Are you Mortgage free?
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 Dubai Eagle  08 Feb 23 11.07am |
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I think that because we never had money growing up I was not interested in borrowing any (other than the mortgage) so I didnt have credit cards or anything else on the strap, if I couldn't pay cash for it I didnt have it - probably lucky as it turned out -
Originally posted by The groover
About the same time I bought mine. Maybe a bit earlier. Yes, interest rates went crazily high. I used smoke and mirrors to pay for things for about 3 years. I was an apprentice working 7 day weeks and studying for a HNC. I used credit cards to pay for shopping and just paid the interest each month. Had two small kids as well. By the time I got a decent job I had a CC debt totaling £17.5K. Which is the equivalent of £75K now!!!! Plus my mortgage. That's the first time I've worked that out!!!! Scary!!! It took me about a decade to pay it off with the final bit paid off when I was made redundant and went self employed for a few years. That redundancy also gave me a fighting fund to invest in the stock market. And the rest as they say is history! Edited by The groover (08 Feb 2023 9.59am)
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| EverybodyDannsNow SE19 08 Feb 23 11.16am |
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Originally posted by The groover
If you factor in average wages at that time and do an equivalent at todays values you will find that its not that much different. The difference was in those days we had no government paying some of our bills. My rent at the time was the same as my mortgage. Yes, average house prices are higher so start off with a flat. An apprentice that I worked with at my final company purchased a flat with a mate when he was 19. They over paid on the mortgage and three years later sold it as they had both meet girls they wanted to live with. Made a profit of £65K after fee's. The only difference between the generations was that mummy and daddy lent them the deposit. I had no such luxury. Neither of them smoke and my mate does not drink that much either. So I suppose it depends on your priorities. You think the term 'average house price' doesn't include flats...? This is why I mentioned objective measures, because they cut through all the bluster about luxuries and priorities and whatever else people tell themselves to maintain the fallacy that they were uniquely hard-working. The average wage in the UK is about 36 times higher than 1970. The average house price is 65 times higher The average house price to earning ratio in 1983 was about 3.5 and is now about 7. In London it's currently around 11 (ie. average property value is on average 11x your annual salary) The bit about mummy and daddy lending the deposit is not a small detail in your story - it's literally the only reason they were able to buy anything. You've just demonstrated the reality that buying without financial help in this generation is extremely difficult. That's my point.
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Attachment:  Cucking Funt Clapham on the Back 08 Feb 23 11.28am |
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Originally posted by YT
Yes. On 2 properties. Fascist
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| Lombardinho London 08 Feb 23 11.46am |
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Originally posted by EverybodyDannsNow
You'll have to expand on that 1.You've already paid for it. Once the mortgage is approved, you start paying for it again. Look into birth certificate scam.
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Nicholas91  The Democratic Republic of Kent 08 Feb 23 12.14pm |
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As a 'millennial', for context, I am one of few at my age who own their own 'house' and even with that I moved out of London for it (wasn't my reasoning for leaving that cesspit but certainly contributed to considerations). Even within my professional cohort, who all earn well above average pay, those residing in their own houses let alone flats are a very small percentage. From my experience, it is down to a few things however I am only speaking from my experience: 1. Housing prices, especially in London, seem to have created a mystique if not reality for many as being unattainable and therefore being otherwise homed (usually renting) is considered to be 'normal' and therefore the expectation for many young folk. Certainly many do this young (early 20's) and then just accept it as part of their reality. 2. Far less traditional relationships. The previous expectation was to get married, have kids, so on and so forth. A home would usually be requisite for this. The trajectory many see themselves on these days is often different and that includes a lot of professional women. I notice, amongst colleagues especially, that I am seen as almost an anomaly in being married, having kids and owning my own home in my early 30's. It certainly isn't the going rate for many these days. Most who are reproducing wait until the very earliest of about 35 before even considering. 3. Consumerism. Quite frankly, technology, fashion, holidays etc are all abundantly more available these days with social media driving the awareness. A lot more money spent here than I presume was previously and I am quite often shocked at how little contemporaries have in savings, occasionally if anything. Listening to professionals earning upwards of 50k, sometimes far north of that, often articulating that they are short of money, can't afford x this month etc. is often quite baffling for me. They'll buy all the latest season off ASOS however, travel all over the world numerous times a year and go out 4 of 7 days of the week but often bemoan the fact they are skint. Most of their rents far exceed my mortgage payments each month. A 4 bed house in Kent is apparently cheaper than a room in a shared flat NEAR Clapham! Is a very London, professional, Millennial-centric view of things however but again I reiterate that is my experience and do not speak for all. I expect to be paying my mortgage for decades to come but kudos to those who are free of it now must be a lovely feeling and one I strive towards! I am more concerned with my family and home then those who want to travel to the likes of Bali for multiple weeks only to come back to tell me how worldly they are as a childless 37 year old renting a flat in Canning Town however I do not begrudge nor judge them for their choice.
