Quote: "Normally you can borrow 3.5 times your salary for a mortgage."
It's not necessarily
x times your salary - it's all about affordability. I don't have any children, dependants, loans, cars or credit card bills, so I can afford more than someone with a similar salary.
Quote: "Not that many people (especially younger people) earn around £57k"
Ah, but
two people could. Unfortunately, with the modern culture of not wanting to be tied down, couples don't seem to be going on joint mortgages. They'd rather rent and piss all their money down the drain.
It's ridiculous, the number of people who I've spoken to, who think that a 25 year mortgage means you have to keep the house for 25 years. When I explain to them that you can
sell the house at a
profit you can see the dawn of realisation cross their face.
I guess I fit into the category of those people who are driving housing prices up - I rent out a flat that I own. I couldn't sell it at the time (tried for about 10 months - 3 time wasters made offers and then withdrew about 2 months later), so I put a tennant in within 4 weeks. Job done. So yes, I'm one of those media-sensationalised evil property owners who steal children and kill kittens. As soon as I can be sure I won't attract time wasters who'll end up costing
me a fortune, I'll sell.
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But you see, I have the will of the warrior. Therefore, the battle is already over. The winner? Me!
