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Original poster

Am I making a terrible financial mistake?

79 replies

Farticus101 · 01/05/2025 05:40

In the last few years I have had a really rough time. I fled an abusive relationship and moved in with family. Unfortunately, this has now not worked out and I have been asked to leave as parents couldn't cope with my DC in the house and the atmosphere was becoming toxic.

I don't want to uproot DC from their school and friends yet again (it will be their third move in 4 years) so have decided to rent nearby. However, the only rental properties in the area are absolutely horrendously priced for a 2 bed. I will go deep into my savings to pay for this.

Ultimately, my plan is to run through my savings (but will keep 1 or 2 thousand pounds as a buffer), then, when I don't have to do childcare, I can work full time which will at least cover the rent and bills (only just). Obviously rent may go up in this time though which means we would have to leave the home either way. There is no way I can buy a property unless I move hundreds of miles away.

Am I being unreasonable to rely almost solely on savings for the next three years?

OP posts:
CaptainFuture · 01/05/2025 06:14

librathroughandthrough · 01/05/2025 06:01

Could you not use your savings on a deposit to buy a house? Presumably you have £80k plus?

This, how old are dc and what are your parents struggling with?
Have you been living with them for years? How much are you paying them?

librathroughandthrough · 01/05/2025 06:01

dogcatkitten · 01/05/2025 05:50

Sounds very sad really. Can't you make up with your family, surely they won't want you to spend all your savings on renting nearby. Use some of the money to take DC out more to give your parents more space, keep them in one room to play to give some adult space for parents, there should be some possible compromise.

Otherwise any partial ownership schemes, where initially you only own a % of the house, housing association schemes, could your parents lend you money to help you buy?

I don’t see why her parents need to put up with sharing their home for years with no end date and she is sitting on £££££

librathroughandthrough · 01/05/2025 06:01

Could you not use your savings on a deposit to buy a house? Presumably you have £80k plus?

dogcatkitten · 01/05/2025 05:50

Sounds very sad really. Can't you make up with your family, surely they won't want you to spend all your savings on renting nearby. Use some of the money to take DC out more to give your parents more space, keep them in one room to play to give some adult space for parents, there should be some possible compromise.

Otherwise any partial ownership schemes, where initially you only own a % of the house, housing association schemes, could your parents lend you money to help you buy?

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