[bredkumanfirst]

a house?

Thats £12k after tax?

[Maserati]

Unless you have a whopping deposit, I don't see how you've got a chance [no]

[DownloadADOBEsoftware]

I dunno how anyone could afford to own on £1,000 net pay a month.

Say you can get a mortgage of £400 a month you still have £100 council tax, £100 for other bills, £100 for food etc etc....

[bredkumanfirst]

After I've paid for my car (tax, insurance, petrol, mot, services etc), gym, contact lenses, MobileMe, Christmases & Birthdays, Hair Cuts, Food, Clothes, Mobile Phone, Pension

How the hell am I suppose to afford :

Council Tax
House Insurance
Water
Gas Electricity
Mortgage
Broadband
TV Licence

Not to talk about social things like hanging out with FRIENDS!!

[nemoforone]

I've heard people getting one for 11k but with a large deposit and a guarantor for your mortgage who has an excellent credit rating.

[bredkumanfirst]

No deposit here unfortunately.

I 'wasted' my saving running around in a stupidly expensive car for 2 years

[VistaULTIMATEdownloadaPro]

I'm just over 1k a month net and moved into my first house a month ago.

It's possible but you'll need either a decent deposit or a **** house.

With my large deposit I was able to get a LTV under 70% which made the monthly payments pretty good.

EDIT:

No deposit here unfortunately.

I 'wasted' my saving running around in a stupidly expensive car for 2 years

Ok, in that case you're effed. Find a sugar mama or enjoy renting for the next 40 years.

[bredkumanfirst]

I'm just over 1k a month net and moved into my first house a month ago.

It's possible but you'll need either a decent deposit or a **** house.

With my large deposit I was able to get a LTV under 70% which made the monthly payments pretty good.

May I ask what your house price was, what deposit you put down and monthly repayments?

Personal question I know (PM if you prefer)

Also - what is LTV?
Also are you repaying the mortgage or only repaying the interest?

[VistaULTIMATEdownloadaPro]

May I ask what your house price was, what deposit you put down and monthly repayments?

Personal question I know (PM if you prefer)

Also - what is LTV?
Also are you repaying the mortgage or only repaying the interest?

LTV Loan to Value, basically the percentage of the house's price that you need to get a loan for.

The more deposit you can put down the better the repayments apr will be but at some levels (like every 5-10%) the jump is bigger.

And it's a repayment mortage, will PM the basics.

[piramirra]

This is why living in the UK sucks. Know how ya feel, it's just a constant struggle.

[Mifsnavassy]

I'll never ever buy a house in the UK until they change the way they treat a homeowner compared to a tenant in times of hardship.

I'll just continue to rent here and buy cheap property overseas to rent to other people .

[RussellPG]

At least with renting, if you lose or leave your job you can always move out of the area to find a job, where as with a mortgage your f*cked and have to stay in the area regardless.

[FsQGF1Mp]

At least with renting, if you lose or leave your job you can always move out of the area to find a job, where as with a mortgage your f*cked and have to stay in the area regardless.

indeed, a house would ruin your ability to move up your earnings

[Angeheade]

This is why living in the UK sucks. Know how ya feel, it's just a constant struggle.

In this case, I wouldn't think it would be a UK exclusive thing.

Regional costs being what they are, but where I live £12k a year (~$19k) wouldn't get you much either. I have a $130k loan (which is practically nothing with average home costs still over $250k in my area) which results in just over $1000 / month after mortgage + property taxes + insurance.

I don't think I could have even gotten a loan for that if I was only making $19k / year.

[piramirra]

In this case, I wouldn't think it would be a UK exclusive thing.

Regional costs being what they are, but where I live £12k a year (~$19k) wouldn't get you much either. I have a $130k loan (which is practically nothing with average home costs still over $250k in my area) which results in just over $1000 / month after mortgage + property taxes + insurance.

I don't think I could have even gotten a loan for that if I was only making $19k / year.

Oh yeah, it's like it in other countries to, but there's a few good countries where they are much cheaper and nicer to live in. But we just have to deal with it or find alternatives I guess.

[Wheldcobchoto]

My GF and I are saving about £1500 a month and we're graduates living in London. It's possible if you have a bit of common sense and have half decent jobs. I'm not even that great at saving money and don't consciously check but having no car, no mobile contract, no TV, no TV licence, no gym membership, noneedforanewiphoneevery2months etc.., helps. I'm still in student mode where I really didn't have any money.

We'll probably move up north in a few years when we have a sizeable enough deposit.

[errolespopume]

If only!!!

just had a look at my last 12 months 'earnings' (haha) and came to just under £10.5K. Pre tax and pre class 2 NICS (31.20 a quarter).

average house price in my area? £223047 according to link

wont be buying anything 'til... well, never or my numbers come up - whichever is sooner.

[otheloComRole]

It isn't much better over here in the U.S.

I've got my Bachelors and my Fiance is working towards a PhD, so it isn't like we're High School dropouts with no skills, but right now we're both only able to find mediocre jobs and we pull in just over $2.5k a month combined.

At this point we rent because its not only less dangerous financially than investing in a home, but with the shitty job market we need to be ready to move if one of us gets an offer.

[pobrierce]

I earn more than 12k but i'm finding it hard to understand how i'll be able to afford living in my own home with a £500 mortgage. I kind of reckon on needing about £1.5k a month minimum excluding a social life, eating out, xmas etc.

Mortgage £500.00

Council Tax £100.00
Water £20.00
Electricity £40.00
Gas £30.00
Phone/Internet £35.00
TV Licence £12.00
Home Insurance £30.00

Car £315.00
Car Running Cost £60.00
Car Insurance £50.00
Petrol £100.00

Vision Express £14.95
Mobile £30.00
Grocaries £150.00
Love Film £3.99


£1,491.21

[bredkumanfirst]

I earn more than 12k but i'm finding it hard to understand how i'll be able to afford living in my own home with a £500 mortgage. I kind of reckon on needing about £1.5k a month minimum excluding a social life, eating out, xmas etc.

Mortgage £500.00

Council Tax £100.00
Water £20.00
Electricity £40.00
Gas £30.00
Phone/Internet £35.00
TV Licence £12.00
Home Insurance £30.00

Car £315.00
Car Running Cost £60.00
Car Insurance £50.00
Petrol £100.00

Vision Express £14.95
Mobile £30.00
Grocaries £150.00
Love Film £3.99


£1,491.21

SECONDED!!!

£1500 a month - impossible. Find a girl to share this = £750 a month (affordable)

Finding a girl, relationship, decide you love each other enough to buy a house together WHILE LIVING WITH YOUR PARENTS - IMPOSSIBLE!!