| More housing propaganda on 20:47 - Aug 5 with 4357 views | giant_stow |
| More housing propaganda on 20:39 - Aug 5 by J2BLUE |
I hope this doesn't come across as condescending because it's absolutely not meant to be but have you done a budget? Money Saving Expert is brilliant for this as their budget planner has been refined over quite a while and includes literally everything you could think of.
MSE is a brilliant site (if a little extreme) and it was one of the only websites unblocked at my previous employer so I spent ages reading stuff on there which has really sunk in and helped me in future years.
I have my monthly budget on a spreadsheet which I realise makes me sound about as fun as a Norfolk family reunion with social distancing but it's bloody effective. I have no idea how people can go along not knowing when things are coming out of their bank account.
Another option is apps like Yolt for budgeting. Plenty of Youtube reviews of apps like that.
Again apologies if you have a budget already and this has all been obvious. |
Not at all. It's a fair question and the answer is no, I don't go anywhere near budgeting! Just manage bills and income piecemeal - maybe there's the answer there hey?! The weird thing is we don't live extravagant or materialistic live styles - quite the opposite really, at least compared to mates. Cheers for the tip. |  |
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| More housing propaganda on 20:47 - Aug 5 with 4357 views | Darth_Koont |
| More housing propaganda on 19:49 - Aug 5 by Libero |
Our first house is also 3 bedroom, we saved 8 years for the deposit, if I’d been able to make that money in a matter of weeks/months of purchase I’d have done it and laughed in the face of anyone who tried to claim I was trying to make a “quick” profit.
Your gripe is with capitalism, not the individuals who are trying to survive and improve their families lives.
Again though, different discussion really. [Post edited 5 Aug 2020 19:50]
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That's not capitalism though. That's a UK house bubble that's been encouraged over years by legislation.
You get that in capital cities but in the UK we get it in the suburbs and way out in the sticks too.
Totally unsustainable and punitive for anyone on the outside.
My own house has tripled in value in 20 years ... that just ain't right.
In unrelated news the UK is still hanging on to its supposed wealth but still lagging behind in productivity. Bubblicious. |  |
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| More housing propaganda on 20:48 - Aug 5 with 4354 views | Libero |
| More housing propaganda on 20:43 - Aug 5 by giant_stow |
Well hats off to you both. Very impressive discipline. |
Cheers mate, but as much as I’d like to take credit, it’s just habit.
I think it’s born from the early days where we had f*ck all, essentially nothing’s changed, we live somewhere nicer with a baby and if we want something we’ve saved enough to just go out and get it. As I say, it won’t last forever, but it’s good for now. |  | | |
| More housing propaganda on 21:00 - Aug 5 with 4330 views | Durovigutum |
| More housing propaganda on 20:47 - Aug 5 by giant_stow |
Not at all. It's a fair question and the answer is no, I don't go anywhere near budgeting! Just manage bills and income piecemeal - maybe there's the answer there hey?! The weird thing is we don't live extravagant or materialistic live styles - quite the opposite really, at least compared to mates. Cheers for the tip. |
Just to chip in in the budget point. My spreadsheet currently runs to May 2021, with budgets and allowances set accordingly. I watched my dad continually mess up with money to the point I bought half of his retirement flat for him last year, the lesson learnt was to do better. It's almost become an OCD.... but knowing makes life much less stressful! |  | | |
| More housing propaganda on 21:19 - Aug 5 with 4298 views | J2BLUE |
| More housing propaganda on 21:00 - Aug 5 by Durovigutum |
Just to chip in in the budget point. My spreadsheet currently runs to May 2021, with budgets and allowances set accordingly. I watched my dad continually mess up with money to the point I bought half of his retirement flat for him last year, the lesson learnt was to do better. It's almost become an OCD.... but knowing makes life much less stressful! |
My spreadsheet started as a simple expenses sheet. Now it looks like Sheldon's whiteboard from Big Bang Theory. |  |
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| More housing propaganda on 23:03 - Aug 5 with 4244 views | vapour_trail |
I don’t remember this thread but I have a star next to it which implies I’ve divulged wisdom somewhere within the 31 pages.
