Meldrew Moment

[davebro3]

https://www.bbc.co.uk/news/articles/c7209lk8x2wo

If her take home is £3000 pm. She claims is spending £2000 pm. on rent & utilities. I DON'T BELIEVE IT!

[Old_Geezer]

Sounds unlikely to me too.

What would the monthly repayment be ? £1500 maybe ? In which case that'd be £18,000 annually ? Even after tax, what is the remainer frittered on ?

[ToraToraTora]

She's correct, I'm on a lot more than that and I'd struggle to buy a house now. The problem is that she can't save for a deposit because she's spending it all on the rent. Let's say she wants to buy a house like the one she's renting. For that sort of dosh it sounds like at least a 3 bed detached. That's at least £350k, now to get a mortgage she'll be able to borrow max of 5 times her salary at a push that's £250k so she'll have to find another £100k + costs etc. Impossible unless she moves to a broom cupboard, lives on gruel for 5 years and gets a huge pay rise. Ironically the mortgage payments would be a lot less than the rent!

[Old_Geezer]

The average price of a first-time buyer home in the West Midlands was £215,000.

[ToraToraTora]

PS Before the pedants and nitpickers dive in, they are just rough figures based on Birmigham prices where she lives.

[ToraToraTora]

10:29 yes but she's paying £2k, that's a bigger place, at least a 3 bed detached.

[davebro3]

If you really want to save for a deposit you economise - not carry on living the high life. And why would a first time buyer aspire to a 3 bed detached? Unrealistic aspirations.

[newmodarmy]

I don't think she mentions a partner or children, so she doesn't need to start with a  3 bedroom detached. I'd have thought a small terraced house or semi with one or two bedrooms could be affordable. Or live with family or a friend for a year and save an extra £20000 . Or buy with a friend

[ToraToraTora]

My post at 10:22 was based on her trying to get a place like the one she's living in. Yes dave (10:32) we all had to save and get what we can on the ladder, have things changed that much? Is it really more difficult or are the younguns unwilling to make the sacrifices? Living frugally, saving up etc? I think it is more difficult maybe should could live with her parents and save up for a broom cupboard.

[youngmafbog]

Not really enough facts to answer. It is a difficult problem though and is being compounded by the Metro Liberals wanting to flood the country (legally) with all and sundry when there is no infrastructure to support it.

However as pointd out above homes are 215K on average so when you first buy you have to be relaistic and go for one you can afford to get your foot on (not one foot in 😁) so to speak.  Clearly paying 2K a month she is either in a very posh area for Brum or got a mansion or City centre gaff.

[youngmafbog]

//Ironically the mortgage payments would be a lot less than the rent!//

Yes, but remember rent includes repairs and other things. 

[Auntypoll]

She's not paying £2k rent a month she's paying out £2k a month for rent and 'bills'. If the bills include food then she has plenty of disposable income to save for the approx. £21k deposit she would need for a home local to where she lives. I bet she works from home too as many software engineers do, so could live somewhere with cheaper housing.

[davebro3]

when did computer programmers become software engineers🙄

[naomi24]

It says rent and utilities.  That isn't food, clothing, running a car, commuting costs etc..  I can believe it.

[douglas9401]

My own long held opinion is that control of "property portfolios" among those whose first language isn't English is long overdue.

With no rent control they can charge what they like and shrug when folk complain, moving on to hoover up anything that comes to market using their obscene profits to compound the situation.

"Repairs" is an even bigger laugh.

[youngmafbog]

I can assure you Douglas repairs were a significant part of the cost of running our portfoilio, only ten properties I know but it is a fair hit.

Of course, that doesnt fit your steriotype does it?

[douglas9401]

I'm sure you were an exemplary landlord in all ways.

Once you'd weeded out the commies and lefties applying  anyway.

[jackthehat]

He'll need additional bedrooms for when his children come to stay and his funds are compromised because he'll be paying out for a wife and children, too.

[youngmafbog]

If they paid we didnt care who they were.

[rockyracoon]

"He'll need additional bedrooms for when his children come to stay and his funds are compromised because he'll be paying out for a wife and children, too."

😂😂

Where I live he'd struggle on that money getting a flat. No way a house.

[Auntypoll]

best read the article properly before trying to correct people 🤣🤣🤣

'Software engineer Emma Harris earns £50,000 a year and said the cost of renting and bills takes up about two-thirds of her salary'