| >she only needed a 5% deposit(so £7.5k) LMAO, this is not normal anywhere else in Europe. Also, I bet she either has a lot of money saved up somewhere else, had her mortgage cosigned by someone else with a lot of income, etc. this is not normal at all. I am not from Germany, but take Germany as an example: https://n26.com/en-eu/blog/cost-of-buying-a-house "A good rule of thumb is to have at least 35% of the estimated cost. Germany: German residents can generally borrow up to 80% of the assessed property value, but non-residents usually get the short end of the stick. They have to put up 40–45% of the property value as down payment." >two years ago for £180k The average UK price house is 256k... https://ichef.bbci.co.uk/news/640/cpsprodpb/117DF/production... You lucked out, arguably. >My point is that yes - it's a global problem, but I honestly don't think everyone everywhere needs to save up for 7 years just to get a deposit. Maybe if you live in London you do, but elsewhere? Meh. Basic 3 bed houses are not so crazy expensive in most places, at least here in UK. I make 12k after taxes and before other expenses... what are you talking about. And I am lucky not to pay rent with a terrible commute because I live with my parents. |
In UK 5% mortgages are readily available to first time buyers. It's a completely normal thing here in UK. And I can assure you she doesn't have a lot of money and the mortgage wasn't cosigned by anyone else lol.
>>A good rule of thumb is to have at least 35% of the estimated cost.
Well now that's absolutely nuts. Here in UK 10% deposit is normal, 15% is high, and I don't know anyone who paid 20% or more - and everyone in my group of friends(we all just turned 30) bought a house recently.
>>The average UK price house is 256k
Yes, because London destroys the averages completely. Like I said, my sister just bought a 3 bed house with a garden and driveway for £150k, and it wasn't particularly cheap, neither for the street nor for the area .