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First-time buyers spending 40% of pay on mortgages (www.bbc.co.uk)

submitted 3 months ago by GreatAlbatross@feddit.uk to c/unitedkingdom@feddit.uk

10 comments fedilink hide all child comments

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[–] breadsmasher@lemmy.world 16 points 3 months ago* (last edited 3 months ago) (2 children)

Yes. house prices are insane.

Banks and landlords: “Pay went up? Awesome, prices and rent going up”

[–] glimse@lemmy.world 16 points 3 months ago (1 children)

Pay went up by 5%? Awesome, prices and rent going up by 25%

[–] Omgpwnies@lemmy.world 12 points 3 months ago

Pay went down? Rent still go up

[–] wren@feddit.uk 8 points 3 months ago (1 children)

My first thought was that 40% was low... but I suppose I've never been a first time buyer, so they probably have higher salaries than I do

[–] 1rre@discuss.tchncs.de 5 points 3 months ago* (last edited 3 months ago)

Yeah either you live in London so are paying at a minimum 1600/month or 20k/year for a 350k mortgage, or if you live in the north or less desirable parts of the south you're gonna be paying 750/month or 9000/year for a 175k mortgage, either way if that's 40%, once you consider tax, bills, heating, food, transport (because no way can you afford to live within walking distance of work as a first time buyer) and whatever else you frankly don't have a whole load left all in

[–] Vaginal_blood_fart@feddit.uk 4 points 3 months ago

Brit in the USA here. We are at 42% (Los Angeles, ca). Shits wild

[–] moistclump@lemmy.world 2 points 3 months ago

In Canada we’re supposed to be limited to 42% going to housing costs and that’s how they determine how much mortgage they’ll approve. I think most people are hitting that mark if not finding ways of going over.

[–] feedum_sneedson@lemmy.world 1 points 3 months ago (2 children)

Shall I just kill myself, then?

[–] Emperor@feddit.uk 6 points 3 months ago

No, kill everyone between you and the Throne.

[–] Isoprenoid@programming.dev 2 points 3 months ago

The only winning move is to not play. /s