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mortgage - am i nuts?

 
#1 mortgage - am i nuts?
10/08/2007 19:11

id

i am 26. my gross salary this year will be circa 180k. i am planning to buy my first house with my partner, she is on about 35k.

i have 100k deposit. am i mad to get a house for1.5million?

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#2 RE: mortgage - am i nuts?
10/08/2007 19:24

Another Anon to id (#1)

What's this got to do with consulting? As a previous poster has mentioned, this site has really gone downhill. It just seems that every other post seems to be either a grad related query or even worse some one wanting to massage their ego with the size of their salary etc. whether the figures be true or not.

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#3 RE: mortgage - am i nuts?
10/08/2007 19:43

Mike to Another Anon (#2)

Mad.....yep!

Lier.......yep!

No mortgage company would ever lend you 1.4million for 180k and 35k pa respectively.

Seriously if your going to lie at least make up reasonable values.

Now run along and get off the dole!

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#4 RE: mortgage - am i nuts?
10/08/2007 19:44

xxxxx to Another Anon (#2)

Why do so many idiots post on here with fantasy stories. No bank is going to give you a £1.4million mortgage with a deposit of less than 10% and a salary that reauires a 7x multiple

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#5 RE: mortgage - am i nuts?
10/08/2007 21:46

Merlin to xxxxx (#4)

thats not true. I got a 7x multiple with hbos because of the predictability of bonuses and my stock options.

I see that you guys post - but not to answer his question. And then you say the forum has lost focus?

Irony.

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#6 RE: mortgage - am i nuts?
11/08/2007 19:34

Jim to id (#1)

I'm only a grunt on £40k, and not all that smart either, but i'd say, if you were earning £180k, you'd probably be wise enough to do your own maths and understand the economy well enough to make a reasoned estimate about the risk you would face in that investment - so why ask for advice here?

On the other hand, if you were a wannabe bertie big balls that liked to boast about an imaginary salary, why would you do it on an internet forum - a slap on the back by a "virtual friend" can't be much of a kick? So maybe this is a genuine question?

Maybe this guy is just dumb and managed to blag a highly paid job? In which case, congratulations - do you have any tips for me?

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#7 RE: mortgage - am i nuts?
11/08/2007 21:03

Merlin to Jim (#6)

I couldnt disagree more.

Where do you live? im guessing not london?

When is the last time you drove through belgravia, pimlico, south kensington, knightsbridge etc? who do you think those people are?

im sorry but you have to realise that in this day, the salaries of consultants are very very poor compared to the banking industry. They are just like industry salaries.

180k is the average salary for a 2nd year associate ( 26years old) of any investment bank. Thats just reality. Open your eyes to it.

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#8 RE: mortgage - am i nuts?
11/08/2007 21:07

? to Jim (#6)

"Maybe this guy is just dumb and managed to blag a highly paid job? In which case, congratulations - do you have any tips for me?"

Er, check the original post and see how many grammatical errors there are, I'm guessing it ain't true (sic, in case you didn't notice).

I'm sure it's just another one of the stream of wind up posts that grads at Big 4 seem to start in their ample spare time, leave 'em to it.

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#9 RE: mortgage - am i nuts?
15/08/2007 22:44

Jim to Merlin (#7)

This is great....I'd never left a message on a website until Sunday and I've already managed to antagonise Mr "Merlin" here.

To answer your question, I live in Hampstead...and I drive through South Kensington fairly frequently "cos" my bird lives there....although not quite sure why you want to know.

So i'm not sure what point you're trying to make squire....i've worked in both an investment bank and a consulting firm, and whilst not being all that bothered, am fairly sure 180k isn't an average salary...I worked in M&A and from personal experience (although not particularly relevant as i'm lazy and don't tend to work very hard) and the experiences of a few friends of mine, i'd say the average second year salary in M&A is about £110k to £130k (incl. bonus)...if you mess about trading stuff (do you people call them "equities" or sumfink?) you probably enjoy about £70k basic and a £50k bonus as a "second year"...again, not that bothered, but this geezer that drinks at my local bores the sh!t out of me by going on about what he earns as a 26 year old trader at that bank with the umbrella.

My point was that if you were smart enough to earn that kind of salary, you wouldn't waste your time asking idiots like me and you how much to spend on a house, would you?

Anyway, you need to ease off on the aggressive attitude young man - no need for bad manners about "opening my eyes". Now pipe down, polish your brogues and be thankful that you've got your corporate brown-nosing job in the city - its not that important in the overall scheme of things is it?

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