Sacrifice is ESSENTIAL

In a previous video titled 'Why is it so difficult to buy a house in the UK?', I spoke about how sacrifice is needed to get onto the housing ladder. Today I dive a little bit deeper with a personal story.
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[@shelleyk7462]

It was nice to hear your brother’s story, happy it had a good ending. I was on a low income in my 20’s and stayed living at home until my early 30’s (I was single). I eventually put down 30% deposit on a house and got a 30 year mortgage 3x my salary. I agree with what you said because if I had rented, the rent would have been around 40% of my net pay, factor in living costs and there was no way I could’ve saved for a decent deposit to get on the housing ladder.

[@patmartin9727]

The problem today is most people don’t want to struggle for a time to get a house deposit together. Most young people can afford to pay a mortgage they just aren’t willing to cut back to save the deposit they need.

[@JamesKerr-z4o]

@@patmartin9727 young people in my generation didn’t need to save for a deposit, I remember paying a slightly high rate for a 100% mortgage and the refinancing the mortgage 18 months later and as the house had appreciated I then got the lower rates as I suddenly had 20% equity. Things are certainly tougher now in my opinion.

[@johnpeters7003]

I offered to allow my brother-in-law to live with us while he saved for a deposit to buy his own house. TEN YEARS LATER I paid his deposit needed to get a rented flat just to move him on. In that ten years he had not saved a thing. It’s nice to offer but it needs commitment from the individual for their own future. I know this is not quite what you were talking about but your kind offer to your brother touched a nerve and made me think of this. You really can’t help some people 😀

[@JacobBurchell]

You’re absolutely right, it’s the old phrase ‘you can take a horse to water but you can’t make it drink’ … they’ve got to want to help themselves.
I think for most people pride and ego gets in the way of accepting offers of help.

[@jamiefarrell4425]

Very valid point, but not only relevant to buying your first house. My wife and I are making sacrifices to enable early retirement. We could have a hell of a lot of fun with the money we are investing and saving each month but it’s for the greater good in the long run. Apparently the ability to understand and apply delayed gratification is a sign of maturity….or maybe just being middle aged 😂

[@JacobBurchell]

The ability to understand and take advantage of the power of delayed gratification is something that is missing in most of society these days... everyone just seems to want things overnight and forget you have to earn, save, invest your way to the good things in life.

[@TamsinSimmons]

When I bought my first home I could borrow 3 times my salary,now it's more like 9 or 10!

[@JacobBurchell]

With the cost of housing ever increasing, borrowing more is the only way most people can get on the housing ladder. Borrowing such large amounts of money is a dangerous thing to do in my opinion though. A lot of people borrow a certain amount of money that is dependant on 2 incomes to pay it back… but if one of those incomes suddenly disappears, it doesn’t take long before you’re in way over your head.

[@JamesKerr-z4o]

Same here, but here but houses were cheaper back then and we got offered 100% mortgages.

[@thepete129]

Third 👏

[@JacobBurchell]

Thanks for watching and commenting! 😁

[@irenemacginley6022]

Anither great video.....😊😊

[@JacobBurchell]

Thanks for watching!! 😁

[@johnfuller3973]

Second 😢

[@JacobBurchell]

Better luck next time! 🤣

[@odnilniloc]

First

[@JacobBurchell]

Thanks for watching, always appreaciated! 😁