probrox Posted March 18, 2008 Share Posted March 18, 2008 well to be honest im shocked to see a few people on a lower or similar wage, i also thought every one was on mega bucks, but still how do you all aford your mods if paying out so much and earning not so much? Exactly. I've just bought a new clutch and its crippled me, still need to pay to get it fitted yet. Now i need to start saving for my Do-Luck front all over again. Quote Link to comment Share on other sites More sharing options...
keancy Posted March 18, 2008 Share Posted March 18, 2008 it should be a natural step in life but due to a lot of greedy people some people may NEVER own one! I doubt we ever will unless we win the Lottorie or something. Quote Link to comment Share on other sites More sharing options...
Gazboy Posted March 18, 2008 Share Posted March 18, 2008 Yep that's me now. Bring on the 2013 house crash I'd say. Nobody wins in a housing crash, mortgages are more expensive so the repayments are expensive anyway. A crash is only good if you have a significant deposit (I don't mean £10k, I mean a proper chunk of money). You just have to do what everyone else has done- buy a shoebox then work your way up. Quote Link to comment Share on other sites More sharing options...
RiceRocket Posted March 18, 2008 Share Posted March 18, 2008 Nobody wins in a housing crash, mortgages are more expensive so the repayments are expensive anyway. A crash is only good if you have a significant deposit (I don't mean £10k, I mean a proper chunk of money). True but I'm hoping it like more of a reset/cycle akin to the early 90s Quote Link to comment Share on other sites More sharing options...
cossack Posted March 18, 2008 Author Share Posted March 18, 2008 when i bought my first house my deposit was 1k and got the house for 29k and that was a semi detached bungalow with nice gardens! i keep forgetting people have to save 10k plus now Quote Link to comment Share on other sites More sharing options...
Havard Posted March 18, 2008 Share Posted March 18, 2008 everybody is in Debt basically.... I don't think so! I am another who can't believe peoples attitude towards money. I have never borrowed money unless I really had to, ie mortgage etc. There are a lot of people now with massive debts and a recession around the corner. I reckon in the next few years a lot of people may lose their jobs (myself included) and there will be no financial cushion for them as no one seems to have any savings either!! Luckily I am quite good with money and if I can't afford it in cash then I can't have it. I saw a guy who I went to school with getting out of a 911 the other Sunday, I remember feeling a little intimidated that I hadn't done as well as him at the age of 33, then I wondered if he had borrowed money up to his tits just to get the car. I suppose I'll never find out either!! H. Quote Link to comment Share on other sites More sharing options...
cossack Posted March 18, 2008 Author Share Posted March 18, 2008 I don't think so! I am another who can't believe peoples attitude towards money. I have never borrowed money unless I really had to, ie mortgage etc. There are a lot of people now with massive debts and a recession around the corner. I reckon in the next few years a lot of people may lose their jobs (myself included) and there will be no financial cushion for them as no one seems to have any savings either!! Luckily I am quite good with money and if I can't afford it in cash then I can't have it. I saw a guy who I went to school with getting out of a 911 the other Sunday, I remember feeling a little intimidated that I hadn't done as well as him at the age of 33, then I wondered if he had borrowed money up to his tits just to get the car. I suppose I'll never find out either!! H. H. you might if you see him driving a corse next year;) Quote Link to comment Share on other sites More sharing options...
Matt H Posted March 18, 2008 Share Posted March 18, 2008 The debt the country is in is scary, thankfully i've never been in debt, but i feel for those that are because the adverts that say...... only 19.9% APR?! what the F, is that supposed to be a good deal?!? Quote Link to comment Share on other sites More sharing options...
Lbm Posted March 19, 2008 Share Posted March 19, 2008 Apparently the average drinker in the UK spends £100,000 on alcohol in their lifetime. That should cover a few mods and a nice shiny set of wheels- or half a house! I quit last week. No really. I want some WEDS SA70TT SBC DPTs So what do we choose? Quote Link to comment Share on other sites More sharing options...
Pot Posted March 19, 2008 Share Posted March 19, 2008 Apparently the average drinker in the UK spends £100,000 on alcohol in their lifetime. That should cover a few mods and a nice shiny set of wheels- or half a house! This'd be worth a bit (Attached) Quote Link to comment Share on other sites More sharing options...
