- Location
- Ledbury, Herefordshire
I have a mortgage and my house is worth more than that, thanks.You must bother, and do everything you can to improve your lot. Maybe you are a good example of what is wrong today "Why should I" attitudes stink !
Your parents weren't better off than you. You see a lending ratio of 3-3.5 x salary as low. When I first borrowed money for a house it was 1.75-2.0.
That is not the issue, it's about affordability, and what % of your income is required to make the mortgage payments. My guess is, that has not changed much, if at all.
There are no end of starter properties in City's for £150k, if your City averages £200k, and you can't afford it, then move !
Get a good education, get some great further education and skills, then make a target of what you want to do, and what you want out of life, then go for it !!
The point is, that the house my parents bought actually cost just over 3 times my dad's salary whilst my mum also worked.
When I bought my house, it cost 185K and I was earning 30k - do you see the discrepancy?
The only reason I could afford it was that I built a 500 ewe flock (on rented ground, thanks, so no help there), which I then sold when I took my job, so could then put down a massive deposit on that house.
If you look at the numbers in my post, the percentage of your income required to own a home has increased enormously, and it only drops back down once you actually get the mortgage, eg mine is not much over £600/month, but were I renting a similar house, it would easily be 1k a month.
I bought my house when I was 39. This is not unusual.
My parents are 75&6 respectively
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