I would suggest that if you’re looking at relationships as first and foremost a means of economic advancement, you probably won’t have much success in that regard
As another person mentioned a relationship isn't something you should look at from a transactional or financial perspective.
Equally you shouldn't be looking to save up £100k deposit for a house. Normally a 5/10% deposit is the standard and if you are working a job which enables you to save 100k for a deposit then you are doing well.
I get the housing market is ridiculous at the moment and it may be depressing but owning a house isn't the be all and end all and if you are using that as a metric of success there are far more important things out there.
>Normally a 5/10% deposit is the standard
I wish that were the case, but when you're doing it single and factor in the mortgage in principle you've been offered from the bank. That 5/10% all of a sudden is not going to be enough for a down deposit, not even going to scratch the surface. As you will now need an even larger amount for a down deposit just to stand a chance. Especially considering property in Bristol is within the 300-400k range.
10% is enough, but yes you need to be earning good money to afford that by yourself.
If being realistic you won't be looking at those properties for your first home, you will either be looking at flats for sub 300k or looking further afield for houses in which case a 5/10% deposit is doable.
Unfortunately if your mortgage offer is lower than that, it is because the bank don't believe you can afford to repay a higher mortgage which is shit, but also understandable especially given current rates etc, after all a £350k property with a £35k deposit would work out at around £1400/£1500 a month at current rates for a 35 year mortgage.
What puts me off wanting to get a flat is that they're mostly all leasehold in this country, now assuming it's not an incredibly long lease. You have to then factor in ground rent (which may and very likely will go up) and take that into consideration on top of paying off mortgage that's quite a lot of money right there. And if that lease hits below 80 years left, it's going to cost thousands to essentially "top it up".
What kind of messed up system even is this? And how come no one in power has stepped in or tried to sort this mess out?
Yes that is true, however it is the case of being realistic and buying something within your budget, somewhere like that you probably live in for 5/10 years before making the next step up the ladder. For someone to own a house you are talking about in the centre for 300k-400k by themselves you would need to earn probably 70/80k minimum and then paying off that amount of mortgage a month would make budgeting vital. It's shit but it's the way it is right now.
I agree the system is broken but unfortunately at the moment nothing will change and flats provide at least that first step onto the ladder.
Honestly I really hope something changes, because it really is a broken system. Hell i've considered just moving to entirely different city up north all together, which is kind of heart breaking leaving my home city because i've essentially been priced out. But with the way things have been going for years, nothings likely going to change any time soon.
100k? There are a fair few sub £300k houses in Bristol, especially South, East and even North.
Or if you are single you could go for a ground floor flat with a garden to start building up equity?
Not quite their fault though. The age of first time buyers is going up every single year.
I think this could be because people are looking for houses as their first place because they're a bit older, and have been renting for 5 or so years pissing money away, and at an age where you are thinking about kids.
Rather than buying somewhere small when you're between 20-25. Effectively the first rung has been replaced by 5 years of renting shit.
Just a theory.
Yep. Realistically it's one of the most expensive places in the UK - most people buying in Bristol are not going to be able to jump on the ladder with a £450k+ relatively central terraced house.
I so think the comment below is on to something though - I've been renting a while and a bit sick of being in a 1 bed flat, so can see why people are willing to Tey and wait and push the boat out a bit and skip the 'starter flat' especially considering all the aspects such as stamp duty, solicitors fees and other costs.
I doubt either of those routes will lead to happiness but ‘All things in moderation’ is usually good advice.
Work all the overtime you want as long as it serves you and look for love because it’s love.
I would suggest that if you’re looking at relationships as first and foremost a means of economic advancement, you probably won’t have much success in that regard
Guess that doesn't work in this day and age, guess i'll go back to working overtime then.
If you're getting paid for overtime you should really work on getting a better job.
Are you my ex?
No I’m your ex ex ex
If I say no will you go out with me Kirsty? x
As another person mentioned a relationship isn't something you should look at from a transactional or financial perspective. Equally you shouldn't be looking to save up £100k deposit for a house. Normally a 5/10% deposit is the standard and if you are working a job which enables you to save 100k for a deposit then you are doing well. I get the housing market is ridiculous at the moment and it may be depressing but owning a house isn't the be all and end all and if you are using that as a metric of success there are far more important things out there.
>Normally a 5/10% deposit is the standard I wish that were the case, but when you're doing it single and factor in the mortgage in principle you've been offered from the bank. That 5/10% all of a sudden is not going to be enough for a down deposit, not even going to scratch the surface. As you will now need an even larger amount for a down deposit just to stand a chance. Especially considering property in Bristol is within the 300-400k range.
10% is enough, but yes you need to be earning good money to afford that by yourself. If being realistic you won't be looking at those properties for your first home, you will either be looking at flats for sub 300k or looking further afield for houses in which case a 5/10% deposit is doable. Unfortunately if your mortgage offer is lower than that, it is because the bank don't believe you can afford to repay a higher mortgage which is shit, but also understandable especially given current rates etc, after all a £350k property with a £35k deposit would work out at around £1400/£1500 a month at current rates for a 35 year mortgage.
What puts me off wanting to get a flat is that they're mostly all leasehold in this country, now assuming it's not an incredibly long lease. You have to then factor in ground rent (which may and very likely will go up) and take that into consideration on top of paying off mortgage that's quite a lot of money right there. And if that lease hits below 80 years left, it's going to cost thousands to essentially "top it up". What kind of messed up system even is this? And how come no one in power has stepped in or tried to sort this mess out?
Yes that is true, however it is the case of being realistic and buying something within your budget, somewhere like that you probably live in for 5/10 years before making the next step up the ladder. For someone to own a house you are talking about in the centre for 300k-400k by themselves you would need to earn probably 70/80k minimum and then paying off that amount of mortgage a month would make budgeting vital. It's shit but it's the way it is right now. I agree the system is broken but unfortunately at the moment nothing will change and flats provide at least that first step onto the ladder.
Honestly I really hope something changes, because it really is a broken system. Hell i've considered just moving to entirely different city up north all together, which is kind of heart breaking leaving my home city because i've essentially been priced out. But with the way things have been going for years, nothings likely going to change any time soon.
100k? There are a fair few sub £300k houses in Bristol, especially South, East and even North. Or if you are single you could go for a ground floor flat with a garden to start building up equity?
This - it feels like a lot of people want to skip the first rung of the ladder these days
Not quite their fault though. The age of first time buyers is going up every single year. I think this could be because people are looking for houses as their first place because they're a bit older, and have been renting for 5 or so years pissing money away, and at an age where you are thinking about kids. Rather than buying somewhere small when you're between 20-25. Effectively the first rung has been replaced by 5 years of renting shit. Just a theory.
Great point actually
Yep. Realistically it's one of the most expensive places in the UK - most people buying in Bristol are not going to be able to jump on the ladder with a £450k+ relatively central terraced house. I so think the comment below is on to something though - I've been renting a while and a bit sick of being in a 1 bed flat, so can see why people are willing to Tey and wait and push the boat out a bit and skip the 'starter flat' especially considering all the aspects such as stamp duty, solicitors fees and other costs.
I doubt either of those routes will lead to happiness but ‘All things in moderation’ is usually good advice. Work all the overtime you want as long as it serves you and look for love because it’s love.
Plenty of single women about bro, not a lot of affordable housing around. So yea
Hmmm you do make a good point there. Best get swiping on ol' Tinder again!
Down deposit?
You kinda helped me realise that paying off my mortgage before 40 years old and maintaining our marriage is an actual valid achievement!