Orang Utan
Psychick Worrier Ov Geyoor
i have no idea as i've never had to trouble myself with such affairs. i am a financial/economic ignoramus.
What's your total annual income - anonymous poll
- Thread starter ska invita
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Have you checked what houses cost in London? It’s fucking mental. A colleague lives in a home similar to my ex in the NE; hers might be worth £120k his is £660k. Something has to give at some point because the system is geared towards folk earning from property rather than giving everyone somewhere to live on the basis of ownership.
I should say colleague bought said property a couple of decades ago when it was doable.
Serge Forward
Just enjoyin' my coffee.
A factory I worked at in my teens, they slipped me a nice crisp one pound note, saying "don't tell anyone else". It was the late 70s so a quid was not to be sniffed at. I can't remember why they did this but I was new and I suspect they thought I might stooge for them
First thing I did was tell everyone on the shop floor to get their free quid, and within a month, I'd helped organise a strike on the job
Orang Utan
Psychick Worrier Ov Geyoor
can a person get a mortgage with a deposit of 25% of the value of their home, with bad credit? just wondering.
stethoscope
Well-Known Member
* Looks at the Stratford house prices (£450k 2 bed terrace, £700k 3 bed terrace, £400k 1 bed new flat) and lets out a huge sigh *
Probably because you’re putting up an asset.
Athos
Well-Known Member
I know, it's fucked. But, in your shoes, I think I'd be looking to buy something (even if smaller and in a less good area, possibly shared oenership), rather than give my money to parasite landlords.
I pay £650 for a room. Not ideal but I’m not willing to pay a private landlord a penny more than I need to.
It does cross my mind.
Orang Utan
Psychick Worrier Ov Geyoor
i'm just thinking that if my dad carks it, hopefully not til he's broken the world longevity record, I would want to buy the remaining 3/4 of the flat off my three siblings. I doubt I'd ever get any other chance to own my own place.
Athos
Well-Known Member
Yes. Depending on lots of other factors e.g. earnings and house price. But, depending on how bad the credit is, they might need a specialist provider, which would mean higher interest rates.
Athos
Well-Known Member
Roughly what's it worth, now?
Orang Utan
Psychick Worrier Ov Geyoor
it's probably not that bad - no CCJs or owt like that - just DMPed a couple of years ago due to payday loans getting out of control. have always paid utilities and CC bills on time and have a tiny amount of existing debt
Orang Utan
Psychick Worrier Ov Geyoor
Dunno. Have never asked. How do you find out?
Look on Zoopla.
Google can usually tell you what similar is worth in the same street / area.
Others got there first.
Athos
Well-Known Member
You'll probably be OK on that score. The more likely sticking point would be how much you'd need to borrow versus how much you earn.
Broadly speaking it's 4-4.5 x salary. So, for you, about £90K. Which would mean you could only buy them out if the place was worth less that £120K.
Also, given you said you run out of money now before the end of the month, now, you'd have to work out of you could afford the extra £400 or so a month.
You might want to start putting a smaller sum away now, to get that financial discipline, and so as to have some savings to add to any mortgage as and when the chance to buy does come up/to provide for the future more generally.
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Puddy_Tat
happy mew year
depends - about 25 years ago i got a fairly soft loan from work (local government, then in a job where i was 'essential car user') which meant i bought a car that was about 3 years old and paid it off over (from memory) 4 or 5 years.
i'm not sure they still do that - think you only got the option of a council lease car at some point after that.
that's the car that lasted me getting on for 20 years, i didn't do too badly out of it...
Orang Utan
Psychick Worrier Ov Geyoor
cheers, have looked and it varies quite a bit - from 200K to 300K
petee
no gods, no malarkey
i paid in full for all my cars.
"how would you like to finance this?"
"oh i'll just write a check for it."
"blank stare."
two of them were quite used and not very expensive, mind.
don't own one right now, it's such a weight off. but i live in a major metropolitan area, here's to public transportation.
Orang Utan
Psychick Worrier Ov Geyoor
aye glad to never have to worry about such an expense
Athos
Well-Known Member
Then see my last post; almost certainly they wouldn't lend you enough as things stand.
Puddy_Tat
happy mew year
with flats, the price will - in part - reflect how long the lease has got left - one that's had its lease renewed will be worth more than one that is almost identical but hasn't. and some sale prices may (if it's ex council) be the price paid with whatever 'right to buy' discount there is.
or may be all over the place if it's a shared ownership scheme and different people have bought different percentages.
Athos
Well-Known Member
Orang Utan you might be best off gambling on your Dad living a long time such that you continue to live rent/mortgage free, and putting more into pensions. Speak to an IFA.
Orang Utan
Psychick Worrier Ov Geyoor
i already am - i'm no grasper like some offspring i've heard of. i want him round as long as he's able and happy about it - regardless of finances
Athos
Well-Known Member
Good. But you also need to think about the second part, which you chopped from the quote!
On the grasper point, i agree; I've always told my Dad to spend what he can rather than save it for me and my sister when he dies; we don't need it, and the reality is it'll more likely go on care home fees than inheritance anyways. My wife and I have always planned our finances so as to ignore any possible inheritance; if it comes, it'll be an unexpected bonus that we've already agreed we'll use to get the kids on the property ladder ASAP.
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