Who here thinks they will never own a house?

[charliebat]

Me...but what does that mean for when me and dp are old and diddery and still have to pay the rent?

We thought we'd never buy a house - but some carefully hunting around for 100% mortgages, and moving 25 miles away from DH's (then) work meant we were able to get on the housing ladder a few years ago.

We will never be able to afford a house round here

we were very lucky to buy our house 2.6 yrs ago just before we won the Capital of 2008 in liverpool as since then the houses price had rocketed.

Can't imagine we will ever own a house until my mum and step dad die Not exactly the way I want to get one tbh.

Charliecat - once you get your pension I think you are entitled to housing benefit etc so I thinj you'll be alright in that respect.

does anyone know if you have to be working to get a mortgage? its just i dont work but my partner does and his wages go into my account as he doesnt want a bank account due to bad credit history. so we were wondering if we could get a mortgage in my name?

Housing associations are supposed to be quite good. You buy half the property and they buy half (or something like that!). Then when you move on, you should have some equity in your half of the property. (I hope I'm not horribly misinformed..!)

I used to own a house 16 years ago, but then my 1st marriage fell apart and I moved into privately rented accommodation.

Am now in a lovely 5 bed HA house in a quiet area away from the hustle and bustle of the main estate. As the house prices around here are astronomical, I can't foresee me and dh ever buying unless we win the lottery.

My grandfather owns his own house and it's likely he will have to sell it to pay for his medical care. By contrast, dh's parents live in rented and get income support, housing benefit, the lot and have no worries about ever losing their house.

Better to rent it would seem?

Here. can't see us ever owning a house that's not in Derbishire or Staffordshire. We live in Leicestershire, and although the wages are average for the Midlands, the house prices are steep.

ie average wage in my area is about £17000 pa, but 3 bed semi goes for £130000. You can do the maths!

I don't know. I'm battling for it, but I might be battling too hard. I don't know.

If we stay in Germany we probably won't (unless one of us becomes a professor at some point... not entirely unthinkable as we're both on the academic route ). Renting is the norm in Germany though, plus usually people who own property have actually built their own house rather than buying a 'used' one - tbh I can't imagine anything more stressful. I do sometimes hanker after a lovely trad English terrace or semi with a nice little garden though.

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I won't either I don't think.

TBH I am not that bothered, I feel more secure as I am.

me
will never own a house big enough for us all to live in, but hope to get on the property ladder with a small rental house the year after next

I do hope to - but when I look at the ridiculous price of houses - and consider the fact that really, we would need a four bedroom one, I just can't see how!

I am planning a future lucrative career once I have my degree (sounds stupid when I actually say it! ).. but I guess I am in cloud cuckoo land... sigh. But I need to stay there in order to have a goal and keep me studying!

CJ x

I work with a couple young people - 19 and 20 and they have got no hope. surely something has to give! 8 years ago when I bought mine, they were 1/3 the price. it's crazy and I can't understand how it's got so out of control. it seems almost all the other westernised countries are going through the same as well but are just a little behind the UK.

what gets me (and again, surely something must give), is that a professional person would have to be earning at least 50K to obtain a half decent house right now... so where is all the money coming from to sustain these prices!?

missycantstop, you do need to be working. You need to produce the last 3 months wage slips im afraid in your name.
HTH

We bought a new house on a shared equity scheme when we were both 20, meant that we only had half the house, had to pay half rent half mortgage. We had marginal negative equity when we sold so lost out a little but it got us on the housing ladder. Thankfully we bought the house we are now in at the right time, amazing for us, nice big 4 bed house, it is now worth well over double what we paid for it, no way we could afford to buy now. I think what worked for us was to buy when we were young. Ok, it did cripple us financially a little, but there was only the 2 of us and we both worked quite long hours and had good wages.

We've got more than £50k a year coming in and still can't see how we'll ever be able to buy tbh. Although as an only child dp will inherit enough money to buy one, as he reminds me, but hey, I'd rather his parents stayed alive longer!

Missycantstop, could you not apply for a joint mortgage? Your OH would be able to provide wage slips, no? In any event, you can self-certificate (although usually for slightly higher interst rate). Have you contacted a fianncial advisor? They would be able to do something if you gave them evidence you could afford to pay.

it took us ages to find a mortgage as my credit rating is in short- a joke. Plus on the basis of 3x salary we would be lucky to buy a shed. We eventually got a mortgage based on affordability from HSBC as opposed to income.

was it someone on here who said that it only seems to be the british who are obsessed with owning their own homes?

yep - we rent here in France, and although people start thinking of buying in their early 30s, I would say that about 60% of people we know (of our peer-group) are renting.
The whole property ladder fanatism hasn't really arrived here, but I would still say that the majority of young people do aspire to own their own house at some point

"ie average wage in my area is about £17000 pa, but 3 bed semi goes for £130000. You can do the maths!"

You'd better start saving for a deposit then - but seriously a lot of people with very expensive houses, don't have a mortgage for the full amount, but used savings to get a better mortgage deal as they had a deposit.

Our first house was is in a really shtty part of town - but it did get us on the ladder - and we had to live there for quite some time before we could move (and put up with all the crp that came with it too). And a friend of mine who had 3 children under 3 bought a tiny 2 bedroom house, just to get on the ladder - she was there for 5yrs before they were able to move to a more suitable place - but she did get on the ladder.

If your house if worth double now...unless you have paid off your morgage and will never move again its not really much use is it?
It just menas houses are so bloody expensive new buyers cant afford to get on the ladder. Hmmmphh

I can't see us managing it. The prices around here are ridiculous and as dh is 51 we won't have that long to pay off a mortgage. We'd need a 3 bed house as dd has only just got her own room (age 9)and I can't expect her to go back to sharing with her disabled brother who keeps her awake half the night and trashes her things. We have inquired about shared ownership schemes but you still have to be earning a certain amount plus have a deposit and we didn't qualify. Maybe when dh has finished his re-training and got a better job we can look into it again but we will have a lot of debts to pay off before we can get a deposit together.

everyone seems to be borrowing, borrowing, borrowing - not good, not healthy - but the only way to become a homeowner