To wonder why the older generation can't admit that things are harder for millennials?

[ExtraPineappleExtraHam]

So we just had our meeting with a mortgage advisor. They will lend my dp £45,000 (not even enough for a bedsit in this town) and so I'm not even bothering to do mine as I earn less. We work very hard (44 hours and 27 hours) we just have low paid jobs and pay childcare for two under 5's!
I talked to my stepdad who compared it to when he had to borrow £36,000 to buy his first house in the early eighties. That was 3 times his salary and his wife stayed at home. He paid it off in six years. It's not the same. He was given a mortgage which was enough to buy a nice house in an area close to family and where he worked. He didn't have to have a bank manager saying 'well if you move to Wales or up north?' He didn't have to rent forever and have nothing to pass down to his children. It's not the same!

Two low salaries and two children under five, and you blame my generation? Unbelievable.

It is not a rich person's problem to delay children. My grandfatehr left school at 12. He had my father at 49 years old because he needed to save up to get married. My parents similarly who only bought one house, no ladder of houses, waited 10 years to have us. I bought before I had my first baby.

However I don't like hitting young people with how much worse things used to be (they did used to be pretty bad) because all young people know is what they see around them. We all take for granted what we have. I think it's good my children shared bed rooms so they don't assume everyone shares a room but there wll be countless things the teenagers think are normal but are just because I work full time and we have more money than some. One has been helping a university friend pay for some thing and I was just saying yesterday I work full time to keep the boys at university. it's a bit much I am susbisidising another woman's choice to work very few hours such as she does not pay her son much. Anyway I'm the mug I suppose laughing as I type....

@ExtraPineappleExtraHam

Coming in late here and not RTFT.

I agree that life is hard for millennials and buying a house is out of reach for many. However, your tale of your stepdad buying a house for £36K, and paying off the mortgage in SIX YEARS, made me go

Even in the late 80's and early 90's when you could get a half decent 2 or 3 bed semi (outside London,) for £35-40K, I didn't know a SOUL who paid off their entire mortgage in six years. So your stepdad was in the minority!

In addition, we had a £44K mortgage in 1997 (for a 3 bed semi,) and our payments were around £475-£500 a month. Young people can get a £100K to £120K mortgage now for the same monthly payment. In the late 1980's, the mortgage rates went up to around 15%! And people were paying £500-600 a month on a £45K mortgage.

What some young people don't realise now is that the interest rates were VERY high in the late 1980's and early 1990's. I know many people who went under and lost their home purely because of this.

So whilst the house prices are much higher now, you are deluded if you think young people had it easier in the 1980's and 1990's. There was a huge recession then too, high unemployment, and lots of political unrest.

I do agree that boomers had it much easier though. (pre 1980's....) But I don't hold it against them, as it's not really their fault is it?! If someone offered you a fairly cushy job for life, paying £60K a year, (with a gold-plated 'final salary' pension,) and a 3 bed semi for £25K now, would you say 'nahhh, I better not, coz it may affect future generations....' ???

Course you wouldn't.........

Most of the young who buy flats borrow from their parents to do so. Many of the young who get 'good' jobs have parents who can either 'put a word in for DS/DD' in their chosen field because the parents themselves know people in that area, or the parents can afford to house and feed the young person while s/he puts in the anything up to 3 years of unpaid work that is now regarded as normal to get a well-paid and rewarding career.

What some of you smug twats are missing is social class and the end of social mobility. People who were born to poorer families in the 80s and 90s have almost no chance of making better lives for themselves, because the poor have been systematically pushed out of most well-paying jobs which offer some kind of career progression. Everything worth having, workwise, starts with internships ie unpaid labour. If your parents are already poor, they need you either to be earning and contributing to the family income, or at least to be able to support yourself.

Most people born after WW11 got to benefit from the wonders of the welfare state, and successive governments who were actively investing in making life better for the poor. Now we are going backwards again.

The OP is lying people. She/he/it has another thread (linked on this thread) complaining about how she spends too much and already is a home owner!

Don’t get into a bun fight over this.

petbear
That’s very true. Our 33k mortgage in mid 90’s was a little over four hundred pounds. According to money supermarket, you could now borrow 100k on an initial reduced rate of 1.74% for the ridiculously low sum of £411. That’s three times the amount!

To answer the original question, the older generation can't admit that things are harder for younger people because human nature is to see one's own successes as the result of our hard work, and other people's struggles as a result of their laziness.

