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Originally Posted by OLD BOY
That is so right, tweetie. If you are focussed on doing well and you are organised in your approach, you won’t go far wrong.
The whiners amongst us will complain no matter what and will never succeed.
---------- Post added at 14:33 ---------- Previous post was at 14:21 ----------
Oh diddums, what a pathetic lot of vitriol. My generation, on the whole, has faced many difficulties over the years and have risen above it and succeeded in life. This is despite high interest rates that nearly got the better of those who had saved up to get mortgages during the seventies, eighties and nineties they could barely pay.
You talk about the older generation as if they had special privileges, so why am I seeing my daughters doing just as well or better, and other people they went to school with doing well for themselves as well?
If you have a negative approach to everything and you are constantly feeling jealous of people who have more than you, you will never, ever succeed.
I am proud to live in this country. I don’t hark back to our former empire as people like you like to believe because I didn’t live through it and I have no desire to take over and enslave other countries.
I used to want to live in the US, but now I’m older, this does not seem such a desirable move. When I look around, I see that this must be the best place to live and others seem to agree because they all want to come here.
So, sorry, I cannot agree with your depressing view of it all and can only suggest that you emigrate if things are that bad in your opinion, but don’t just sit there at your computer moaning about everything. That will achieve nothing, I’m afraid.
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You are being economical with actuality - I bought my first house (in Berkshire) in 84, and 100% mortgages (and more) were common then, and we had MIRAS, which gave us tax relief on the first £30k of a mortgage - for comparison purposes, my first mortgage was £26.5k (100%) for a 2 bed semi in Thatcham, Berkshire, and that was 2.5 times my salary at the time. It’s currently priced at around £300k (so for equivalence, you’re looking for someone in their late 20s to be earning £120k pa to buy the same property I could afford to buy then…)
https://www.thisismoney.co.uk/money/...-deposits.html
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In fact, the generation of homeowners who bought their first properties in the 1980s and 1990s actually put down smaller deposits on average than those who bought through the 2000s and today’s first time buyers.
The average first-time buyer mortgage loan-to-value through the 1980s and 1990s was 94 per cent, Council of Mortgage Lenders figures show, whereas since 2000 it has been 85 per cent.
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Yes, we got hit by high interest rates in the mid-80s and early 90s, but as long as you were treating your house as a home, rather than an investment to make a quick buck, most people weathered the storm.