Buying Houses

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Well I will admit that my student lifestyle messed up my finances, and I got in a situation, although not as bad as some people. This time next year I won't owe nobody nothing, and I have a car that is mine also. I'm earning decent money, but nobody will touch me, especially without a decent sized deposit. I mean who the hell has 30k in their bank doing nish?

If it's in there, why the hell hasn't it been spent on a round the world trip? Just had to turn off Grand Designs on 4OD because it's the one where the lid dies at the end of it from cancer, and it would depress me.

Maybe I will build my own house.
 
GhostOfDixie said:
Impossible for first time buyers without an immensely impressive credit rating and around 30k deposit?
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Really is mate, not just first time buyers but people looking to upgrade. People with negative equity after taking 110-120% mortgages pre market crash, then house values hitting rock bottom post crash, large mortgage remains with little option but to stay put till the market picks up again. But nobody can get on the market because they need massive deposits as you say. Very viscious circle!
 

so are you in that same position ghost of having to find that kind of deposit ?

if it was me then I would buy the cheapest kind poss to do some rapid work on , then get rid and try to make a profit, a couple of them and deposit saved. It would mean living upside down for a while but then at least your money isn't going on someone elses mortgage.
 
GhostOfDixie said:
Well I will admit that my student lifestyle messed up my finances, and I got in a situation, although not as bad as some people. This time next year I won't owe nobody nothing, and I have a car that is mine also. I'm earning decent money, but nobody will touch me, especially without a decent sized deposit. I mean who the hell has 30k in their bank doing nish?

If it's in there, why the hell hasn't it been spent on a round the world trip? Just had to turn off Grand Designs on 4OD because it's the one where the lid dies at the end of it from cancer, and it would depress me.

Maybe I will build my own house.
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I have, but it still aint enough to get diddly down here. Just the way it is. To be honest who wants to buy anyway? It just ties you down to an area.
 
Reidy's Bottle Of Grecian said:
so are you in that same position ghost of having to find that kind of deposit ?

if it was me then I would buy the cheapest kind poss to do some rapid work on , then get rid and try to make a profit, a couple of them and deposit saved. It would mean living upside down for a while but then at least your money isn't going on someone elses mortgage.
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I doubt I would even get any kind of mortgage. Perhaps for a tent in Goat's backyard.

Bruce Wayne said:
I have, but it still aint enough to get diddly down here. Just the way it is. To be honest who wants to buy anyway? It just ties you down to an area.
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I would say your probably in the minority. Have you saved that if you don't mind me asking, or inherited? Because for me and the enemy inheritance is probably the only way. Unless my business takes off in a way where I can achieve that level.
 
Bruce Wayne said:
Saved it. Don't want any cash from my folks. It's their money, not mine. Rather they spent it on themselves whilst they're here.
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Well then you must have either low expenses or a very very well paid job. Unfortunately the majority of people in my position, and up North are on around 20-30k a year. So no chance of saving up 30k.
 

GhostOfDixie said:
I doubt I would even get any kind of mortgage. Perhaps for a tent in Goat's backyard.



I would say your probably in the minority. Have you saved that if you don't mind me asking, or inherited? Because for me and the enemy inheritance is probably the only way. Unless my business takes off in a way where I can achieve that level.
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It would certainly have to take off, and maintain it for some time as well, cos dont forget that after year 1 you have to pay your tax plus a load (50 %) on account for the year after, they get you so thay are always holding money in hand. so, say you earn enough to have a 10k bill then you have to give them 15k, then another 5k in jan, that way at the end of year 2 they have 10k in advance, so then you start to pay year 3 in advance.
point being that in year 1 you have to pay yourself as little as poss so that it is there for them to dip into. In theory you should only ever pay yourself as little as poss and then have a kind of bonus at the year end when your tax bill is settled. like i said though "in theory" as most self employed are exactly that in order to pay the bills and cant wait 12 months for a wage.
 
GhostOfDixie said:
Well then you must have either low expenses or a very very well paid job. Unfortunately the majority of people in my position, and up North are on around 20-30k a year. So no chance of saving up 30k.
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Bit of both I guess. Just don't waste money if I can help it. Appreciate how hard it is to earn so don't want to blow it on crap.
 
Reidy's Bottle Of Grecian said:
Scratch that as i forgot, "most small businesses make 140k" so no need for a deposit, you can buy outrite after 18 months.
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Well I'm not limited company, not yet anyway. I have an accountant though, a really good one. But I have ideas up my sleeve for various ventures, just need to get this year out of the way and crack on with them. Also my wife lost her Mum 4 years back and kind of waiting for her stepdad to sell up so she can get some of the house money. But it may not happen, if it does then great, but certainly not plan a or b.

Sometimes wished I'd stuck at Architecture from school.
 

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