hi all
I could ask my parents, or siblings, or boss for advice and opinions (and I probably will, but it's not fun as I already know all their answers). MN has great wisdom and experience and can, I hope, give me a bit more insight.
We live in the south of UK, very naice area, very expensive. Extended family all here, and I have always really been based here despite a few years in Manchester/London. Me and DP lived in tied accommodation on an estate for a few years, no rent in exchange for DP gardening work, plus I had a FT job too. We saved £24k in these few years - minimal outgoings.
Then we had DD, and for various reasons needed to move house (DD requires one FT parent as has some additional needs). DP is now SAHM and I work FT still.
My wage (£25k) is not enough for us to get a mortgage on a 2/3 bed place here, even with a £24k deposit, which was a bit saddening, but hey ho. So at the moment, I am earning enough to pay rent & bills and we are trying our best to not touch our savings.
My plan was to wait until this DD and possibly one more future DC are 5 and go to school, then DP can have a PT job and pull in about £10k more. this should just tip us over being about to afford mortgage repayments.
HOWEVER that is 5 or 6 years of our savings sat in a bank doing nothing.
We have friends in Liverpool who bought a flat in their street for £25k. They rent it out to a student. I am wondering if we could/should do the same thing, to get our money working for us, in effect. I'm scared -
to buy so far from us, even though we can go and visit to view property, etc
to buy at all, I've never done it
to risk my money - what if we buy a bad investment? Is it very stupid to buy a student "pod" in a large building with communal living areas and believe we will really see returns? Would we ever be able to sell it on?
I suppose it's come up right now as am thinking about pensions. I'm one of two employees so won't be offered workplace pension until June, but it will be approc £90/month out of my pay, which right now, I can't afford. I feel like I'd rather try and stretch onto the property ladder.
Long and rambly, sorry. Any advice, wise ones?
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arielmanto · 03/03/2017 15:22
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