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There are 49 flats for sale in Edinburgh for £100k or lower on rightmove.co.uk.
Widen this to Edinburgh plus 3 miles and there are a lot more.
so on my salary 90 000 would be my max mortgage
[url= http://www.rightmove.co.uk/property-for-sale/property-63387131.html ]£82k?[/url]
gobuchul - Member
so on my salary 90 000 would be my max mortgage
£82k?
Are we rejoicing that this is the best thing available for a nurse? Nice isn't it, remember every £1k your house goes up it's £1k you would have to find starting now, that and it's another £100 of deposit you need to find
Is OK for a welder? An administrator? A bus driver? What's being a nurse got do do with it?
Me & Mrs, both 27 years old, combined earn slightly over the "couple average" £60k figure. We are both quite good at saving, having taken advantage of our very gracious parents hospitality until quite recently, so we have a nice lump sum in our ISA's - combined around £30-35k saved. I save roughly £450 a month, but could stretch more if I curbed my lifestyle.
Issue is we rent and work in central London. I haven't a clue what to do with the money and coke and hookers gets brought up a lot as an option.
Suggestions welcome, but I'm not sold on the idea of buying somewhere cheap that I don't want to live (Dagenham, anyone?!), have a longer commute, shite quality of living all just to say "im on the ladder"
Are we rejoicing that this is the best thing available for a nurse?
No not at all. As I wrote earlier I agree in principal with the point TJ is making. Just trolling really. 🙂
However, £20k is also not a "typical" nurses salary. It's a starting salary. The "time served" and established nurses I know earn between £30 - £50k. Bang on 20% for your pension and the wages don't seem that bad.
The salaries of nurses are not the major problem with retention and recruitment in the NHS.
Or for anyone really, that kind of is the point, reckon it will last 25 years it takes somebody to pay it off?
Sad thing is high house prices don't really benefit many people (other than estate agents and older people that own their house but then most don't know what to do with the money - how many Honda Jazzes can you buy)
If I didn't spend £x a month on my mortgage and could buy the same house for 25% of the price with a 25% of the amount of mortgage I would have the extra 75% free to do what I want with for 25 years.
established nurses I know earn between £30 - £50k.
Nurses on about £40,000? Common for established nurses? You [i]really [/i]sure?
These established nurses - do they make up any significant % of the nursing population?
I'm a bit shocked as a partner of a NHS specialist that is reasonably established, in a cohort that is in highish demand - she don't get a basic anywhere near £40,000.
In London, I reckon anyone currently in their 20s is in a pickle.
No, someone in their 20s has a career of opportunities to get out or get ahead somehow or other. It's the people in their 40s, still renting, with next to no savings, pensions, or prospects who are going to be paying the price for the rest of their lives.
Nurses on about £40,000? Common for established nurses? You really sure?
I have no idea. I am talking about middle aged, 20+ years experience in some kind of supervisory role, that I have known.
she don't get a basic anywhere near £40,000.
Where did I state "basic"? Talking about earnings.
AFAIK it is possible to earn £100k as a nurse. Not sure if there are more than a handful that do?
whats that got to do with real people? those properties are bought by city big shots, high net worth individuals who don’t post on MTB forums and overseas investors.
Stamp Duty is a major problem at the high value end, sales over £2 million have really dried up. Building a basement is stamp duty free and makes sense when property is valued at £1,000 per sq ft or more.
Gobuchul - the salary scales are published and no nurse earns £50 000 pa bar a very few senior managers who really are no longer nurses nor is the pension contribution from the employer worth anything like as much as you think.
starting money for a band 8 is under 40 000 IIRC - and that will only be a handful of people in a hospital - and they don't do unsocial hours so basic is what they get
Band 7 ( charge nurse) starts on £31 000 up to £41 000 and again they don't do much unsocial hours so that is what they get.
Most of us are band 5 £21 000 - £28 000. plus around 10% in unsocial hours for most of us
You really think this is well paid?
£100 000 as a nurse is simply not possible.
Gaining an exclusive or supplemental income through private renting should never have been a viable option, having a roof over ones head is a basic right and should not be subject to unchecked "market forces" that have been in place over the last ~30 years and lead to the mess we face today.
Should the quality of life be heavily influenced by the fortunes or otherwise of my previous family generations, as regards how many homes they own, leaving a lot more disposal income for other things such as luxury goods?
Should homes be effectively owned by the state, you mortgage-lease them for the lifetime of you and your partner, at which point they return to the state?
Most of us are band 5 £21 000 - £28 000. plus around 10% in unsocial hours for most of usYou really think this is well paid?
£100 000 as a nurse is simply not possible.
