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Wise people of MN what should I do...

(4 Posts)
itchychin Sun 11-Jan-15 16:31:44

So, split with XH 5 years ago and been renting ever since. I have savings of 70k ish. I own no property. With my salary and child support and tax credits I have enough to get by as long as I'm careful and have been saving each year (due in part to some of my split settlement being paid over the last 5 years which has now completed).

I don't have a court order for the child support (it is 12%) we are quite amicable. I have some tax credits (1 dd in primary school). My wages aren't huge and I expect a mortgage would be cheaper than my rent however I'm pretty sure I couldn't get one (no court order, some income is tax credits).

It occurred to me perhaps I could buy far far away (am in home counties) and maybe I would be able to get a small mortgage. Or buy in a cheaper closer area.

Should I see a financial adviser? I'm trying to find a better paid part time job (school hours) but they are rare. I live in a lovely town and don't really want to move. I worry about renting forever.

It's like there's a heavy weight of unspecific worry I carry around and I don't really know how to address it. If you've read all that thank you!! Any wise words gratefully accepted.

PennyJennyPie Sun 11-Jan-15 16:37:03

Why don't you check with a mortgage advisor if you can get a mortgage? At least then you know better what your options are.

annielostit Sun 11-Jan-15 17:03:05

Why worry about renting forever. Nobody owned houses when I was little it was all council.
Can you afford to live as you do with a small mortgage and use up you savings? Would you be happy without the savings?
I had a house when I was a single parent now married and it wasn't easy, many work mates rented but were better off has they got more social financial support.

CogitoErgoSometimes Sun 11-Jan-15 20:59:08

I think property is not only an intelligent investment but a good way to increase your sense of security. Nice to have something to pass onto kids, for example. I'd have a chat with your regular bank first just to give you an idea of how much you could borrow, and a rough monthly cost. That will set your parameters for your house search. When you find a suitable property, then talk to an independent mortgage broker and see if they can find something more specific and a better deal.

Good luck with your fresh start.

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