Getting on the property ladder

[Whaleboy]

How is this possible in the UK? I'm 21 and earning £20K but as I see it at the moment, the only way I can possibly think of getting a mortgage is by going in with someone else.

Problem there is that most of my friends have been little more than perpetual losers with about as much hope of stable employment as a convicted paedophile applying for a job as editor of the Sun.

Similarly I'm wayyy too young to settle down relationship-wise so going it alone; at least for the time being, is my only option. That also has the advantage of putting my in a stronger position in a few years when family starts to become an option.

Renting is a collosal waste of money that only becomes worthwhile when it's a choice between that and living on the street! I'm staying at my dads at the moment which is cool from his perspective, less so mine.

Where do I begin and wtf do I do? This is a dilemma that faces most people of my generation in the UK; there has to be a good solution. Any thoughts?

[C0ckney]

move up north, you can get a whole street for 30 grand in some places

[Whaleboy]

[Japher]

Crazy Socialists

[DanS]

Buy a place and rent a room out to help cover the mortgage payments.

[reds4ever]

Originally posted by C0ckney
move up north, you can get a whole street for 30 grand in some places

Become a cockney, that way you can use the power of bullsh1t to lie about your earnings to the mortgage company.

[Kidlicious]

Re: Getting on the property ladder

Originally posted by Whaleboy
Renting is a collosal waste of money that only becomes worthwhile when it's a choice between that and living on the street! I'm staying at my dads at the moment which is cool from his perspective, less so mine.

Right now I'm staying at a hotel, because I can't even rent (bad credit). That's another story though.

As far as your problem, maybe you could move to another country if you want to own a home.

[Dinner]

So you make about $35k which is not a lot when it comes to buying a house. You're going to need room mates and a decent down if you want to qualify for a loan. You should also look to moving to a cheaper area though if you move to far out to the country then it will be hard to find people who want to rent a room from you.

[Dinner]

Re: Re: Getting on the property ladder

Originally posted by Kidicious
Right now I'm staying at a hotel, because I can't even rent (bad credit). That's another story though.

As far as your problem, maybe you could move to another country if you want to own a home.

Kid, consider renting a room from a private homeowner instead of renting your own apartment. Most of these small people won't ask for a credit check so as long as you have 1st, last, and deposit you should be fine.

[Kidlicious]

Re: Re: Re: Getting on the property ladder

Originally posted by Oerdin


Kid, consider renting a room from a private homeowner instead of renting your own apartment. Most of these small people won't ask for a credit check so as long as you have 1st, last, and deposit you should be fine.

Well I have a kid with me. I don't know if I could find one that would let me rent a room with a kid. Another thing is that I'm skeptical about renting from someone who might not be dependable.

After I get out of school and get a job, I should have the income to find something to rent. Apartments just won't consider me with my credit the way my ex ****ed it up.

[Whaleboy]

I can't really move too far because of work. I'm car-less at the moment but that'll change in a couple months. Northampton is an ok place to live.... where I am at the moment is one of the most desirable places in the country because of the London-satellite location but there are plenty of ****holes in this place too.

I'm just thinking I should find a ****hole where there's a lot of investment and regeneration, so two years down the road, property value will increase dramatically. I've got a few £K in the bank but ideally I'd like to put down around £10-15K which will take about a year or so to accrue... I just dont know what kind of mortgage I can expect without utterly crucifying myself.

[Flubber]

Re: Re: Re: Re: Getting on the property ladder

Originally posted by Kidicious
After I get out of school and get a job, I should have the income to find something to rent. Apartments just won't consider me with my credit the way my ex ****ed it up.

There's a lesson there for others. There is almost NEVER a need for joint floating credit. Get a mortgage for a fixed amount, fine. But get separate credit cards and if your "partner" uses yours without pernmission . . . report them as you would any other unauthorized use.

It may sound hardh but if they're to the point of stealing your creditcard, do you really think you have a relationship to salvage

[OneFootInTheGrave]

wait until the market crashes like me


---
and to be honest this year the low level prices in my area (Bracknell/Wokingham) are much more affordable, 4-2 years ago you could almost dream if you could find something below 120k for a relatively normal 1 bedroom flat.

However this year after a "relative stall" in the market suddenly there are 1 bedroom flats in as low as 90-100k in some relatively decent areas... so well I think the market opened up quite a bit for the "entrants" the problem however is once you get in you will only gain as you repay the mortgage, hopes of increases of property value as it stands are unrealistic - still much better than only paying rent if you plan to live here...

As for mortgage - I think they will give you 80k straight, while about 100k could maybe be given by some more opportunistic agents.

[Dinner]

You could be waiting for a VEEEEEEEERRRRRRRRRYYYYYYYY long time.

[OneFootInTheGrave]

Originally posted by Oerdin
You could be waiting for a VEEEEEEEERRRRRRRRRYYYYYYYY long time.

well I hope that I will sort some stuff elsewhere in between so UK is not my priorty, unless there really is a crash. Well in that case we will just as well hope that there is a job, but other than that the market here is probably the most overpriced in the world.