over 100% mortgage

In message , Rob graham writes

???

Oops!!

Rob

In message , Jag writes

If you earn 74,000 per year and pay 19,200 per year rent, why do you have no money for deposit or even legal fees? What are you doing with your money?

As someone else has said, save. Irrespective of trying to buy something you really need to have some reserve stored up, in case of misadventure/illness etc.

try northern rock. They do 100% at more. I have a 100% interest only mortgage with them. i have to pay 6.8% for the pleasure though but like you living in Surrey aint cheap !!!

what has that got to do with you ?

No he doesn't. It might be a good idea but your judgement does not make it right.

" snipped-for-privacy@privacy.net" wrote

He gets 4,067 after tax. That doesn't go far in London.

London is not massively more expensive than elsewhere esp if property is already out of the equation. Living within ones means doesn't suit everybody though.

Phil

Then there is transport, food, bills, council tax, debts, student loans...ect

ypu have no idea of his financial commitments. And this has nothing to do with his question. My income combined with my partners would have been more than this (I am now a stay at home mum for the moment) and we were not able to save. Our mortgage is 1300.

the OP has no debts, is French so no student loans. Masses of money to live off, as witnessed by all the others who survive on way less.

indeed, on both points. I was responding to the "can't live in London on 75 grand hypothesis".

not *willing* to adapt you lifestyle in order to save. I know people who have been in debt from student days to 40+ while earning more than me - its an attitude of mind not an act of $deity$. Spend and enjoy to the full by all means, but don't cry about having no money while earning so much. Accept the consequences of your actions.

Phil

I must have missed that post.

Who me ? Nope, i was not *able* to save.

I agree, but to answer his question, YES he can get a 100% mortgage which will not cost him much more than his rent. Why are you so upset that he chooses to spend his money !!

"Zoe Brown" wrote

What was stopping you?

Well I wonder if you could work that out. If people are not able to save, generally that means that their outgoings are more of less the same as their incomes.

"Zoe Brown" wrote

Well you've already stated that your combined net income was in excess of

So, if you were not *able* to save, you were being *forced* to spend the money elsewhere? I don't think it's easy to "work out" what it could have been spent on...

"Zoe Brown" wrote

Well people generally have an elemnt of control over their outgoings - why

Not if you have debts !!!

I can assure you I knew exactly where my money was being spent. I guess there is an elliment of choice as I *decided* to pay off my debts as quick as possible, but given the interests rates for saving I did do the right thing.

There was nothing to cut back on. All my disposable money went on debts. Thanks.

In message , Zoe Brown writes

It suggests that he is up to his expenditure limit and buying is going to work out more expensive at the level he wants. So if he is unable to build up reserves now, how will he cope with increased expenditure?

I'm not bothered at all, its his choice. I was responding to people suggesting it was "impossible" to make savings on that income because he lived in London, where Tesco and McDonalds charge the same as they do anywhere else.

Lifestyle choice to spend all the money, yes. Necessity ? no.

Phil

"Zoe Brown" wrote

Debts and *no* assets?

If you *did* have assets -- eg a house which you could down-size from, or a car you could have sold (& thereafter used public transport) -- then "adapting your lifestyle" could have involved selling the assets to pay off the debts....

"Zoe Brown" wrote

Perhaps you misinterpreted by last comment - I meant that it's not easy for

If you had no assets, and debts were wiping out your entire disposable income, then you were playing a very dangerous game!

If that were true, it sounds like you needed to prioritize out those debts. The best way to 'save' in that case would be to re-organize your finances to pay off high interest debt (equivalent to saving at high interest tax free) more swiftly. Lots of people pay off low interest debt faster than they need to (at the expense of high interest debt) or fail to shop around for lower rates (e.g., by remortaging or balance transfer on credit cards).

Thom