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100k what to do? Desperate to buy property but can't, help!

10 replies

bumbleandbumble · 21/01/2016 18:07

I will have 100k shortly due to a legal settlement. I have never owned property and would love to...but living in London...I just do not see anything I can afford, nor do I think I will get a mortgage. I work freelance and at the moment not making much. Am currently looking for work in the 30-35k range. I also have bad/low credit score, as does my husband. His salary is 50k (and he is not a first time buyer, though owns nothing now)
We also have 2 kids so a tiny fixer upper is not possible.

How should I invest/protect the money?

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Quodlibet · 21/01/2016 18:26

Have you spoken to a broker? I would have thought you could secure 4 x joint income on a mortgage. Even counting your income as c£22k, 4 x £72k plus £100k = £320k ish.
You'd have a good loan-to-value ratio.
Have you thought about shared ownership?

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bumbleandbumble · 21/01/2016 18:34

yes but 320k in London does not get you a 2 bedroom. We have 2 kids.

Does the shared ownership work if my husband is not a first time buyer? All the deals seems to be only for 1st time buyers.

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Marilynsbigsister · 21/01/2016 19:13

Why does it have to be London. ? If you bought outright or almost outright, would you need to live in London (which lets face it, isn't very nice). If you had a 3 bed terrace in eg Wales, Scotland (not Edinburgh ) huge number of English counties.. Beautiful ones at that .. If no rent having to be paid ? IMHO if I had kids, I would look at the best schools outside London and work from there. Did this myself. Had 75k thanks to dgp's . Lived in s London. Couldn't even afford a bedsit. Looked for best schools, moved to Shropshire. Never lived in the sticks before !! But bought a 4 bed (dcs had bedroom each !!!) 10k mortgage £47 pm as opposed to £654 pm in a 2 bed flat where I had to take the kids out the car at a petrol station in case they were abducted... Just take your London head off. There is a fantastic, wonderful country out there, that I didn't know existed. Go for it op. You will never regret it.

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Valentine2 · 22/01/2016 00:38

We are moving out of London to Hertfordshire near great schools and can afford a house nearly five times as big than what we can in London if at all. I am tired of Tube and want my DCs to breathe clean air too. Kings Cross will be perfect for my commute and I can't wait to get a deal sealed. Good luck. London is just the beginning.

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bumbleandbumble · 22/01/2016 10:37

Both my husband and I need to work in London. It is highly unlikely for either of us to work elsewhere (we are in art and fashion industries) Friends have moved out, of course I understand the lovely country....But the cost of the train to commute in, plus the added daycare/nanny required would not help. In London we already get home at 7:30/8, adding another hour commute on top would kill me...not to mention never seeing my children as they would be in bed before we got home.

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