I had less money in my early working life.. but less presure to spend more on more things.... as per today
I had no costs for credit cards, no broadband, no mobile phone contracts and and could save more and did so for a deposite for my house mortgage....with relative ease in todays terms..... and petrol around 70p a gallon
I had a 3 x earnings mortgage ...on a 8K new 3 bed semi house not ....6 x earnings on a 160K house ..
If 3 x mortgages then ....are now 6 x mortgages then the pressue is twice as much now...
I agree many are better off today in a material way but the general finacial pressure is far greater.... even my general utility costs are very high in my eyes ..god knows how those on lower incomes manage with simular costs....
Created temptation is the key thing you point out being a major different to people today.... the past 10 years of the uk living on credit has now hit the buffers to so many.. relentless increases in house prices is now unaffordable to many and runnings costs a struggle to so many others.... with a house
The overspend now is unsustainable to many as retail shops profits reflect....
Talking about the budget on TV today ... it was said ..imports are down, business confidence is down and consumer confidence and their spending is down......
I fail to see the proposed budget 20% loan for a house deposit will inspire first time buyers for new houses if it is unaffordable on more than 3 x earnings on massive mortgages of 160K plus.. I bought a house on 3 x earnings, now it can be 6 x earnings on a house 20 times dearer than when i bought mine.....crazy unrealist expectations and a disaster waiting to happen when rates rise.....
As i have said before ... If I just had 1K to my name ... I could not afford get a mortgage on my house with current income and by my house all over again... I would say many more if honest would say the same..... so what chance has many younger people got at the current time....
So how my grandson will get to buy a house as I did is near impossible ......on his own... as I did.... even with 25k family help deposit he still could not afford a 160k average house.... on a 20k income.
We have said it all before but i agree things are better now.... but financial pressure seems greater... I left 2 jobs in my early mortgage years ... many are too scared to nowdays... being another major change in present times....
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