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October 19 2021 10.28pm

Workers to pay for social care

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Yellow Card - User has been warned of conduct on the messageboards View DanH's Profile DanH Flag SW2 08 Sep 21 9.05pm Send a Private Message to DanH Add DanH as a friend

Originally posted by cryrst

But we are led to beleive that the fees payable for the education will allow you to earn at least 10% higher wages. That 9% is like a free hit. And I don't think the NI should be included as we all pay it. Basically it's 20 % tax like anyone under 50k. How much deposit is needed for a mortgage?

This is some really bizarre maths and logic. You need 20% typically for a deposit, although help to buy can reduce this if you qualify. Average house price for a one bedroom property in London is £485k. A 20% deposit is £97k. How is a young person taking home about £1,500 net a month supposed to pay their rent and bills and still save enough to even scratch the surface of that?

 

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View Spiderman's Profile Spiderman Flag Horsham 08 Sep 21 9.06pm Send a Private Message to Spiderman Add Spiderman as a friend

Originally posted by DanH

Newly qualified graduates with student debt who earn over the £28k threshold now have a marginal tax rate of 42.25% with repayments taken into account. How is that generation ever meant to save to get on the housing ladder?

I agree. My daughter and her boyfriend are both Senior Spacecraft Engineers, so earn good money. My daughter left University with well over £50k in debt, which has interest added as well.
They work in Guildford so have to live within relatively easy reach, as they are on call. She has a flat (purchased with a mortgage and help from mum and dad) but they are struggling to upgrade to a house, even with their income

 

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Yellow Card - User has been warned of conduct on the messageboards View DanH's Profile DanH Flag SW2 08 Sep 21 9.12pm Send a Private Message to DanH Add DanH as a friend

Originally posted by Spiderman

I agree. My daughter and her boyfriend are both Senior Spacecraft Engineers, so earn good money. My daughter left University with well over £50k in debt, which has interest added as well.
They work in Guildford so have to live within relatively easy reach, as they are on call. She has a flat (purchased with a mortgage and help from mum and dad) but they are struggling to upgrade to a house, even with their income

Cool jobs! Assume she gets her brains from her mother

Realistically the only way of getting on the housing ladder is with a helping hand from family or through inheritance. Saving up for a deposit is nigh on impossible unless you’re on silly money very early in your career.

 

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View Spiderman's Profile Spiderman Flag Horsham 08 Sep 21 9.15pm Send a Private Message to Spiderman Add Spiderman as a friend

Originally posted by DanH

Cool jobs! Assume she gets her brains from her mother

Realistically the only way of getting on the housing ladder is with a helping hand from family or through inheritance. Saving up for a deposit is nigh on impossible unless you’re on silly money very early in your career.

Haha and her looks ( luckily). Yep would never have got on ladder without our help. Her boyfriend was paying £900 pm rent for a studio flat excluding bills. Even now trying to get a house is proving very difficult

 

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Yellow Card - User has been warned of conduct on the messageboards View Hrolf The Ganger's Profile Hrolf The Ganger Flag 08 Sep 21 9.31pm Send a Private Message to Hrolf The Ganger Add Hrolf The Ganger as a friend

Originally posted by DanH

But they’re not excellent points are they? They’re a huge oversimplification of a hugely complex issue suited to his and your prejudices.

Blaming immigration solely is so, so lazy and all it does is highlight the kind of person you are rather than a rational, sensible grown up.

I think it is rather that you just cannot accept a simple reality because you have been conditioned to be in denial about it your whole life.
You think it is over simple because your belief system makes you try to find an alternative interpretation despite the evidence.
It is akin to religious indoctrination. You would rather believe in miracles than see the truth.

 

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Yellow Card - User has been warned of conduct on the messageboards View DanH's Profile DanH Flag SW2 08 Sep 21 9.35pm Send a Private Message to DanH Add DanH as a friend

Originally posted by Hrolf The Ganger

I think it is rather that you just cannot accept a simple reality because you have been conditioned to be in denial about it your whole life.
You think it is over simple because your belief system makes you try to find an alternative interpretation despite the evidence.
It is akin to religious indoctrination. You would rather believe in miracles than see the truth.

