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STATEMENT MADE.

You are painfully ignorant Michael. Earning £100,000 as a graduate in London does not make you ‘rich’. When your income goes above £100,000 you lose £1 for every £2 over that threshold. You lose child benefit and childcare. You actually end up worse off than if you earned £99,000. You aren’t eligible for any discounts, any benefits or any services as a high earner and will pay the most for any services. Moreover you are showing your ignorance on stamp duty. A 3/4 bed in London for a family can be well over half a million, more like £600/£700K. Given how expensive mortgages are, moving fees and how long it takes to get a deposit (!), bridging loans, other expenses, stamp duty can add between £20,000 to £30,000 in addition to your bill - this is on top of legal fees, doing work to the property to sell. Yes, you can pay it in one go - or your can spread the cost, meaning you have to borrow MORE money. This renders your mortgage unaffordable and banks will then refuse to loan you the money. Where are we supposed to find an additional £30,000 Michael? Is that “bad planning”?