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AIBU?

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Original poster

The reason young people can't afford to buy houses

1002 replies

GrabtharsHammer · 27/11/2016 21:42

Is because they all have iPhones and Sky telly.

So sayeth my mother.

Nothing at all to do with the ridiculous house prices then? They are baby boomers and bought their first house for a few thousand quid on my dads modest salary.

Apparently the youth of today just need to get rid of their gadgets and telly subscriptions and then they will easily afford a deposit and mortgage.

Are everyone's parents this judgemental and out of touch or am I just particularly lucky?

(Fairly lighthearted) AIBU?

OP posts:
Pisssssedofff · 01/12/2016 21:02

TinselTwins Actually that's not true with a 20% deposit I was offered 4 x my salary just three months after landing in the uk ... Couldn't get a mobile phone but I could get a mortgage

TinselTwins · 01/12/2016 21:03

Pissedoff it takes more than a deposit these days

I know people with 2 incomes and a good deposit who have been turned down because one of them was self employed (with years of evidence that their business was profitable)

olderthanyouthink · 01/12/2016 21:03

Don't you need a permanent job for most mortgages?

frikadela01 · 01/12/2016 21:06

I can just see the threads in a few years time "well my daughter bought at 18 so I dont see the problem" Grin

TinselTwins · 01/12/2016 21:07

when was that pissedoff?

because in the 90s we were offered a much bigger mortgage than we needed or thought we could afford, and I was still only temping back then! (we took less than we could have). They were practically pushing a bigger mortgage on us, lenders were like sales men "come in come in, have a mortgage! have two!)

Now though…..

Pisssssedofff · 01/12/2016 21:08

Why wouldn't Olivers DD's jobs be permanent ? It's affordability they go on.
So self employed people get turned down without three years accounts but there's generally more to the tale, people aren't generally truthful about their finances when they get rejected.

Pisssssedofff · 01/12/2016 21:08

TinselTwins that was 18 months ago.

Pisssssedofff · 01/12/2016 21:09

My daughter will buy her first house at 18 but I'll be giving her the deposit ... She'll still need to work though to make it habitable

frikadela01 · 01/12/2016 21:17

I'm actually quite shocked that banks will give an 18 year old a mortgage. I didn't have a clue at 18 hence blowing my student loan on crap.

Maxwellthecat · 01/12/2016 21:17

Even if getting four jobs, buying a wheelie bin in consett, then commuting to London so that you can afford to 'do it up' all works. It's a pretty big jump from stopping sky and downgrading your phone.

user1476961324 · 01/12/2016 21:21

Pissssssed off - how much are you planning on giving her?

There is just no way I could have got a mortgage of any value at 18 - does she have any history of using credit?

I suspect it would be difficult to do so.

Even if it was just enough to buy a wheelie bin in Consett, it seems unlikely.

olderthanyouthink · 01/12/2016 21:24

I feel like a wheelie bin is a bit too swanky

Maxwellthecat · 01/12/2016 21:26

Don't you know in my day we used to have to live in a recycling box you should be grateful for a wheelie bin.

53rdAndBird · 01/12/2016 21:26

You can't expect to move right in to a wheelie bin. You need a modest starter bin. Back in my day we bin-shared in a food waste caddy and thought ourselves lucky.

53rdAndBird · 01/12/2016 21:27

Pipped at the post! Grin

Pisssssedofff · 01/12/2016 21:27

We opened a help to buy ISA on her 16th birthday to show evidence of savings history. She'll have a full time £25,000 for the summer before she goes to uni and with 4 wage slips and a 20% she will have enough to buy a 4 bedroomed property which she will rent out three of the rooms whilst at uni and be mortgage free within 5 years, sooner if she used her student loan to pay the mortgage off with. By 23 she'll have £800 a month income without doing a days work if all goes to plan.

user1476961324 · 01/12/2016 21:28

Would you rather: live in a wheelie bin, or live in Consett?

olderthanyouthink · 01/12/2016 21:29
Shock Adopt me, please
Maxwellthecat · 01/12/2016 21:30

I grew up in the next village along from Consett so definitely a wheelie bin Grin

user1476961324 · 01/12/2016 21:30

Pissssedoff - where will she be that she can buy a 4 bed for so little?

I don't think 4 months payslips will be enough to get a mortgage - plus how much will she realistically be earning that summer?

Even to rent I am now asked for 12 months of payslips and 12 months of proof of payment of rents & bills!

Pisssssedofff · 01/12/2016 21:35

User trust me 4 wage slips is absolutely fine, remember at 18 all the Barclay card, GE Capital cards etc dropped on the doorstep wanting them to fuck their lives up ASAP. You just use that to your advantage.

TinselTwins · 01/12/2016 21:35

So, not only is this 18 yr old student going to get a mortgage based on her summer job.. she's now going to get a mortgage for a HMO and all..

This really does sound more 1993 than 2016 to me..

DeleteOrDecay · 01/12/2016 21:35

if all goes to plan.

That's a big if. Do you have a back up in case it doesn't work out? Will/does your dd get a say in any of this?

Maxwellthecat · 01/12/2016 21:35

I applied for a mortage a couple of years ago and i am self employed, they did everything except crawl on their hands and knees and look inside my arsehole. In the end my DH just go one without mentioning me, we weren't married at the time and had no joint accounts etc.

Oliversmumsarmy · 01/12/2016 21:36

No we live in London.

DD in one job earns more than i earned in a month. So don't know how much 16 year olds get in pocket money.

Don't forget she doesn't have any rent or bills

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