I didn’t say that I don’t see the problem now, as I certainly do. I was just giving my own experience of being a first time buyer. My salary was low at the time as I was on the ladder to a senior position after qualifying. It increased x 5 by 1985.
I bought my first house in 1980. New two bed terrace in Durrington. £11,295.00 and my parents gave me the £1,295.00 deposit so I had a £10,000.00 mortgage which was 4x my £2,500.00 pa salary. I can't remember the exact interest rate, I think 14%, but the monthly payments were £90, so approx 50%...
I think the main problem will be that all these egocentric primadonnas will want to be top of the pecking order;
Well, I cost more than you,
Yes, but I'm paid more than you
I have more Twitter followers than you
etc. etc.
I had to go and look at the DWP calculation. I guess if you search for “Protected payment” online it will explain more. It’s to do with the calculation of the “Starting Amount” which is dependent on contributions made. On the Government Gateway website they list NI payments made. Mine amounted...
I wasn’t born before 1951 or took my pension before 2016 so it’s just related to contributions paid that results in an additional “Protected payment” of approx £78/week on top of the new state pension of £185/week to give £263/week or £13.7k / year. This is going to increase by 10% to £15k in April.