in financial circumstances.

However, quite a few of my friends still living with their parents are doing this, one has bought a house with his brother, whilst other friends simply save up and use the money to go travelling / holidays / cars / expensive luxuries. I'm not exactly on the bread line but it ***** me off sometimes, at least I'm my own person living independently.
 
Are your expectations of what you will get as a first house to high, both in location and size etc?

I was in the same sort of position, 27 and living at home with no chance of affording a house. Then things changed at work and meant I needed to relocate from Hampshire to Nottingham. There I could afford to buy a house.
 
I pay rent to my parents and try and save...its stupid, need to have a word, id be saving 350 a month atleast for a deposit that way, grrrr
 
The attitude that rent is "dead money" is quite strange. Do you consider that paying for food is dead money? How about paying for electricity or water or gas? After all, you don't end up with assets paying for those, yet you need those to live, exactly the same as paying rent.

Stop thinking of somewhere to live as an asset and more like a service, renting soon starts to make a lot more sense.

I only have a mortgage because I bought at a good time (2000) and I am now paying considerably less than I would be if I were renting. If I had to get somewhere to live now, I wouldn't chuck my deposit away on a mortgage, I'd rather rent.
 
If i get made redundant in 17 days time, then it may be quite high as can use the pay-off for debt clearance for me and Mrs S and then still have a parge sum to put down for a deposit.

Only need to get 2 bedroom place (3 at most) as there wil only ever be the two of us and the pets, so that helps out and as she earns the same as me now, 'should' be able to secure a mortgage on her earnings alone. Am hoping to not be out of work for more than 2-3 months (Mrs S is probably hoping for less so that i dont get used to going and playing golf all the time and sitting playing EVE for ever.....)

It has got significantly dificult to get on the property ladder of late. I remember when i got my first new house, was woefully easy to get a mortgage with a low deposit then.
 
Mr^B said:
The attitude that rent is "dead money" is quite strange. Do you consider that paying for food is dead money? How about paying for electricity or water or gas? After all, you don't end up with assets paying for those, yet you need those to live, exactly the same as paying rent.

Stop thinking of somewhere to live as an asset and more like a service, renting soon starts to make a lot more sense.

I only have a mortgage because I bought at a good time (2000) and I am now paying considerably less than I would be if I were renting. If I had to get somewhere to live now, I wouldn't chuck my deposit away on a mortgage, I'd rather rent.
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My thinking is the money that goes towards rent could go towards mortgage repayments, that way you'd have something to show for it when all is said and done.
 
PiKe said:
Just over a £1000 after tax and and semi around here (10 miles from work) is about £140k.
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sorry but you're living in a dream world if you ever think you're ever going to own a property on that kind of money. i earn less but i came to the realisation very early in my life that i'll be renting forever. it doesn't bother me in the slightest. i guess it helps that i had no alternative. staying with parents at your age is a totally alien concept to me.
 
Could buy a house if I wanted but I'm happy renting right now I'll keep saving for a deposit and probably buy something in a year or two or maybe just rent somewhere bigger
 
I'm currently considering how I'm going to save up for a house and pay mortgage etc.

I personally do not subscribe to the idea that paying rent is 'dead money' as you put it. You are paying for a service, simples. Also isn't it true that most of what you're paying off is the interest, not the actual house? Plus not to mention maintenance etc etc.

Dont get me wrong, I am well aware that houses are secure(ish) investments and secure you in your later life. But with the way the housing market is, I am beginning to wonder what the UK's obsession is with needing to own a house. There are other (perhaps more profitable) ways of saving/investing other than bricks and mortar.

For example, when the time comes to lay down 40 - 50K for a deposit (London) will I really feel that this is the best place to be putting my money? Perhaps it would be better to invest or start a new business.
 
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