Claiming someone has been ‘indoctrinated’ when there’s a wealth of academic studies out there on the housing market just makes you look like an arrogant and ignorant tit you realise, don’t you?

 

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View cryrst's Profile cryrst Online Flag Chatham 08 Sep 21 9.48pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by DanH

This is some really bizarre maths and logic. You need 20% typically for a deposit, although help to buy can reduce this if you qualify. Average house price for a one bedroom property in London is £485k. A 20% deposit is £97k. How is a young person taking home about £1,500 net a month supposed to pay their rent and bills and still save enough to even scratch the surface of that?

I moved out of London to afford a house.
Unfortunately sometimes sacrifices need to be made to get what you want. And my logic is bizarre sometimes but it doesn't make it less logical when you look at the bigger picture.

 

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View cryrst's Profile cryrst Online Flag Chatham 08 Sep 21 10.01pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by DanH

This is some really bizarre maths and logic. You need 20% typically for a deposit, although help to buy can reduce this if you qualify. Average house price for a one bedroom property in London is £485k. A 20% deposit is £97k. How is a young person taking home about £1,500 net a month supposed to pay their rent and bills and still save enough to even scratch the surface of that?

20% is on the high side. If you accept a higher interest rate over a longer term then 5% will work with some lenders. Again a lot in cash for a 400k house of 20k but easier than 80k. Remember that a mortgage is a marathon not a sprint. I always avoided looking at the total I would pay at the end as over 25 years it will be at least 2x what i borrowed . Over a 50 year term it could be far greater but the property value should cover it at the end.
My house has gone up 200% in 20 years so that's a good mark.

 

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View Teddy Eagle's Profile Teddy Eagle Flag 08 Sep 21 10.02pm Send a Private Message to Teddy Eagle Add Teddy Eagle as a friend

Originally posted by DanH

This is some really bizarre maths and logic. You need 20% typically for a deposit, although help to buy can reduce this if you qualify. Average house price for a one bedroom property in London is £485k. A 20% deposit is £97k. How is a young person taking home about £1,500 net a month supposed to pay their rent and bills and still save enough to even scratch the surface of that?

Move to Scotland. A 3 bedroom detached house in a nice area will cost half as much.
A 20% deposit might not be essential.

[Link]

 

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View cryrst's Profile cryrst Online Flag Chatham 08 Sep 21 10.14pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Teddy Eagle

Move to Scotland. A 3 bedroom detached house in a nice area will cost half as much.
A 20% deposit might not be essential.

[Link]

Thank you
I beleive that hmg are a guaranteeing up to a 20% loss on a default. Not that bad then are they. Helping people to buy a property.

 

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View Tim Gypsy Hill '64's Profile Tim Gypsy Hill '64 Flag Stoke sub normal 08 Sep 21 10.38pm Send a Private Message to Tim Gypsy Hill '64 Add Tim Gypsy Hill '64 as a friend

Can the thread title be changed to "Why can't the young be given more money because house prices have gone up"? Or something similar.

Or maybe get back on topic....

 


Systematically dragged down by the lawmakers

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jeeagles Flag 09 Sep 21 12.20am

Originally posted by Spiderman

I agree. My daughter and her boyfriend are both Senior Spacecraft Engineers, so earn good money. My daughter left University with well over £50k in debt, which has interest added as well.
They work in Guildford so have to live within relatively easy reach, as they are on call. She has a flat (purchased with a mortgage and help from mum and dad) but they are struggling to upgrade to a house, even with their income

It's a nice area. They've built a lot of flats round and about so young people can get on the housing ladder.... unfortunately, they haven't built any new houses so slightly less young people can't move out.

Then huge amounts of housing stock in the area is taken up by empty nesters. Looking at my parents roads, at least half the houses are 3/4 bedroom with retired couples in them.

Whilst I may be completely heartless, if my parents had to sell their house to fund care then it wouldn't be the end of the world. They have no mortgage left.

Another, option would be to refinance the house on an interest only mortgage to pay for funding, then sell it when they pop their clogs.

They are asset rich, it would help free up housing stock, it might slow down the constant rises in house prices, it would end this cycle where future generations would have to keep taking on the financial burdens of future generations.

Although, this idea might not work outside of the south east of England so may require some tweaking.

 

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