Quote:
Originally Posted by Brillopad
£150k isn't out of reach for most people surely. If you have working couples, with or or without children, that should be doable over a 25 year period which is the average for a mortgage.
My son has just bought a 5-bedroomed house and his wife is currently a stay at home mum with young children. He didn't go to uni but trained in communications, works hard, worked his way up, spent wisely and managed his credit well and now has a well paid job in London. He doesn't live in London but commutes. Neither was he born into priviledge, he just applied himself and worked hard.
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A couple with two people on full time just-over-min-wage will only get a mortgage for roughly £90k. To secure a 150k mortgage you need a pre-tax income of £47000 and repayments would be over £1000 a month.
Its not "out of reach" but I wasn't saying that it's out of reach, I was pointing out that it's a very, very different financial scenario than it was for people who are now 50+. Property prices increased dramatically and suddenly. And to say that it's no different for young people now than it was in the past is a straight up lie.
