Cover me in debt, debt to the eyeballs (or advice on buying a shoebox in England)

[Solly]

Originally posted by Dauphin
Face it Rich, you are a dunce.

What! They all got 2:2s in an irrelavant science as well I'm sure.

[Provost Harrison]

En Anglais?

[Drogue]

Re: Re: Re: Re: Re: Re: Re: Re: Of course

Originally posted by Dauphin
Check salary review surveys for London wages which show its closer to £25k average starting and £40k for newly qualifieds in London. You have to remember to look at central London as a whole as the people who work in the City don't usually live in the City. The cost of living of a Londoner is raised by the City, for sure, but the City is not the average Londoner, anymore than Ken and Chelsea is the average real estate.

Exactly, that was my point. I wasn't suggesting a rule, but an anecdote that some graduates are able to get 7x mortgages now. That was all I was saying. That's why house prices in some areas (or rather, all of central London, really) have shot up so much, because there are over 5000 of such graduates starting each year. Indeed, one bed flats have shot up the most, as many new grads want to live on their own.

Originally posted by Dauphin
Also, I've seen the civil service pay grades for accountants and lawyers. I presume you must be starting as an Senior Executive Officer to be getting that much money, and to be that you have to be qualified. i.e not a fresh graduate.

Me personally? No, I'll be working at the FSA, so public sector but above civil service pay.

I'm not saying average at all. I said of the people earning £30k starting salaries, they can be given huge multiplier mortgages as they will rise very quickly. I'm aware many people earn less, but I wasn't referring to them. The point is these people exist, and are responsible for the huge multipliers available and high house prices in many areas.

[Drogue]

Re: Re: Re: Re: Re: Re: Re: Re: Of course

Originally posted by Snotty
so what happens if they mess up/ have a break down and they are saddled with huge mortgages they are supporting solo, and are unable to pay in any other job?

As said, sell up, gain some money (will likely be worth more than remaining mortgage) and rent.

[Dauphin]

Hell, even *I'm* getting a £30k+ starting package, and I work in the public sector.

Of course it isn't normal for the nation, however it is normal for central-London graduates.

I've never seen a city law firm offer less than £30k.

"I'm not saying average at all" - I obviously misunderstood you then.

[Dauphin]

Re: Re: Re: Re: Re: Re: Re: Re: Re: Of course

Post deleted

[padillah]

Originally posted by Provost Harrison
Very much depends on your sector as well. I can testify that science is lousy beyond belief. I always thought it was a noble thing to do, to go into science, but it has worn rather thin with the poor treatment you receive compared to other professionals.

I was on the fast track to Dow Chemical: they were giving me a scholarship to Alma College, they sponsored the National Science Award I received, they were scouting me to sign a Letter of Intent for when I graduated... Then I talked to someone that worked there.

I went into computers instead.

Tom P.

[Provost Harrison]

I must say, a magnificently wise decision.

[Bugs ****ing Bunny]

Re: Re: Re: Re: Re: Re: Re: Re: Re: Of course

Originally posted by Drogue
No, I'll be working at the FSA,

GET THEE BEHIND ME, SATAAAAAAAANNNNNN!!!! RAARRRRRR!!!

[DrSpike]

Actually Drogue's point about public sector starting salaries is pretty accurate for economists joining the fast stream (i.e those with potential to reach senior mandarin level ) but only if they have a masters - someone just started working for me and they are getting £30k, give or take a few pence.

Without a masters though it is closer to some of the stats Dauphin came out with. Still pretty decent - it's public record so you can check but I think it's around 26k now.

[DrSpike]

Re: Cover me in debt, debt to the eyeballs (or advice on buying a shoebox in England)

Originally posted by Dauphin
Dear homeowners, please give me your anecdotal advice on buying a property. Things that you wish someone could have forewarned you about before you made the purchase. Housebuying guides are good for stock things, but it's the quirks of housebuying that often tell a story.

So anyway, I've seen a place I like and am currently looking at the selling price of similar housing in the immediate neighbourhood. Doing that I see that the asking price for the place I'm interested in is 5-6% more than the highest selling price in the last 6 months. Fair enough house price inflation, but I think the vendor is chancing his luck...hoping that by asking for a high price it will at least raise the prospective offers a percent or two.

It still hasn't hit me fully I don't think, but a debt mountain of 4 times my salary will be moving to a headache near me....

If it makes you feel better when I bought my flat I borrowed 4 times salary and eighteen months later I'm pretty used to the outgoings.

[Adrian Hon]

Re: Re: Re: Re: Re: Re: Re: Re: Re: Of course

Originally posted by Drogue
Me personally? No, I'll be working at the FSA, so public sector but above civil service pay.

Hmm, I know another Cambridge grad who went there. Sounds like a nice enough place to work, although obviously rather big and a bit impersonal.

[ColdPhoenix]

It's not a small employer but I am rather surprised at the number of people who work here or know people who do that are on this forum.

[TheStinger]

Originally posted by DrSpike
Actually Drogue's point about public sector starting salaries is pretty accurate for economists joining the fast stream (i.e those with potential to reach senior mandarin level ) but only if they have a masters - someone just started working for me and they are getting £30k, give or take a few pence.

Without a masters though it is closer to some of the stats Dauphin came out with. Still pretty decent - it's public record so you can check but I think it's around 26k now.

To joint he fast stream you have to have no personal skill

[DrSpike]

On the contrary you need to have a wide skillset to get through the Fast Stream Assessment.