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Breaking News Do you have a mortgage? CONTACT FIRST4MORTGAGES NOW

Tommy2holes

Life President⭐
Joined
Jan 21, 2007
Messages
9,798
Yes when we bought our 1st house in1979 for £15500 I was earning about £60 per week! We moved in 1982 to a bigger house and paid £23200, we are still here, 39 years in May!

So your wages in 79 allowed you to buy a home 4.5 x yearly salary.

If you are on 30k per year now and could borrow the same i.e 4.5 x salary, you could only get a house worth 135k.

And there in lies the difference. Most houses are probably x10 salary which isn't available to mortgage seekers. And of course, there is the small matter of large deposits.

The modern market is in no way comparable to the market of 30 years ago.

First time buyers are screwed.
 

Napster

No ⭐
Joined
Oct 27, 2003
Messages
36,737
Location
The wilds of Kent
So your wages in 79 allowed you to buy a home 4.5 x yearly salary.

If you are on 30k per year now and could borrow the same i.e 4.5 x salary, you could only get a house worth 135k.

And there in lies the difference. Most houses are probably x10 salary which isn't available to mortgage seekers. And of course, there is the small matter of large deposits.

The modern market is in no way comparable to the market of 30 years ago.

First time buyers are screwed.
plus of course the value of the house they purchased for 15k would have increased exponentially
 

Tommy2holes

Life President⭐
Joined
Jan 21, 2007
Messages
9,798
Most people of a certain age literally have no clue about the struggles of the current youth of the country.

Crazily high rents. Lack of affordable property, stagnant wages. Impossibly hard to obtain mortgages.

And yet there are people so greedy. My old landlord told me he owned 200 properties in southend. There is literally no reason to own that many.

PS sorry to hijack the original thread.
 

pottster

Schoolboy⭐
Joined
Sep 19, 2005
Messages
859
That's boomers for you! Granted things gor them may have been tough right at the beginning. But cheap affordable housing, final salary pension, cheap nhs dental care, better working hours to name a few. The youngsters now have to pay for covid for thd next 30 years as well as not being able to buy their own home.
 

pottster

Schoolboy⭐
Joined
Sep 19, 2005
Messages
859
Most people of a certain age literally have no clue about the struggles of the current youth of the country.

Crazily high rents. Lack of affordable property, stagnant wages. Impossibly hard to obtain mortgages.

And yet there are people so greedy. My old landlord told me he owned 200 properties in southend. There is literally no reason to own that many.

PS sorry to hijack the original

Does your old landlord fancy buying a football club does he?
 

Supershrimper

First XI⭐
Joined
Feb 14, 2010
Messages
2,321
I managed to buy my first house at the age of 30. Quite remarkable seeing as I was almost £10k in debt to credit card companies when I was 24.

I wasn't on massive amounts back then (£26k) I got into the habit of paying off around £600 - £800 each month from my credit card debt that when it was cleared I never missed the money, so I put it all into savings. I didn't get a smartphone until I moved into the house aged 30, I drove a car that cost me £800 to purchase (rather than some of my friends who got a new car but were paying £200 - £300 a month off the lease. They laughed at the age of it but the crucial bit was it still got me from A to B exactly the same as they did) I never had Sky, or any of the Netflix subscriptions. Very rarely got takeaways or ate out etc.

My only "luxury" was my Southend season ticket and a few nights out with my mates.

7 years on my i'm now overpaying my mortgage so hopefully in 8-10 years time i'll be mortgage free.

I feel for people that rent. I don't know how much the rent prices are now but I know my brother in law rents and what he pay on rent would cover both my mortgage, the overpayments I make and my utilities and thats for a 2 bedroom flat on the outskirts of Chelmsford, whereas I have a 3 bedroom house with a decent garden.

Will look to use First4Mortgages when I come to re-mortgage in 6 years time (Last time I re-mortgaged and got a 10 year fix)
 
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