If it’s a late night post, I apologise retrospectively. |  |
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| More housing propaganda on 23:57 - Aug 5 with 4212 views | NewcyBlue |
| More housing propaganda on 23:03 - Aug 5 by vapour_trail |
I don’t remember this thread but I have a star next to it which implies I’ve divulged wisdom somewhere within the 31 pages.
If it’s a late night post, I apologise retrospectively. |
Your post was actually pretty scandalous. There’s no way people should be doing what you suggested for money! That’s why it got to 31 pages! |  |
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| More housing propaganda on 00:08 - Aug 6 with 4209 views | StokieBlue |
| More housing propaganda on 20:39 - Aug 5 by J2BLUE |
I hope this doesn't come across as condescending because it's absolutely not meant to be but have you done a budget? Money Saving Expert is brilliant for this as their budget planner has been refined over quite a while and includes literally everything you could think of.
MSE is a brilliant site (if a little extreme) and it was one of the only websites unblocked at my previous employer so I spent ages reading stuff on there which has really sunk in and helped me in future years.
I have my monthly budget on a spreadsheet which I realise makes me sound about as fun as a Norfolk family reunion with social distancing but it's bloody effective. I have no idea how people can go along not knowing when things are coming out of their bank account.
Another option is apps like Yolt for budgeting. Plenty of Youtube reviews of apps like that.
Again apologies if you have a budget already and this has all been obvious. |
I think you have to factor in that he lives in London and people replying to him live in Suffolk. There is a difference in costs before anything else is taken into consideration.
As for not knowing when things are coming out of an account, the new banks like Starling actually give you notifications on your phone the day before money is going out or into your account. It makes managing things much easier.
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
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| More housing propaganda on 08:28 - Aug 6 with 4125 views | hampstead_blue |
| More housing propaganda on 14:37 - Aug 5 by Libero |
If I hadn't been with my now wife for 13 years then I wouldn't be a home owner.
It was her influence that encouraged me to start saving, when we started saving I was still working as a musician and she was working in a cafe, neither of us broke much over 10k a year and we were renting.
Back then we'd save £50 - £100 a once a month, maybe once every two months, tops.
As we started earning more we started putting more away.
In the near decade that we were saving we paid for a Wedding too (bar £300 that her family paid in) and rented for it all bar a year or two.
Right before we brought our place we were both earning the most we had ever earned collectively, it still wasn't mega money, approximately 46k a year between the pair of us.
Now we've the bairn, the missus works 3 days a week and I do a much less stressful and dangerous job to suit family life and our collective annual salary is around 32k a year, still managing to put aside between £400 - £800 a month.
When you're in the habit of saving it's not difficult. First thing I do on payday is whizz £800 out of my account into the savings as the mortgage comes out of the wife's account, if we have to take any out to pay for X, Y, Z then we do but that's usually limited to Birthday's or celebrations tbh.
As I say, in theory I'm right there with all the people who say that owning a home should be accessible to all, however I do think that plans have to be constructed and sacrifices have to be made, after all it's the largest purchase most people in their lives ever make!
I fully acknowledge we had a bit of luck along the way though, although it didn't feel like luck when I was waiting 6 years for an unpaid student overdraft to drop off my credit record.
We personally only know three other couples around our age(s) that have purchased a home without any financial help from parents or inheritance, all of them are significantly larger earners than my wife and I.
Midwives, BAFTA nominated composers, social workers, Graphic Designers, different stratosphere in income to ourselves. [Post edited 5 Aug 2020 14:39]
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Chops to you for saving that amount on that income!
It's a hard discipline which as much as I try, I can't get my eldest to do.
A chap I know through work is trying hard to get the Gov to include that type of education at schools. Nothing yet. Martin Lewis is trying the same.