It is irrelevant that a mortgage taken out decades ago had a high APR, because house prices are so much higher now. Even if the monthly payment is roughly the same, the deposit is the major stumbling block for many. I bought three years ago after saving for a deposit for 15 years. My monthly payment is only 4/5 of my old rent, and for a nicer place too.

TheDevil

Agree I think and let’s face it all generations think this but I know for me and my friends all 40s/50s we have over parented our kids and although they are all fabulous 20 somethings they are at least 10 years less mature then we were at they age.

Look st all the school documentary programmes as educating Yorkshire etc. If we had behaved like that when I was a teenager I would have been smacked and told to go home. No nice lady in an office to talk about my feelings. You did as you were told and that was that.

Not saying that was ideal it wasn’t but we have raised a generation of 20 somethings who seem to think the world owes them a house a car snd s good job without ever thinking they have to work fir it. Not all obviousiy but a good majority.

Rean, it is genuinely the case that if you have top exam grades and a top degree wherever you are from internships in law pay £400 a week ijn university holidays and the law firm pays your post grad law school fees and you start on £40k as a trainee. That route is not closed to people from the NE where I am from. It genuinely is not. Now of course if you have a bad family background you might not get high grades in your exams ( and nor might you have high grades if you are rich and have deperssion or something too).

Chelle I agree the deposit is the hardest thing. Our first house now costs about £420k outer London so with 2 full time earners as we were with a 95% mortgage they need £10.5k each saved up, not impossible save up but very hard.

Great I'm a homeowner and I didn't know, what a relief!

Is this you Extra?

www.mumsnet.com/Talk/legal_money_matters/2997387-do-my-finances-sound-about-right

Well, OP, isn't it ridiculous to post as you did when you already own a home? I can only presume you wanted to have a go at the 'older generation' for some bizarre reason, as the fact you are a homeowner makes a mockery of your post

I live in my grandparents house that they bought as an investment and I pay their mortgage. Happy?

It's not my home, doesn't have my name on the deeds and as soon as they need to go into care it gets sold. Also it is split six ways should they pass. Why would I lie about this?

You had a mortgage last year and over a grand of cash left over at the end of each month. By now, you could have saved £6k towards your imaginary second home! You could be like your dad and pay off your imaginary second mortgage in a few short years at that rate :)

The deposit is the problem now, not the mortgage itself. And the expectation that ones first home will be their forever home. I'm 30 and have been a homeowner since I was 21. It is a flat on the main road above shops. People look down their nose at it, but in the next breath say they can't afford to buy. My flat is an hour from London and affordable for 2 people on an average wage.

I have saved close to £100k but that plus 45,000 from my partner won't buy a house in my neck of the woods.

It's quite simple. Some baby boomers think the opposite of hardER is easy, not easIER (but still hard).

Weird. Only a few days ago you posted how lucky you were. You'd got a new job that paid twice as much as before and now you can buy your own house.

If that's the case what's the point of this thread???

www.moneyadviceservice.org.uk/en/tools/house-buying/mortgage-affordability-calculator/step-3

I've just plugged the numbers you put into that other thread into this mortgage calculator ^^

According to that, you should be able to borrow between £121,380 and £182,070. So unless your numbers on that other thread are a total fib (and why wouldn't you include your income when it's 2/3s of your partner's?), this doesn't make any sense.

On that thread, you say your annual take home pay is £36k.

Extra, you said in this thread you own your home. I don't really understand why you started this thread unless 'twas to start a bunfight.

www.mumsnet.com/Talk/am_i_being_unreasonable/2807188-Looking-back-through-childhood-stuff

I can’t stand it when people say ‘millenials want A TV or a phone’. Well a smart phone is pretty vital in many jobs and a tv is hardly going to mean you can’t afford a house. Yes there are lots of things young people have not that they didn’t in the past but so does everyone. Very few people don’t have a TV, a phone or an occasional takeaway.

Home owning millennial.

Oh and my deposit was almost £40,000 - not having a £300 tv wouldn’t have made much difference...

Sassy I agree although it does mount up. People can have very similar rent and net earnings but one saves a lot more than the other.

My son's house cost £330k (end of a tube line) 18 months ago. 5% deposit on that is £16,500 divided by 2 people would be £8250 each to be saved up.

Is one of the issues people think they can or should live alone these days? We had 7 of us in this house with children sharing rooms. We have had a massive in crease in people living on their own in the UK which presumably does not help the number of properties available.

So you do own a house OP. I wish you'd be consistent, it's really irritating.