Now Zaha's got a bit of green grass ahead of him here... and finds Ambrose... not a bad effort!!!! |
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| matthau South Croydon 08 Feb 23 12.34pm |
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No, I’m rent arreared
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| EverybodyDannsNow SE19 08 Feb 23 12.45pm |
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Originally posted by Nicholas91
As a 'millennial', for context, I am one of few at my age who own their own 'house' and even with that I moved out of London for it (wasn't my reasoning for leaving that cesspit but certainly contributed to considerations). Even within my professional cohort, who all earn well above average pay, those residing in their own houses let alone flats are a very small percentage. From my experience, it is down to a few things however I am only speaking from my experience: 1. Housing prices, especially in London, seem to have created a mystique if not reality for many as being unattainable and therefore being otherwise homed (usually renting) is considered to be 'normal' and therefore the expectation for many young folk. Certainly many do this young (early 20's) and then just accept it as part of their reality. 2. Far less traditional relationships. The previous expectation was to get married, have kids, so on and so forth. A home would usually be requisite for this. The trajectory many see themselves on these days is often different and that includes a lot of professional women. I notice, amongst colleagues especially, that I am seen as almost an anomaly in being married, having kids and owning my own home in my early 30's. It certainly isn't the going rate for many these days. Most who are reproducing wait until the very earliest of about 35 before even considering. 3. Consumerism. Quite frankly, technology, fashion, holidays etc are all abundantly more available these days with social media driving the awareness. A lot more money spent here than I presume was previously and I am quite often shocked at how little contemporaries have in savings, occasionally if anything. Listening to professionals earning upwards of 50k, sometimes far north of that, often articulating that they are short of money, can't afford x this month etc. is often quite baffling for me. They'll buy all the latest season off ASOS however, travel all over the world numerous times a year and go out 4 of 7 days of the week but often bemoan the fact they are skint. Most of their rents far exceed my mortgage payments each month. A 4 bed house in Kent is apparently cheaper than a room in a shared flat NEAR Clapham! Is a very London, professional, Millennial-centric view of things however but again I reiterate that is my experience and do not speak for all. I expect to be paying my mortgage for decades to come but kudos to those who are free of it now must be a lovely feeling and one I strive towards! I am more concerned with my family and home then those who want to travel to the likes of Bali for multiple weeks only to come back to tell me how worldly they are as a childless 37 year old renting a flat in Canning Town however I do not begrudge nor judge them for their choice. What industry do you work in out of interest? Assuming the '91' in your username is your birth year, I was born in 93 and your experiences seem broadly similar to mine. I've also managed to buy which next to none of my peers have - I put it mainly down to having an above average income myself, and a long-term partner in the same position. Our combined earnings are/were vastly beyond what 99% of single under-30s could hope to earn. I don't view it as something attainable for a significant majority of people. I would challenge your third point on consumerism which feels a little bit stereotypical to me - I can't say I really have any friends/colleagues who are living as you describe and moaning about affordability. Those people do exist, but in my experience they are mostly people from better-off backgrounds who know they're due an inheritance one day anyway and thus don't really have any need to plan for the long term.
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| YT Oxford 08 Feb 23 12.52pm |
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Originally posted by Cucking Funt
Fascist No, I'm from working class roots and I've always worked hard, including taking multiple jobs and never being a shirker and have always lived relatively frugally. I've never expected anything from anyone else, nor have I ever asked for it or received it. While the nation was sitting on its backside during COVID claiming free money and watching Joe Wicks keep fit videos, I was doing two jobs.
Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes) |
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| EverybodyDannsNow SE19 08 Feb 23 1.09pm |
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Originally posted by YT
No, I'm from working class roots and I've always worked hard, including taking multiple jobs and never being a shirker and have always lived relatively frugally. I've never expected anything from anyone else, nor have I ever asked for it or received it. While the nation was sitting on its backside during COVID claiming free money and watching Joe Wicks keep fit videos, I was doing two jobs.
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| Nicholas91 The Democratic Republic of Kent 08 Feb 23 1.11pm |
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Originally posted by EverybodyDannsNow
What industry do you work in out of interest? Assuming the '91' in your username is your birth year, I was born in 93 and your experiences seem broadly similar to mine. I've also managed to buy which next to none of my peers have - I put it mainly down to having an above average income myself, and a long-term partner in the same position. Our combined earnings are/were vastly beyond what 99% of single under-30s could hope to earn. I don't view it as something attainable for a significant majority of people. I would challenge your third point on consumerism which feels a little bit stereotypical to me - I can't say I really have any friends/colleagues who are living as you describe and moaning about affordability. Those people do exist, but in my experience they are mostly people from better-off backgrounds who know they're due an inheritance one day anyway and thus don't really have any need to plan for the long term. I have worked in the Public Sector and Private Sector EDN and often float between the two as a specialist/consultant. I really, really would love to pass this off as my own genius but the reality is I entered a field where the demand, especially post-Brexit, far outweighed the supply entirely through circumstance (ended up in a role/with responsibility for delivery through transformational change) and therefore forged my career as a 'specialist' in the field. My wife earns similarly to me and therefore we have a comfortable triple figure combined income. She is also similar to me in values being somewhat traditional (quite poor, white immigrant working class) and therefore our main effort has been family and home orientated. With regards to my third point, I would caveat that it is indeed a stereotype but one forged from experience within the context that I did try to make a point of highlighting. I, for instance, am often subtly/indirectly patronised for having or not doing some of the things those I work with often do. The context there for me is that coming from the background I did, experiences/things did not rank so highly in terms of priority for me. I sought security where it would not have been granted to me, as it would (assumption) to them, which included such things as a home, savings and ability to afford raising a family. I might also add that I feel as though whilst I am a generous etc person (might make me sound a pr!ck but I think true) and have never counted pennies, I would apparently be a lot more conscious around money then many associates which I think is down to knowing what it is like in having 'sod all' and therefore the inherited anxiety around finances. Having my own home was my priority and certainly factored into my thinking always but that was within the context to the housing ladder being extremely difficult to get on for my generation. I have witnessed many not being able to do so, especially as an individual (not coupled) and this includes other factors as well as that they have not sacrificed other things such as I. All those I reference earn good if not very good money I would add. Again, that is just my experience and therefore contribution, I'm not at all asserting this is therefore the correct commentary/stance. It is just a view as well not a diagnosis. I would also add a lot of my friends before my 20's lets say, are nowhere near the housing market primarily through inability to afford but that ranges from those in prison to those with middling incomes so a whole spectrum of people.
Now Zaha's got a bit of green grass ahead of him here... and finds Ambrose... not a bad effort!!!! |
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monkey  Sittingbourne,Kent 08 Feb 23 1.47pm |
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We would’ve been free in 2013 but we re-mortgaged a couple of times, not much left now though!! Near enough that I only need to work part time now, which is nice
Made in Bromley |
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Lanzo-Ad  Lanzarote 08 Feb 23 2.08pm |
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Mortgage free since 2001, it does help if you have no kids, and stating the obvious your house is only worth X when you sell it I have owned 14 houses but never more than 1 at a time, Capital Gains 40% on second properties.
“That’s a joke son, I say, that’s a joke.” “Nice boy, but he’s sharp as a throw pillow.” “He’s so dumb he thinks a Mexican border pays rent” “ “Son… I say, son, some people are so narrow minded they can look through a keyhole with both eyes.”__ Forhorn Leghorn |
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