That fits well with the average figure of £23.5K. Is it well paid? It is compared to someone on minimum wage and isn't compared with someone on £70K.
In an ideal world (my ideal world) peoples salaries would be far closer together with rewards for people who put more effort in (everyone can put more effort in but not everyone can do the same jobs)
Anyway, back from my dreamland...
Looking at the NHS Nurse wage bands it is technically possible to earn £98K but guessing that is never achieved.
banging 30k earnings, no loans etc, 20k deposit into HSBC's online calculator suggests they'll lend you £179k giving a total of £199k. On a nurses salary. That'd probably get you quite a nice flat near edinborough, repayments around £600 pcm
Wouldn't even buy the basic flat I live in now and no way - 6 times earnings? - whats that interest only ? that repayment is only double what my £45000 mortgage is
Wouldn't even buy the basic flat I live in now and no way - 6 times earnings? - whats that interest only ? that repayment is only double what my £45000 mortgage is
a (very) quick hunt for 90% mortgages suggested a 2% interest rate (don't know how realistic that is). 35 year term (ftb average age is ~30, average retirement age is ~67), repayments are £600 pcm.
it might not be able to buy your flat, because you are a lucky baby boomer, who gets nice cheap property and a decent, cheap pension.
Meh..you could get [url= http://www.rightmove.co.uk/property-for-sale/property-44325495.html ]THIS [/url]property for a mere £12k near me...
DrP
banging 30k earnings, no loans etc, 20k deposit into HSBC's online calculator suggests they'll lend you £179k giving a total of £199k. On a nurses salary. That'd probably get you quite a nice flat near edinborough, repayments around £600 pcm
The lenders don't learn a thing do they. Why would they give a £180K mortgage to someone on £30K per year? What do they think will happen if the interest rate goes up to 6% (or whatever is too high to pay for the person on £30K) and the value of the house drops to under £160K ?
It was only 3 years ago I struggled to get a remortgage on my own house. 3 times salary and a 50% mortgage. Looks like they have slipped and got greedy again.
Garages go for £30 000 plus in Edinburgh
Looks like i got in and out just in time.
Quick succession of rent/buy/rent/buy over a 4 year period in the late 90s. Almost tripled my initial stake money, then skipped the country.
Can't really see us ever affording to move to the UK again. At least, not where there is any decent work and in the current political climate. Well, the basic political climate over the last 20 years actually.......
RBS would lend £120 000 to a newly qualified nurse with no dependents or debts
The lenders don't learn a thing do they. Why would they give a £180K mortgage to someone on £30K per year?
Last time we spoke to a mortgage adviser, they offered us (IIRC) a mortgage of £375k. This was based on our then-current income where my OH was earning double my salary on a two year [i]temporary[/i] contract down in That London.
She ended up leaving the contract six months early due to ill health and has just started back working part time again after three years. We'd have done well in the interim with a mortgage over ten times my salary, wouldn't we. It's no wonder people get into trouble.
The lenders don't learn a thing do they. Why would they give a £180K mortgage to someone on £30K per year?
Because the chance of default is still low enough to mean that the increased number of mortgages results in more profit, obviously. Banks wouldn't do it if it didn't make money *for them*.
Because the chance of default is still low enough
Exactly my point, it isn't really low. It is only a low chance if you think it will never go bad (yet again).
Makes money for them in the short term but they lose out when it goes wrong (or some of them do!)
but [s]they lose out[/s]the government bails them out when it goes wrong
Nurses on about £40,000? Common for established nurses? You really sure?
I'm quiting teaching to be a nurse!
Issue is we rent and work in central London. I haven't a clue what to do with the money and coke and hookers gets brought up a lot as an option.
This is a similar boat to me an my missus, we can save over a grand a month between us - but buy a house in London? Can we ****.
So we're just going to either invest a grand a month in a good stock market fund or buy an investment property to rent out in Sheffield - to piss them northerners off.
If you've got 35k sitting around in a cash savings account you're losing value on it, as your interest rates aren't going to keep up with inflation/purchasing power - so either buy a property outright as soon as you can, eg some shit 75k terrace in Sheffield that you can rent to students or invest it.
Edinburgh seems pretty reasonable to me. Try working in the NHS/public service etc in Brighton.
Seems ruddy expensive to me. cheapest property around 100 000 and thats for tiny flats or right in train-spotting country. Two bed flat in a halfway decent area will be 200 000+. House in a leafy suburb pushing a million
Two bed flat in a halfway decent area will be 200 000+. House in a leafy suburb pushing a million
I think the point being made is they don't want the poor or young in those places. Just the ones who have already made their money....