Darren Posted March 19, 2008 Share Posted March 19, 2008 I am on around 14k a year got a 88k morgtgage and 2k on my credit card, I know people who are on the same as me with nearly 10x that. How did you get an 88k mortgage when you are on 14k per year? Thats six times your salary??!! Quote Link to comment Share on other sites More sharing options...
Havard Posted March 19, 2008 Share Posted March 19, 2008 How did you get an 88k mortgage when you are on 14k per year? Thats six times your salary??!! I take it he has a partner!! Quote Link to comment Share on other sites More sharing options...
marc_p Posted March 19, 2008 Share Posted March 19, 2008 Well I'm 20 (21 on sunday woo hoo) and I took out a 9k loan (5.3% APR) out a couple of months ago for the supra, insurance and to pay my parents off. I'm on 20k a year although it should start going up quite quickly as of the 4th April when I move into sales. I still live with my parents although I intend to move out when I'm about 23 and stable in my job. Quote Link to comment Share on other sites More sharing options...
colsoop Posted March 19, 2008 Share Posted March 19, 2008 I have no debt, but i have no home either. I got a loan to buy my supra 5 odd years ago. but managed to pay it off after a couple of years. I can't stand borrowing money either and will only buy something if i have the money (real money) to pay for it. i don't own a credit card and am only considering getting one for the extra security that it offers online purchases. If the crisis that has hit America hits our little shore, which is pretty likely a lot of people will be in deep trouble, particularly those who have a propery portfolio that they rent out to earn a living or those who bought properties but are barely able to afford repayments I blame the whole banking system for the problems that are on our door step. The plain old greed thing kicking in, credit was far too easy to get and people were allowed to borrow more than they could realisticly afford, or they borrowed because they can afford it at the moment. Most don't think "what happens if to my repayments if the rate rises 3 percent" and that is a worry ! I was umming and aarhing about getting on the ladder as it seems to be drilled in to us from a young age that a house is the be all and end all but now im not so sure. I would like to see the german (i think) system introduced whereby a few generations of a family essentially buys the house, you get a 100 year mortgage, when you die the other family members take over the repayments on it. Quote Link to comment Share on other sites More sharing options...
Havard Posted March 19, 2008 Share Posted March 19, 2008 I have no debt, but i have no home either. I got a loan to buy my supra 5 odd years ago. but managed to pay it off after a couple of years. I can't stand borrowing money either and will only buy something if i have the money (real money) to pay for it. i don't own a credit card and am only considering getting one for the extra security that it offers online purchases. If the crisis that has hit America hits our little shore, which is pretty likely a lot of people will be in deep trouble, particularly those who have a propery portfolio that they rent out to earn a living or those who bought properties but are barely able to afford repayments I blame the whole banking system for the problems that are on our door step. The plain old greed thing kicking in, credit was far too easy to get and people were allowed to borrow more than they could realisticly afford, or they borrowed because they can afford it at the moment. Most don't think "what happens if to my repayments if the rate rises 3 percent" and that is a worry ! I was umming and aarhing about getting on the ladder as it seems to be drilled in to us from a young age that a house is the be all and end all but now im not so sure. I would like to see the german (i think) system introduced whereby a few generations of a family essentially buys the house, you get a 100 year mortgage, when you die the other family members take over the repayments on it. You are probably right Col. I would just sit tight (if you can) and watch what happens. I think I was clever in trying to shift our mortgage when the going was good. We were then looking at buying a silly big house and doing the same again. We have now decided to wait and see how things go. We are now living with reasonable savings and no mortgage. I feel sorry for some of my mates who have borrowed £100k plus. I hope it's not as bad as people are making out!! H. Quote Link to comment Share on other sites More sharing options...
Supragal Posted March 19, 2008 Share Posted March 19, 2008 I think this is the same for everyone unless you earn a LOAD of money. The cost of living even if you are on a good salary are just ridiculous. My mortgage is the best part of £1000 a month for a 2 bed place in a less expensive area. Madness. That was with a fairly hefty deposit too. Problem is, at the moment we have 2 mortgages. Had a rental flat that we decided to sell, so tenants left and 5 months later it's not sold... long story... I have a credit card but I only use it for online purchases then pay it off, or for emergencies for example if my car died in a big way and I needed to fix it. That said, things are so tight at the moment I've had to use it for petrol a couple of times which I HATE. Quote Link to comment Share on other sites More sharing options...
stevie_b Posted March 19, 2008 Share Posted March 19, 2008 I am another who can't believe peoples attitude towards money. I have never borrowed money unless I really had to, ie mortgage etc. I'm with you there. I hate debt, really hate it. For example, I would never get a loan to buy a car. If I can't afford the car I want, I'll either wait until I can pay cash, or I'll find a cheaper car. End of. I'm a graduate on an OK wage so I'm in a position to do that. I feel bad for those on lower incomes: their options are limited to say the least. Quote Link to comment Share on other sites More sharing options...
