68
Do billionaires work monday to friday like all 9-5s?
(aussie.zone)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 30 Jun 2024
68 points (89.5% liked)
Ask Lemmy
26777 readers
460 users here now
A Fediverse community for open-ended, thought provoking questions
Please don't post about US Politics. If you need to do this, try !politicaldiscussion@lemmy.world
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com.
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
founded 1 year ago
MODERATORS
It's enough to wipe out most people's student loans, and buy a reliable vehicle, then put a down payment on a house. That's life changing.
Well, lucky you. But when houses cost over £2m, £1m down payment won't make me able to afford shit.
That's still a 50% down payment on that house, your mortgage payments will be a lot less than your rent. So you'll have a place of your own and more money every month, plus be investing in your capital instead of pissing money away. If that's not life changing for you then nothing is.
There's a 4.5x household income limit for mortgages in the UK. So if your combined income is £60k (for a family where both parties have average UK income), the most money you can borrow is £270k. And then you look at something that's not immediately falling apart and you see this https://www.zoopla.co.uk/for-sale/details/67606066/ you instantly know that you can't afford anything even with £1m in your pocket.
That's unless you want to settle for a garage transformed into a "one bed house" https://www.zoopla.co.uk/for-sale/details/66317679/
Another option would be to move to some part of London like Barking, but I'd rather live in a shed than a drug den.
So yeah, I'm happy for you if £1m is life changing for you.
But also as a general rule places don't let you spend over 30% of your income in rent, 60K that you mentioned for a couple is £4186 per month, so the maximum rent of that hypothetical person is £1256. Which wouldn't also allow you to rent a house like the one you showed, so it's pointless. The house where a couple that earns 60k lives can absolutely be bought for close to 1 million (if not less). Whoever is living in a 4 bedroom house like the one you pointed out earns a lot more than 60k and so they can finance the rest.
There's no limit on rents in the UK. You can spend all of your money on it if you wish.