threebikesmcginty
Corn Fed Hick...
- Location
- ...on the slake
And that, lots of other good stuff too.
Baby Boomers - Where's My Audi Then?
- Thread starter delb0y
- Start date
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And that, lots of other good stuff too.
When my wife and I bought our house 3 years ago I remember having various meetings with mortgage advisers who basically said "right then, based on practically no information at all, you can have £xxxx" (3x our combined income) and we just looked at each other and laughed but its the norm and presented to you as a perfectly sensible thing to do, just on the basis that everyone else does it. In the end I think we ended up with about 2.2x. That gave me margin for a 1% rate rise in the first 3 years (assuming no pay rise), then when we came to the end of our fixed rate period the rate dropped again (as some capital had been repaid and value of property had crept up) so now I think I'm good for just over 1.5% rise before I have to use money currently going into other savings for the mortgage.
Now, what really worries me is that if I said all of the above to a lot of people I know who are of similar age to me (late 20's early 30's) who have either bought or who are thinking of buying a house I would be met with a blank stare or even derided for being a smart-arse.
JoeyB
Go on, tilt your head!
- Location
- Fareham, Hampshire
No, of course it's not a penis extension...
Ha, if it were a new BMW then maybe. E30s are just for awesome people ;-)
swee'pea99
Squire
[QUOTE 2816188, member: 9609"]The thing that puzzles me is; Considering that we were brought up in a time before health and safety, Lead water pipes, lead painted toys, asbestos, even those who didn't smoke had at least 20 a day passively, no seat belts, no helmets, no central heating, in fact about nothing of anything in comparison to today's spoilt little kids...... How are we fitter and healthier than most 20 year olds.[/quote]
Proper food and exercise.
Proper food and exercise.
- Location
- Next door to Mr Benn at No 54
An excellent chef? Knowledgeable about South America?
Median house price in Cambridge in 2009 (the most recent I can find on t'internet without expending any actual effort researching): £213000
Median household income for "12UB Cambridge" in the same year: £30000
Necessary combined household income for a 2.2x multiplier: about £97000
I'm not saying these numbers are pertinent to your situation: clearly I've made a number of assumptions and they're not even for the same year. I just thought that they provided a neat illustration of what options may be open to today's average household in (my assumption) your area, because it doesn't seem to include buying today's average house
http://www.cambridgeshire.gov.uk/business/research/economylab/labour/houseincome.htm
http://www.houseprices.uk.net/regional/cambridge.html
My house will be paid of in 9 years time and i shall be 57. They can have it when i die, and that will be greatest gift (after education & manners) that i can give them. I don't see how teenagers of today will be able to afford their own properties, without a substantial cash injection from their parents, who lived well, but not in access and certainly grafted to get where they are today.
My kids both work their bollix off, as do their partners, while I swan about in a carbon copy of @threebikesmcginty 's smoking jacket shouting abuse at the gardener and feeling up the maids.
- Location
- Egham
I do hope that you refuse to fund him any more then. Perfect example of the 'I deserve it all on a plate' generation, who cannot be bothered to put in the effort, but want to reap the rewards, preferably for doing sod all in the expectation that they will be superstars.
- Location
- Egham
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Wobblers
Euthermic
- Location
- Minkowski Space
Wobblers
Euthermic
- Location
- Minkowski Space
[QUOTE 2816225, member: 9609"]And there's another thing, we managed to pay our mortgages off at rates often in double figures - and now we are having to fund our children's mortgages (i'm not, bollocks to that) because non of them have even the slightest concept of a hard days graft.[/quote]
I think a lot of the answer can be found here:
I think a lot of the answer can be found here:
Is nobber the name of the new Nissan SUV then? The Nissan Nobber. Still sounds better than the Cashcow or whatever it's called.I quite like you
And I've gone off you
Still, I guess nobber is better than an Audi
hopless500
Trundling along
- Location
- not-as-flat-as-you-think Norfolk
[QUOTE 2816225, member: 9609"]And there's another thing, we managed to pay our mortgages off at rates often in double figures - and now we are having to fund our children's mortgages (i'm not, bollocks to that) because non of them have even the slightest concept of a hard days graft.[/quote]
Seem to remember it was 15% at one point. No wonder people were being repossessed left, right and centre.
Seem to remember it was 15% at one point. No wonder people were being repossessed left, right and centre.
Didn't that green slime girl in The Exorcist get repossessed?