Gazboy Posted March 19, 2008 Share Posted March 19, 2008 True but I'm hoping it like more of a reset/cycle akin to the early 90s Unless the Home Office allow developers to start building on green belt land with gusto then it isn't going to happen, there's a major housing shortage with more buyers than sellers. The only exception to this is the saturated market of 2 bed flats which the BTL crowd bought up as fast as they could be built and now can't lease to cover the mortgage as there's so much choice. Check how many 3 bed semis with a decent garden and a garage have been built in your area in the last 5 years, then look how many were built in the 60's, 70's and 80's. Quote Link to comment Share on other sites More sharing options...
Havard Posted March 19, 2008 Share Posted March 19, 2008 Unless the Home Office allow developers to start building on green belt land with gusto then it isn't going to happen, there's a major housing shortage with more buyers than sellers. The only exception to this is the saturated market of 2 bed flats which the BTL crowd bought up as fast as they could be built and now can't lease to cover the mortgage as there's so much choice. Check how many 3 bed semis with a decent garden and a garage have been built in your area in the last 5 years, then look how many were built in the 60's, 70's and 80's. True! I don't know what it is like in other areas but where I live between Wigan and Bolton, houses very rarely come up for sale on our estate and if they do, they are gone within a few weeks. I paid £62K for our 4 bed semi, 8 years ago. I wouldn't let it go for anything less than £200K now. If you want a flat then you are laughing but it's the family houses that demand a premium now! H. Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted March 19, 2008 Share Posted March 19, 2008 It's very hard for us youngsters, I'm 26 and earn a little over £40,000.00 a year and have a £140,000.00 mortgage. I have one loan for 8k and although earning quite a good salary find my money just goes it's quite depressing sometimes! I used to live in central london but moved back to my home city of leicester a few months ago, if you're depressed about money DO NOT move to London, it's quite simply the most depressing place to live in the world! I now commute from Leicester every day to my job in London and am 100 times happier Quote Link to comment Share on other sites More sharing options...
Havard Posted March 19, 2008 Share Posted March 19, 2008 It's very hard for us youngsters, I'm 26 and earn a little over £40,000.00 a year and have a £140,000.00 mortgage. I have one loan for 8k and although earning quite a good salary find my money just goes it's quite depressing sometimes! I used to live in central london but moved back to my home city of leicester a few months ago, if you're depressed about money DO NOT move to London, it's quite simply the most depressing place to live in the world! I now commute from Leicester every day to my job in London and am 100 times happier You earn £40K and have no money...... Quote Link to comment Share on other sites More sharing options...
michael Posted March 19, 2008 Share Posted March 19, 2008 I paid £62K for our 4 bed semi, 8 years ago. I wouldn't let it go for anything less than £200 now. Can I give you £215.00? I might go up to £250.00 if you throw in the carpets and curtains. Quote Link to comment Share on other sites More sharing options...
Havard Posted March 19, 2008 Share Posted March 19, 2008 Can I give you £215.00? I might go up to £250.00 if you throw in the carpets and curtains. Ooops! You also have in writing Mr Canny..... Quote Link to comment Share on other sites More sharing options...
Guest Nicholas Posted March 19, 2008 Share Posted March 19, 2008 You earn £40K and have no money...... I said my money seems to just go, 40k a year really doesn't go that far. Quote Link to comment Share on other sites More sharing options...
supra steveo Posted March 19, 2008 Share Posted March 19, 2008 i think myself lucky after being in debt and getting out of it, i owe a bit but mainly bills and the like but my mate married a canadian after we were there on exercise for 6 days and when she came back to the uk she rang up £39,000 debt and didnt even buy a house she went back to canada and hes still paying the debt who the hell is that ? that wasnt daft gary anderson was it ? Quote Link to comment Share on other sites More sharing options...
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