We do need to educate the youngsters to get into the habit of saving. My eldest two, both serving, earn good money for their age but still save pennies compared to what they need to.
I feel that our children will need help to get on the ladder.
We got on the housing ladder through my ability to earn very well in financial services. If it were not for that I would have been renting for years.
We do need to look at Housing Regs and improve them. You can build a simple starter home for not much and sell it for a lot. |  |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
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| More housing propaganda on 10:56 - Aug 6 with 4063 views | J2BLUE |
| More housing propaganda on 08:28 - Aug 6 by hampstead_blue |
Chops to you for saving that amount on that income!
It's a hard discipline which as much as I try, I can't get my eldest to do.
A chap I know through work is trying hard to get the Gov to include that type of education at schools. Nothing yet. Martin Lewis is trying the same.
We do need to educate the youngsters to get into the habit of saving. My eldest two, both serving, earn good money for their age but still save pennies compared to what they need to.
I feel that our children will need help to get on the ladder.
We got on the housing ladder through my ability to earn very well in financial services. If it were not for that I would have been renting for years.
We do need to look at Housing Regs and improve them. You can build a simple starter home for not much and sell it for a lot. |
Have they seen those apps where it rounds up every time you pay by card and deposits it into a savings account? Moneybox is one of them. Sounds like something which won't make much difference but over time it will become a decent little chunk of money and it's better to have £1 saved than nothing.
Another app is plum which apparently monitors your spending and takes a small amount which it feels you can afford. Some might consider that a bit intrusive.
Another option if they have any interest/knowledge is trading 212. You can deposit as little as £1 at any time and build a little stock portfolio. This can be quite fun and if they are in it for the long term it's fun trying to work out future trends and get your money in those areas (clean energy, meat free eating, wearable health tech, medical etc) and combining those with companies which are never going anywhere (Coca-Cola, McDonalds, Amazon - sorry Callis) | |
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| More housing propaganda on 10:58 - Aug 6 with 4050 views | WeWereZombies |
| More housing propaganda on 23:57 - Aug 5 by NewcyBlue |
Your post was actually pretty scandalous. There’s no way people should be doing what you suggested for money! That’s why it got to 31 pages! |
You will be happy to know that this morning I scanned all thirty one pages looking for Vapes ident to read the offending post.
And what I found absolutely shocked me... |  |
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| More housing propaganda on 15:47 - Aug 6 with 3992 views | Libero |
Saw this today, made me think about this thread...
https://www.bbc.co.uk/news/newsbeat-53666535
Seems sensible and fair to me, I expect before long all banks will follow suit, what does everyone else think? | | | |
| More housing propaganda on 16:01 - Aug 6 with 3969 views | J2BLUE |
| More housing propaganda on 15:47 - Aug 6 by Libero |
Saw this today, made me think about this thread...
https://www.bbc.co.uk/news/newsbeat-53666535
Seems sensible and fair to me, I expect before long all banks will follow suit, what does everyone else think? |
"I know a lot of people are dead set on staying in the areas they've grown up in and lived in.
That's another way I was incredibly lucky. I stayed in the same postcode (outward postcode) as where i'd grown up. I'd have probably been renting over the other side of town without the help I had.
It does seem sensible and fair but it's a little disappointing it's getting even harder for people to get on the ladder. | |
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| More housing propaganda on 16:06 - Aug 6 with 3960 views | StokieBlue |
| More housing propaganda on 15:47 - Aug 6 by Libero |
Saw this today, made me think about this thread...
https://www.bbc.co.uk/news/newsbeat-53666535
Seems sensible and fair to me, I expect before long all banks will follow suit, what does everyone else think? |
Fully understand that banks will be risk adverse in this time but not really sure about their logic. Why does it matter where the deposit comes from? The whole point of the deposit is that if the borrower defaults the bank is covered in a falling market.
