I read an infuriating "article" in a British rag the other day with the headline "Mum pays off £800k mortgage despite never earning more than £25k a year"
Sounds suspicious, right? Even if that's 25k after tax, and your mortgage doesn't have interest, and you have zero other bills or outgoings, it would take 32 years to save 800k. She's only 39.
I read on.
Her saving started aged 10 as her parents gave her 50p pocket money each week. To earn a little extra when she wanted something, she would wash cars and collect pennies she found in the street.
Well that didn't pay a 800k mortgage.
By 18, she was earning £12,000 a year and saving £850 a month, while living at home.
First red flag, 12k a year is only a grand a month and she's saving £850? I presume her parents paid for everything including car, clothes, and she didn't have to pay rent.
‘My then boyfriend was on £18,000 a year and we saved £25,000 between us and bought a two-bedroom terrace in Waltham Abbey for £165,000.’ She got a job as an estate agent earning £12,000 a year but still had £10,000 in savings, so her dad went ‘halves’ with her on deposits to buy two more properties.
Now we are getting to the detail. Her parents are rich, and that gave her the opportunity to invest in property in a down market.
In 2011, Gemma met her now husband Adam Bird, and they moved into his four-bedroom house in Essex, where he had £225,000 left on his mortgage. She gave birth to their firstborn, Brody, in 2012 and their daughter Bronte in 2019. Gemma said: ‘When I moved in, I paid £100,000 off Adam’s mortgage with my savings. ‘I then sold the two other properties making £130,000 and paid off the rest of the mortgage. I wasn’t able to do this because I’m amazing, or loaded, it’s because I’m careful.’
So the house wasn't hers, and already had £575K equity when she "paid off the 800k mortgage"
But it's because "she's careful". Totally not the rich parents.
She's apparently an Instagram star who shares her 'Money saving tips' like buying loose fruit, renting out your driveway and selling old clothes on eBay.
It made me so angry.
EDIT: I just realised I didn't link the article. I'd rather you didn't give these arseholes the ad revenue and clicks, but if you are morbidly curious enough to read all the details, you can find it here.
I currently make 3000 a month. I can't get approved for a 1 bedroom apartment because landlords and management companies want you to be making 3x the rent. I'm stressed out and it sucks :(
piggydancer on February 12nd, 2021 at 10:23 UTC »
A lot of cities also have laws that artificially inflate the value of real estate.
Great for people who already own land. Incredibly bad for people who don't.
vidoardes on February 12nd, 2021 at 12:09 UTC »
I read an infuriating "article" in a British rag the other day with the headline "Mum pays off £800k mortgage despite never earning more than £25k a year"
Sounds suspicious, right? Even if that's 25k after tax, and your mortgage doesn't have interest, and you have zero other bills or outgoings, it would take 32 years to save 800k. She's only 39.
I read on.
Well that didn't pay a 800k mortgage.
First red flag, 12k a year is only a grand a month and she's saving £850? I presume her parents paid for everything including car, clothes, and she didn't have to pay rent.
Now we are getting to the detail. Her parents are rich, and that gave her the opportunity to invest in property in a down market.
So the house wasn't hers, and already had £575K equity when she "paid off the 800k mortgage"
But it's because "she's careful". Totally not the rich parents.
She's apparently an Instagram star who shares her 'Money saving tips' like buying loose fruit, renting out your driveway and selling old clothes on eBay.
It made me so angry.
EDIT: I just realised I didn't link the article. I'd rather you didn't give these arseholes the ad revenue and clicks, but if you are morbidly curious enough to read all the details, you can find it here.
-VisceraEyes- on February 12nd, 2021 at 13:17 UTC »
I currently make 3000 a month. I can't get approved for a 1 bedroom apartment because landlords and management companies want you to be making 3x the rent. I'm stressed out and it sucks :(