I long ago finished paying my

They vary from one financial lender to another, but as a rough guide, Lenders would normally lend 4 to 4.5 x Guaranteed income ( OT, Christmas bonuses etc not included by them )
For joint salaries, the rough gauge would be around 3.5 to 4.0 x joint income.

I too have fortunately paid my mortgage off, but am appreciative of being part of my generation, probably the last generation before Thatcher got her claws into right to buy etc, who could reasonably expect to leave school, get a job, get married and just go along to Bank or B/soc and get a mortgage for a property that was still affordable, in line with average wages at that time.

Just to pi*s a lot of you off, my first house cost me £14,000. Was a bit basic, but was average then for the low end of the market. And it was a three bed, not a little one bed flat..

My kids are all in their late 20's / early 30's and, fortunately have good paying jobs and just about ( with my help ) just about managed it. Their generation was probably the last to get on the last step of that ladder ( just about in the nick of time )

For 18/20 year old's now, unless they have a rich bank of Mum & Dad available to them , buying a property is just a pipe dream.

comment by Two Balls, One Saka (U19684)
posted 52 minutes ago
comment by Devonshirespur (U6316)
posted 31 minutes ago
first thing i did when i got a proper job was save for a house. Wife & 1 bought a 1 bed flat in 2001 for £80k with £4k deposit, a first time buyers mortgage which was at a reduced rate for the first 2 year. Sold it less than 2 years later for 120k, so had about £45k deposit to put on the next one.

Stretched myself and bought a £200k flat in London. Lived in it for 10 years, sold in 2012 and made 50% despite coming through the credit crisis. 10 years of paying a repayment mortgage meant i had paid off about £50k of what i owed, so my equity in that flat was about 60% .

Moved out of London, bought a "project house" for a similar value to the flat, spent another big chunck doing it up but now that's worth more than double the money i have put into it, and my mortgage is less than 30% of its value.

Basically, over about 20 years, i have turned my £4k deposit into equity worth 100s of thousands while paying a mortgage which was less that the rent equivalent. I have been lucky. Every time i bought i thought i may have been buying at the top of teh market, but it just kept rising, and the credit crunch did not affect my job.

Some careful decision making, the odd risk (and a bit of prof. advice if you need it) and you can really make a small sum of money work for you over time.

Those who can should save for a deposit and get on that ladder. It is worth sacrificing stuff for a few years if you take a long term view.
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Most of that is just housing inflation though. The problem for people now is they need a far bigger deposit while also attempting to save it up with higher rents eating more of their income
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True but if you are careful where you buy and perhaps have an end goal in mind.....what helped me was that we initially chose an up and coming area, benefitted from that way more than average house price inflation....moved to London because we could then afford it but with the end goal of moving out of London, knowing I would get much more for my money somewhere else and could reduce my mortgage and live more comfortably without having a massive debt.

So yes, inflation, but also careful decision making.

Help to buy requires a 5% deposit, so I agree this can be a challenge for many, but once you get on the ladder the inflation serves as increasing your equity and thus deposit available to make the next step.

Scrimp, save, beg and borrow...have a plan, do your research and just get on the ladder.

comment by SteveF (U22027)
posted 14 minutes ago
They vary from one financial lender to another, but as a rough guide, Lenders would normally lend 4 to 4.5 x Guaranteed income ( OT, Christmas bonuses etc not included by them )
For joint salaries, the rough gauge would be around 3.5 to 4.0 x joint income.

I too have fortunately paid my mortgage off, but am appreciative of being part of my generation, probably the last generation before Thatcher got her claws into right to buy etc, who could reasonably expect to leave school, get a job, get married and just go along to Bank or B/soc and get a mortgage for a property that was still affordable, in line with average wages at that time.

Just to pi*s a lot of you off, my first house cost me £14,000. Was a bit basic, but was average then for the low end of the market. And it was a three bed, not a little one bed flat..

My kids are all in their late 20's / early 30's and, fortunately have good paying jobs and just about ( with my help ) just about managed it. Their generation was probably the last to get on the last step of that ladder ( just about in the nick of time )

For 18/20 year old's now, unless they have a rich bank of Mum & Dad available to them , buying a property is just a pipe dream.
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Kids also stay at home longer and you find many more doing this...the sensible ones used the saved money to get a deposit together. The others just make sure they have the latest phone, trainers and that their winter coat is sufficient to keep them warm if they decided to trek to the arctic.

rather spend one million quid on one room than live in Wales tbf

comment by Phenom (U20037)
posted 1 hour, 35 minutes ago
rather spend one million quid on one room than live in Wales tbf
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This is why you’re a caaaaaant and no one likes you 👍

Sandy, even if you own your house free and clear, no mortgage, you still have to pay taxes and upkeep.
Those costs can be considerable too.

comment by JustCallMeTed (U21528)
posted 48 minutes ago
Sandy, even if you own your house free and clear, no mortgage, you still have to pay taxes and upkeep.
Those costs can be considerable too.
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Agreed Ted, but not having a mortgage makes a massive difference. Rent or Mortgage accounts for the biggest outlay most people have in their lives. And if you have neither it means you don't have to worry about having a roof over your head.

For £40,000 you could live in relative luxury on a narrow boat in Camden - if I was in my 20’s again that’s the route I would take whilst saving. Instead I wasted 10 years paying rent. I have since been quite lucky, getting on the ladder and working my way up - but it was brutal for a while

Does the right to buy also apply if you are deported to Rwanda 🤔

i have no idea how anybody who is graduating uni now can save up to buy a house without having a very very above average income, here in London.

fortunately I managed to buy a property 7 years ago when it wasnt quite the nonsense prices it is now. I needed a 50k deposit. if you asked me to save 50k now it would take me absolutely ages, and my income is probably 1.5 times now what it was then. the cost of living is a nonsense.