Now if the bank feels the market is going to fall by more than 10% then they should be asking for more than 10% deposit to cover their risk (or huge interest payments). If they don't then they shouldn't care where the deposit comes from as they are covered as long as the borrower can afford the monthly payments. The fact they lowered their minimum LTV last month further confuses the situation.
I could understand more scrutiny on the affordability of the monthly payments but targeting the deposit doesn't seem to make sense.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| More housing propaganda on 16:07 - Aug 6 with 3956 views | Herbivore |
| More housing propaganda on 15:47 - Aug 6 by Libero |
Saw this today, made me think about this thread...
https://www.bbc.co.uk/news/newsbeat-53666535
Seems sensible and fair to me, I expect before long all banks will follow suit, what does everyone else think? |
I'm on the fence on this to be honest. The fact it only applies to deposits of 10% potentially helps to further the divide between those who come from genuine money and those who don't. Those who have really wealthy parents will be able to have the bank of mum and dad stump up an extra few grand to get to a 15% deposit. This will mainly impact those from average income families where the parents are dipping into savings or pension pots to put a few thousand towards their child's first home and can't afford to stump up any more than that. |  |
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| More housing propaganda on 16:08 - Aug 6 with 3951 views | Libero |
| More housing propaganda on 16:06 - Aug 6 by StokieBlue |
Fully understand that banks will be risk adverse in this time but not really sure about their logic. Why does it matter where the deposit comes from? The whole point of the deposit is that if the borrower defaults the bank is covered in a falling market.
Now if the bank feels the market is going to fall by more than 10% then they should be asking for more than 10% deposit to cover their risk (or huge interest payments). If they don't then they shouldn't care where the deposit comes from as they are covered as long as the borrower can afford the monthly payments. The fact they lowered their minimum LTV last month further confuses the situation.
I could understand more scrutiny on the affordability of the monthly payments but targeting the deposit doesn't seem to make sense.
SB |
I'd say it's the ultimate in affordability testing, isn't it? - If you can't put aside money each month for a deposit then why should the banks believe that you're going to do so for your mortgage/bills/etc? | | | |
| More housing propaganda on 16:12 - Aug 6 with 3945 views | Herbivore |
| More housing propaganda on 16:08 - Aug 6 by Libero |
I'd say it's the ultimate in affordability testing, isn't it? - If you can't put aside money each month for a deposit then why should the banks believe that you're going to do so for your mortgage/bills/etc? |
This is my take on why they are doing it as well. It demonstrates you can budget effectively to put money aside for a rainy day. | |
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| More housing propaganda on 17:55 - Aug 6 with 3900 views | vapour_trail |
| More housing propaganda on 10:58 - Aug 6 by WeWereZombies |
You will be happy to know that this morning I scanned all thirty one pages looking for Vapes ident to read the offending post.
And what I found absolutely shocked me... |
This thread wasn’t 2020 was it? I mean, my short term memory can’t be that shot.
DM me zombers, and share the doom and gloom, I can’t be arsed to trawl 31 pages to relive what I might have stored in a trauma lock somewhere in the noggin. | |
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| More housing propaganda on 18:16 - Aug 6 with 3882 views | WeWereZombies |
| More housing propaganda on 17:55 - Aug 6 by vapour_trail |
This thread wasn’t 2020 was it? I mean, my short term memory can’t be that shot.
DM me zombers, and share the doom and gloom, I can’t be arsed to trawl 31 pages to relive what I might have stored in a trauma lock somewhere in the noggin. |
Really, I am surprised that you dare show your face on this forum again. All I can say is that I now have a much deeper understanding of Marc Almond's version of 'Tainted Love' and understand the mutual down voting that you and Ryorry engage in... | |
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| More housing propaganda on 19:21 - Aug 6 with 3849 views | hampstead_blue |
| More housing propaganda on 10:56 - Aug 6 by J2BLUE |
Have they seen those apps where it rounds up every time you pay by card and deposits it into a savings account? Moneybox is one of them. Sounds like something which won't make much difference but over time it will become a decent little chunk of money and it's better to have £1 saved than nothing.
