the c&g were lending to 18 year olds at the time; bet they aren't now
i got a student loan to pay for the deposit, then got my dad to stand as guarantor. job done.

it wouldn't work now, though, because rents haven't really changed since 1996, whereas house prices have gone up massively. so i paid about £42,000 and the mortgage was about £310 a month. but the rent was £700 a month. which was a nice extra profit for me at uni. i then sold it in 2000 for £102,000, but the rent was still only £700 a month.

now it's probably worth about £130,000 - but the rent is only £650 a month.
( rachelswipe with a fork, Mon 25 Jun 2012, 12:27, 1 reply, 13 years ago)

Rent has gone up massively in Cornwall since 1996
We rented a 3 bed house for £275 a month same house is now £650. My flat after finishing uni in 2002 was £75 a week split between two of us its now double that.
( Peej, Mon 25 Jun 2012, 12:29, Reply)

maybe areas that are popular with tourists are different?
i know what i get for the holiday home in cornwall is ten times more during the summer than during the winter, for example.

my dad has his beady eye on a penthouse in cornwall where the owner ran out of cash, so it's being sold by LPA receivers. i forget the figures, but say they want £300k. he put in a silly cash offer at £150k. they said no. he said, well, you know where i am. it's now on the market at about £190k and they are pestering him to meet in the middle. a sign of worrying times for home owners with high mortgages, i think. also the economist/actuarial ex is adamant that all the signs point to a housing market crash. eek.
( rachelswipe with a fork, Mon 25 Jun 2012, 12:37, Reply)

This recession has a good 5 years left to run
we are being told by our actuaries.
(Set your faces to Stunned Bigly, Mon 25 Jun 2012, 12:41, Reply)

\o/

( Naked Ape call me Caitlyn, Mon 25 Jun 2012, 12:45, Reply)

Unless there's a housing market crash
I'm unlikely to be able to buy a place this decade.
( Kroney, Mon 25 Jun 2012, 12:43, Reply)