I know where your coming from exactly. I have a nephew that spent £36,000 on his wedding. At the time they lived in a rented flat..................................they now live in an even cheaper rented flat. Yes, the wedding was very nice............................that £36,000 though would have got them a very large deposit on a nice house.
I'm sure all of their friends enjoyed the rooms they slept in, along with the nice wedding breakfast and off course the 5 course meal. The thing is though, like most modern couples that do this....................they rent a **** hole and havn't got two pennies to rub together.

 

Happy wife, happy life.............

 

Is it a happy life? I think its no wife, happy life.

 

It's always hard to gauge some posters perspective without a bit more info on here sometimes - particularly in threads where age and location play a bit of a factor in someone's point of view.

I take it the consensus is that this is something that's more of an issue for younger people in the south-east + touristy type spots, or is it equally difficult in the grim North?

I think if I'd have stayed in East Mids I would have been buying my first place in 2009 (10 years earlier than I actually managed in the south) even though I would have earnt a lot less if living there.

 

Well yeah they couldn't use it for a mortgage as you now have to prove you saved the money for your deposit yourself.

No mum and dad, no gifts or wins.


Did your generation have to prove you earned your deposit yourself?

 

A 36k wedding is a good sign to divorce asap. I think its a waste of money it would be better to spend 6k on a budget one and buy 30k worth of house or if you must a round the world holiday. But on one day? Wtf

 

No and neither did anybody else until very recently, Are you saying that all lenders now require proof of savings because a family gift of money is still acceptable but not a family loan which has to be paid back

 

Funny how you singled out that tiny post fragment in a several post discussion.

 

Ok, so another point would you got 6+ times salary mortgage?

Want to see if you can do that as a first time buyer these days

 

Complain to the banks then.

 

But its easier to complain on here and blame other people who are better off!

 

Check my initial post in this thread and the posts leading from it.

 

Yes a lot of people waste money who could put that to a deposit

It also a lot of people never had the option to live rent free from parents. I paid rent when I was at home so I did move out.

It is harder to get on the ladder now. And importantly, it won't be as lucrative.
Getting on back in the boomer days has paid so wel . That's not going to happen now.

No common pleb like most of us is going to own much more than a 'nice house' even on dual income.

My parents earning less than me ended up with a mortgage free nearly million pound house. A house earning their wage for many years
And 3 kids having to be paid for
Retiring on great pensions
No need to study, no need to change job etc.

Ill end up with
A 250k house, mortgage free, little gain in terms of house price rises. Might even be no gain.
Ill end up with a small pension I have to pay lots into
No kids will help cash flow

Ill depend on any inheritance to have anymore than that.


Yes, everyone could do better. But my parents really didn't have to try to get ahead. Just buy a house at right time.


I don't blame them for it. I'm just envious!

 

Personally I'm not even envious - just think the whole reward/effort side of it is out of whack - my parents didn't have it easy but their hard work paid off and there was a balance to it (for what they got back then - not taking into account the massive increase in value of houses since) - the same level of hard work from myself won't return half as much - not even in the ballpark of being commensurate even if that is somewhat subjective.

I know loads of people my parent's age or a little older who with fairly minimal effort have retired on very decent pensions that I'd have to spend the next 30 years pretty much not living to fund something similar on the same kind of job as they were doing.

 

Yeah. If you're in the middle of the wage scale,not really any way to escape once you get past 30

You could retrain - costing many years of your life for something that might not pay off
You could do extra hours - but tax make it not worth the time
A pay rise of a few thousand - isn't going to make much difference.

You have to be mega rich to make money off housing now. Nothing else is a sure bet.

What really helped boomers is that owning a house was a standard achievement just for quality of life. To make a killing on that is an amazing perk.

There is nothing like that around now

 

Hah.

Well, I wouldn't be happy if mine wanted to spend 36k on a wedding! I thought we spent enough on ours (9k) which took us quite a while to save for (was already over paying a mortgage at the time).

I am not sure what you earn, but from your posts it doesn't sound like your in the 40% bracket (forgive me if I am wrong). I am way way under the 40% myself so for me, any overtime I can get my hands on makes it very worth my time, especially as I get 1.5x overtime rate (2x on a Sunday). It very rarely comes up for me, but when it does, I will do all the hours available. My last lot was a one off job in March, I did 40 hours overtime that month! Any extra you can do will always help, whether that's to pay extra to your mortgage to reduce your term or to save for a holiday etc.

 

What do you mean by flat screen? As a 37" flat screen CRT in the 80's wasn't just "nothing special" (avg size tv in the 80's was 21-24") and flat screen (lcd) tv's weren't publicly sold until the late 90's iirc?

 

It depends.
The north is grim, but as long as you've got two people on a full time job, it's entirely possible to buy a house.

Where I live I work in further education and my girlfriends a hair dresser, we've currently got a 2 bed terraced with about 15K equity and about 15K in savings to move onto another house.

I'm 28 and she's 26.

However my situation isn't compareable to everyone in the north etc as there's plenty of people who aren't in the same position for whatever reason.

 

So the past 4-5 pages have reaffirmed my position that every idiot wants to live in the south, have a skillset that is woefully inadequate and yet they still want a 500k house, nice cars (on hp) 2 holidays a year long haul, flexi time, half the subs you can get and all the latest tech oh and a flutter on Kickstarters as you may get a bargain.

All straight after you have left uni or at the very least by the time you are 27....

Sympathy gone, i have enough stashed away for a buy to let. Might as well use it i guess.

/Thanks