Another app is plum which apparently monitors your spending and takes a small amount which it feels you can afford. Some might consider that a bit intrusive.
Another option if they have any interest/knowledge is trading 212. You can deposit as little as £1 at any time and build a little stock portfolio. This can be quite fun and if they are in it for the long term it's fun trying to work out future trends and get your money in those areas (clean energy, meat free eating, wearable health tech, medical etc) and combining those with companies which are never going anywhere (Coca-Cola, McDonalds, Amazon - sorry Callis) |
I'll let you tell them.... 
They ignore me like a pro!
Talking to a neighbour next to our development today I think the problem with the housing shortage isn't totally down to the lack of houses, it's the ridiculous cost.
We are building a terrace of 5 high quality units. 3 two bed and 2 three bed. The cost? £100k each. The market price is £300 for the 2 bed and £340 for the 3.
Add on £30k each for the externals and utilities.
Large builders do it for so much less. The margins are punchy.
We are going to be forced into supporting the eldest two with deposits. Not much choice.
Reform renting legislation, improve building regs and you will go a decent amount of the journey to improving things. | |
| Assumption is to make an ass out of you and me.
Those who assume they know you, when they don't are just guessing.
Those who assume and insist they know are daft and in denial.
Those who assume, insist, and deny the truth are plain stupid.
Those who assume, insist, deny the truth and tell YOU they know you (when they don't) have an IQ in the range of 35-49.
| | Poll: | Best Blackpool goal |
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| More housing propaganda on 21:51 - Aug 6 with 3785 views | itfcjoe |
| More housing propaganda on 16:06 - Aug 6 by StokieBlue |
Fully understand that banks will be risk adverse in this time but not really sure about their logic. Why does it matter where the deposit comes from? The whole point of the deposit is that if the borrower defaults the bank is covered in a falling market.
Now if the bank feels the market is going to fall by more than 10% then they should be asking for more than 10% deposit to cover their risk (or huge interest payments). If they don't then they shouldn't care where the deposit comes from as they are covered as long as the borrower can afford the monthly payments. The fact they lowered their minimum LTV last month further confuses the situation.
I could understand more scrutiny on the affordability of the monthly payments but targeting the deposit doesn't seem to make sense.
SB |
It’s because they can’t currently keep up with the borrowing, and as a building society have to balance it out with their savings which is different to a bank.
If all did it then it is a bad move, I appreciate it is an advantage for ‘rich kids’ and I am already trying to save for my children....but it just plays into the hands of the buy to let people and make it worse for first time buyers |  |
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| More housing propaganda on 21:54 - Aug 6 with 3778 views | itfcjoe |
| More housing propaganda on 16:08 - Aug 6 by Libero |
I'd say it's the ultimate in affordability testing, isn't it? - If you can't put aside money each month for a deposit then why should the banks believe that you're going to do so for your mortgage/bills/etc? |
What about if you are already renting? In the example given she can afford £130k, so has a deposit of £13k, plus money put aside for fees.....that’s still a decent chunk to save even if she has had some help from parents and is renting etc | |
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| More housing propaganda on 22:01 - Aug 6 with 3767 views | monytowbray |
| More housing propaganda on 16:08 - Aug 6 by Libero |
I'd say it's the ultimate in affordability testing, isn't it? - If you can't put aside money each month for a deposit then why should the banks believe that you're going to do so for your mortgage/bills/etc? |
15 years of helping landlords pay off their mortgages? |  |
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| More housing propaganda on 22:05 - Aug 6 with 3760 views | J2BLUE |
| More housing propaganda on 16:08 - Aug 6 by Libero |
I'd say it's the ultimate in affordability testing, isn't it? - If you can't put aside money each month for a deposit then why should the banks believe that you're going to do so for your mortgage/bills/etc? |
It says if you have 15% it can be entirely from a gift though. | |
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