Anyone other Gen-Zers on here sick of daily life

[lorrisandthesnowman]

Just that really. Endless bills, no hope ever of getting on the property ladder as the mummy and daddy bank wasnt an option, paycheck to paycheck living. The fruitless thought cycle of if we should have children/can we/ what would that future even look like.

Or is it just me and im in a bit of a negative slump

Have you actually been turned down for a mortgage?

Yes we barely have a few grand savings for a deposit.

so you applied for a mortgage - with how much deposit? How much is “a few grand”?

We have spoken to the banks but have not applied as we do not have enough... a few means two. 2,200 to be more precise

Ah OK. Well all you can do is save more money. Do you pay high rent prices/childcare and car payments?. Is that making it difficult to save?

Point being, we cant cover even a minimum 5% deposit at the moment and its just so hard to save anything. Maybe this is normal now i was after perspective.

No children, rent is just over 1,000. We do have a carpayment of around 120 a month

There are some 100% mortgages around - providers who will take the fact that you have been paying rent regularly into account. Try them, sorry don't know what more to suggest really except yes, everything is really expensive

Where Gen Z? Barely out of school or upper end? Employment status? Where in the UK?

As a Gen X (with two Gen Z living at home, so not unsympathetic to your situation) I would have been turned down for a mortgage 30 years ago if I had only saved £2k. I must have been around 30 by the time I had just about scraped enough together for a deposit.

I well remember the early career years and looking at how well everybody else seemed to be doing by contrast. Looking now, I think a lot of my peers were relying on endless credit which is now biting them on the bum.

Thank you for your replies, it is appreciated. Im aware its a bit of a moany post.
I am 28 and i guess you are right there is a lot of comparison going on. We both work full time but live in quite an expensive area in the south- it just seems amazing how the money goes nowhere with no end in sight. Id like to change into a better job field but it all seems to involve training and pay cuts first- all while it feels my eggs are drying up. Everyone else seems to be buying somewhere/going abroad/having kids

I'm a millennial and it is no different for me. My parents were born in the 60s and didnt have a lot of money. They were never able to buy a house and are stuck in rented. It is hard for gen zs but equally it is hard for anyone who doesnt have money. Which spans multiple generations. No idea what the answer is. I am skint as I have just upped my pension contributions.

Gen X had the benefit of 100% mortgages as standard.

Good lord. This was me in the 90s, when I was in my 20s. Things only got better when I was in my early 40s. Don’t make this a generational issue.

No, its good to hear (not good as in im glad it happened to you!) that its not just a 'now' issue. Maybe thats the perspective i need. A lot of doom and gloom around at the moment the future just doesnt seem bright at all

I do know what you feel like! I think life feels like a thankless slog for quite a lot of people at the moment, and I empathise with the frustration/uncertainty. I think late 20s are a difficult time and it's not uncommon to feel like you're not where you should be/where you want to be by now. There is a lot of negativity in the news/media as well, which doesn't help!

It's easier said than done but try not to let yourself stay in a negative headspace as that frame of mind can hold you back from improving your situation. You can't fix all the worlds problems so focus on what's in your control.

Do you have capacity to save more towards your house deposit? With two incomes and no childcare costs you should be bringing in a decent amount each month (presuming that rent is shared between you). When I was saving for a house I had a strict monthly savings goal and seeing that deposit go up really helped me feel like I was achieving something and it helped my motivation. It's easy to fritter money away on shopping/takeaways when you feel like it's a lost cause (or it was in my experience).

You should be able to save more than £1,100 each. You need to focus on it for a couple of years. Cancel holidays, take overtime or a second job, cook from scratch, choose free entertainment. Pack lunch for work, take coffee with you. The most important thing in life is saving that deposit. Grit your teeth and go for it. It will be worth it.

I think that was a very limited time and happened just before the 2008 crash. It certainly wasn’t standard for the whole of Gen X. I was 31 before I bought a place. Scraped together a deposit which included £5,000 from the Criminal Injuries Board for having been raped.

No we didn’t 😂

I thought i must have been missing something! It took me nearly 10 years from graduating to get £10k saved to buy on a 95% mortgage and be able to afford all the fees. 100% mortgages were definitely not offered as standard and if you were eligible, they had eye watering interest rates.

You are far better off than most people in Africa. You need to accept that you are competing with Indians and Africans. You have to up your game and stop moaning.

You don’t find many Gen Z’s here, more the parents & gps of them!

They want it all on a plate.

Housing is definitely a generational issue

How so?

Yeah let’s scrap the triple lock & disibility benefits. after all they are better off than most people in Africa