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Old 03-28-2007, 08:07 AM   #11
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Default Re: I need older peoples advice about buying a house please help this is real life

that is true...

currently I pay more in a months rent on my flat than my dad does for the mortage on his house.

I'm paying someone else's mortgage.

but that's the way it works, I'd have never have gotten a mortgage/loan on my own for a house.

so for the time being you just have to put up with the fact that you'll be paying someone else's bills rather than working towards owning your own home.

(that is unless you can get your folks to countersign the loan, or put up a very large deposit so that you don't have to take out as greater loan.
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Old 03-28-2007, 09:01 AM   #12
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Default Re: I need older peoples advice about buying a house please help this is real life

Your too young to be buying a house right now, what you need to do is rent an appartment or something of that matter, the point is you need to rent! It will get your credit up and will help when you go later and buy a house. You should be focusing more on college then trying to buy a house right now.
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Old 03-28-2007, 09:08 AM   #13
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Default Re: I need older peoples advice about buying a house please help this is real life

well I'm 18 right now, and a house would sound awesome. But money is a huge problem, I've already been living for almost 2 years on my own, rented an apartment. Don't see anything wrong with renting, it's a really good choise for young people. I wouldn't want to take a loan and buy a house, 1st because the loan would have quite a big interest and then I have no idea if I want to live here for the next 10 years. (Which I probably don't want to).

Renting is a good option to think about, and at least in here you get some money from the government (well not directly from them, but anyway) to help students while they study.
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Old 03-28-2007, 09:14 AM   #14
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Default Re: I need older peoples advice about buying a house please help this is real life

I'd go with renting too. Using credit cards responsbility, without going near your credit limit and paying everything on time does raise your credit score.
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Old 03-28-2007, 10:09 AM   #15
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Default Re: I need older peoples advice about buying a house please help this is real life

I'm very lucky in that I haven't had a mortgage for over 30 years, that's not gloating, jeez, if I still had one at my age, I would have to have done something seriously wrong earlier on in my life!
It's ridiculous in England now, estate [realty] agents are prepared to loan young couples up to three times their salary, but if they take up the offer, more than half of them will struggle to meet repayments, one couple I know of got a simply huge mortgage [loan] then she got pregnant, six months later her husband had a serious accident at work & was hospitalised for three months, & is now unable to go back to the job he was doing, the only job he can do now is non-manual, ie sitting behind a desk at a quuarter of his previous salary, the government is trying to bring in legislation to reduce loans to twice the salary, the agents are just bloody bloody greedy!!, my first mortgage was under £100 a month, but it was a long time ago, my heart bleeds for these youngsters today, it really does
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Old 03-28-2007, 10:39 AM   #16
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Default Re: I need older peoples advice about buying a house please help this is real life

if loans were reduced to twice the salary nobody would be able to buy a house anyway.

the average house price is around £150,000 the average salery (of a couple) is less than a third of that.

'young people' -and I use that term loosly since I know many people who arn't really young people any more but are still trapped in the same situation, are finding that there is very little option other than to rent, simply because the houseing market is overpopulated.

it used to be that people died and freed up houses so that openings would come up. now all that happens is people die and landlords take out a buy to let loan at a better rate than a couple buying to live can get. and hence the landlord makes money, and the prospective house buyers are forced out of the market to keep renting.

seriously, the best chance most people who are young in britain have now of buying a house is to live in a council tennancy for a few years and then try to exercise a right to buy.

or inherit of course.
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Old 03-28-2007, 12:11 PM   #17
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Quote:
Originally Posted by root
if loans were reduced to twice the salary nobody would be able to buy a house anyway.
Yes, I know, but that just proves how stupid Blair & his government are.
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Old 03-28-2007, 12:21 PM   #18
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Default Re: I need older peoples advice about buying a house please help this is real life

House prices are shocking now. Im lucky coz im morgage free now. I rennovated a few houses when i was younger, and used some of the profits to buy my house. Its hard work juggling a full time job and then spending the rest of the time working on the house, but its worth it in the end. Even that would be a struggle for most youngsters now because of the price rise for getting a house to work on in the first place.
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Old 03-29-2007, 02:50 AM   #19
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Default Re: I need older peoples advice about buying a house please help this is real life

Sorry I havn't been back on with work and all but thanks for the advice. Many of you were hitting the nail right on the head, I thought of renting but I hate the fact of paying all that money to never see it again or pay off. This is my third job, fourth if you want to count the fact that I work on cars on the side. From 14-15 I worked at an amusement park for little kids, 16-17 I worked at a restaurant at 6/ per hour and became cook and promoted to 7/ per hour. The thing that sparked my interest so much was house spikes, I live in Mississippi which is a state supposdly known for having cheap houses but during katrina the houses sky rocketed and are still rising with families still displaced. I was so intent on buying a house because I was afraid in a few years if I did have a better job I wouldn't be able to afford it. The prices of houses have literally doubled, a few years ago you could buy a nice 3/2 house for 30 thousand now finding that same house for 60 thousand is hard. I am currently working 10 hours a day for six days a week. The money is ok, I know its not alot maybe I just got ahead of myself. I might of been over ambitious to jump out into the real world but I feel I need to do it sometime, I am not sure how long I will work this job maybe for a while since there is room to grow. I am sure I could probably get my grandparents to co-sign but if renting an apartment is the better thing I will look into it. I think the best thing for me to do at this time is call a few banks and sit down, not for taking out a loan but just for financial reasons and to see what my best options are in the place that I am now.
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Old 03-29-2007, 04:01 AM   #20
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Default Re: I need older peoples advice about buying a house please help this is real life

move to oklahoma you can get a house big enough for a family of 4-5 for like 90K :EEK: .................hmmm....until a tornado knocks it down i gues

i know we pay somewhere near 1k$ US for our mortage
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