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Captain Planet

Buying your own property in London

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Guys,

 

You know that we are the pissed generation.

 

'Generation Rent' they call us.

 

How do you realistically figure you will be able to live in this glorious city, I'm seriously considering buying my first property either this year or next year just because I know that as time passes me by, values ridiculously increase.

 

Thoughts?

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whats wrong with renting ?

 

they do it everywhere else in the world

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I'm trying to buy now and there is fuck all in the areas I'm looking. All sold/under offer etc. Shit is getting snapped up quick time and hardly anything is coming onto the market.

Only been looking a month though.

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what areas u looking bro?

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i dont want to be renting all my life in canary wharf i want to buy.

 

i was looking at buying in canary wharf but it is so expewnsive, im now looking at areas like surbiton, surrey, kingston, uxbridge, harrow, sutton

 

can get a nice lavish fully furnished modernised kitchen/bathroom/living room 1 bed/2 bed apartment for about £200,000

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i dont want to be renting all my life in canary wharf i want to buy.

 

i was looking at buying in canary wharf but it is so expewnsive, im now looking at areas like surbiton, surrey, kingston, uxbridge, harrow, sutton

 

can get a nice lavish fully furnished modernised kitchen/bathroom/living room 1 bed/2 bed apartment for about £200,000

lol surbiton and kingston are expensive too

I'm trying to buy now and there is f*ck all in the areas I'm looking. All sold/under offer etc. sh*t is getting snapped up quick time and hardly anything is coming onto the market.

Only been looking a month though.

probably because of the help to buy scheme, which is bullshit because it will just make house prices rise even more

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I have basically written off my chance in getting a mortgage in 2014. Gonna have to try again next year

 

Realistically if you want a yard in London you are looking at 25/30k cash deposit and a CLEAN credit history.

 

I have one but not the other

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i'm 6-7 months away from getting the cash but need a new job to get my mortgage :lol:

 

 

Not sure if i'm ever going to get my property

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With high speed railway lines there it really isn't imperative to live in London anymore. 2hours 7minutes Manchester to London for example.

Don't rule out the idea of buying outside of London and a still working in London. The difference in property prices is straight robbery in some cases.

If you're comfortable with the prices and really want to live there. Go for it. It might take a while but it'd just make that final payment even sweeter.

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

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With high speed railway lines there it really isn't imperative to live in London anymore. 2hours 7minutes Manchester to London for example.

Don't rule out the idea of buying outside of London and a still working in London. The difference in property prices is straight robbery in some cases.

If you're comfortable with the prices and really want to live there. Go for it. It might take a while but it'd just make that final payment even sweeter.

 

I was assuming when London was mentioned it includes greater london as well 

 

as in some parts of Essex, Hertfordshire, Kent etc 

 

I personally have no desire to live in anywhere inside the A406 boundary 

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

 

 

Not only that but you are effectively paying off next mans investment as well

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yh but look at the price of rail and public transport

would rather spend that monthly rail card on the mortgage.

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

Surely its better then 5-15% deposits and spending every penny on your house... Not enjoying life

Your kids won't even see the benefit of the home you own as our life expectancy is close to 100

I was saving up for a yard but I reckon ill just spend that money on travelling

Living life>>>

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With high speed railway lines there it really isn't imperative to live in London anymore. 2hours 7minutes Manchester to London for example.

Don't rule out the idea of buying outside of London and a still working in London. The difference in property prices is straight robbery in some cases.

If you're comfortable with the prices and really want to live there. Go for it. It might take a while but it'd just make that final payment even sweeter.

Tbh if you moving out london you better off finding a job on the outskirts and all.

Heard some guy on LBC the other night who said he travel expenses to london is 9 grand a year. Although he says it all evens out in comparison to property & general out going expenses. its evens out. 

 

Hats off to those that travel that long in & out of the capital on a daily basis but if you aint clearing a certain income it aint even worth it. 

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

Surely its better then 5-15% deposits and spending every penny on your house... Not enjoying life

Your kids won't even see the benefit of the home you own as our life expectancy is close to 100

I was saving up for a yard but I reckon ill just spend that money on travelling

Living life>>>

 

 

the rent is generally cheaper on a mortgage then renting 

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what areas u looking bro?

North London, mostly Tottenham and minimum 2 bed.

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I have basically written off my chance in getting a mortgage in 2014. Gonna have to try again next year

 

Realistically if you want a yard in London you are looking at 25/30k cash deposit and a CLEAN credit history.

 

I have one but not the other

bruv.... THIS!!!

 

 

i have 3 defaults but i have 50k deposit... do you think i can get anywhere in life... no

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

Surely its better then 5-15% deposits and spending every penny on your house... Not enjoying life

Your kids won't even see the benefit of the home you own as our life expectancy is close to 100

I was saving up for a yard but I reckon ill just spend that money on travelling

Living life>>>

 

 

the rent is generally cheaper on a mortgage then renting 

 

na its pretty much the same

 

average mortgage a month is about/between £1,200-£1,600 (AVERAGELY)

 

rental can be anything less than that... but then again u need a god job to afford to pay £1,500 a month... thats a whole 25k salary a year.

 

i dont really want to get a mortgage with someone else... but im probably going to have to ffs

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

 

 

Robert-Downey-Jr-lol-eccbc87e4b5ce2fe283

 

i guess u think the bank/mortgage company don't own it instead nah

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tbh

 

In some cases it is actually cheaper to rent than to buy outright.

 

Imagine your dream property costs 400k, you get a mortgage with 90% LTV at 2.5% apr to pay off over 30 years. 

 

0.025/12 to get monthly interest x 360,000 our face value = £750 of interest per monthly repayment.

 

for the rest

 

1 - 1/(1+i/12)^360 (360 monthly payments in 30 years)

 

£750 divided by above

 

£1422.44 a month  

 

So basically you pay £515995.20 in total.

 

vs a fixed rent of lets say 1250 a month is 450,000 over the same period.

 

But and the end of the day, you want home ownership security.

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whats wrong with renting ?

they do it everywhere else in the world

Dont know abt u but the idea of spending £800 pm on something that isnt mine is not cool

Robert-Downey-Jr-lol-eccbc87e4b5ce2fe283

i guess u think the bank/mortgage company don't own it instead nah

:/

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