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Original poster

Shortsighted to TTC while still renting?

69 replies

Babydust00 · 21/05/2023 14:13

We are weighing up continuing to rent. We pay low rent for our small 2 bed (about 15% of our joint take home income). If we bought this house we’d be paying probs 700 more a month, ouch, not to mention anything bigger. We don’t live in London so prices should not be this way given we are on average salaries.
Have offer of deposit help but actually scared of buying given the best we could hope for with repayments would be 30% of our joint income, which doesn’t leave much room for enjoying life or a safety net if anything goes wrong
We are debating waiting out for rates to come down which they’re expected to next year and wondering if it’s as silly as people say to deliberately plan to start your family when you have not yet purchased your first house. We do want to be home owners at some point it’s a huge goal of ours. Is it still possible to do this whilst pregnant/ with a baby or toddler or would we be making life unnecessarily difficult for ourselves? I understand lenders factor in childcare costs but we’d be hoping for only 2, maximum 3 days a week and the government 30 free hours for 9 month+ would be coming in by the time we were ready for that

OP posts:
Namechange9625 · 21/05/2023 14:24

TTC can take a long time as can buying a home. I wouldn't wait on doing either if I'm honest.

Original poster
Babydust00 · 21/05/2023 14:39

Namechange9625 · 21/05/2023 14:24

TTC can take a long time as can buying a home. I wouldn't wait on doing either if I'm honest.

Fair enough, thank you x

OP posts:
maryberryslayers · 21/05/2023 14:41

Babies don't really care if you rent or own...

If you can afford a child, without relying solely on the state, then have one.

Lots of people will never own, they still have children.

Times have changed since the 50's when it was meet, marry, house, children. Just do what you want and makes you happy.

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Littlegoth · 21/05/2023 14:42

It’s not just 700 a month more for the mortgage though, it’s that plus nursery fees so bank on finding another 1700 a month x

Original poster
Babydust00 · 21/05/2023 14:46

Littlegoth · 21/05/2023 14:42

It’s not just 700 a month more for the mortgage though, it’s that plus nursery fees so bank on finding another 1700 a month x

That’s the worry. Easily affordable here, unaffordable possibly if we buy

OP posts:
Namechange9625 · 21/05/2023 14:47

How large is your deposit? If you stay realistic and buy a small 2 bed to get on the ladder once baby is out of nursery you will be in a better position to buy a bigger place.

Namechange9625 · 21/05/2023 14:47

Also don't forget between now and having a baby/them starting school you/your partner could have changed jobs and got a pay increase which will make things a lot more manageable

NightsonBroadway · 21/05/2023 15:40

Babies don’t care if you rent or own but banks care if you have a baby. We purposefully put off TTC because there’s no way we could have bought a house like the one we’re in now had the bank factored in childcare costs. I don’t regret the decision!

omnishambles · 21/05/2023 15:42

Always risky to put off TTC for many reasons. I would crack on.

Original poster
Babydust00 · 21/05/2023 15:47

Namechange9625 · 21/05/2023 14:47

How large is your deposit? If you stay realistic and buy a small 2 bed to get on the ladder once baby is out of nursery you will be in a better position to buy a bigger place.

This is what we thought but even that would be 30% of our joint income (at best) and that’s simply because of the high rates. Worried prices will crash and we will be stuck in negative equity/unable to save fast for legal fees to move to a bigger place

OP posts:
Original poster
Babydust00 · 21/05/2023 15:48

omnishambles · 21/05/2023 15:42

Always risky to put off TTC for many reasons. I would crack on.

We are only in our 20s if that makes a difference

OP posts:
Namechange9625 · 21/05/2023 15:50

I wouldn't wait to TTC or to purchase. Property prices are coming down (mortgage rates are going up but not at silly levels yet so probably advisable to 5 year fix for now). Having a child always makes finances tight but it's only a few years that it's rough, plus the new free hours kick in for any potential child you're having so you're in a very good position.

Raggeo · 21/05/2023 16:13

I had 2 children while renting and it never crossed my mind to wait. I was in my 30s though so didn't want to wait to TTC. We were financially stable so didn't see it as a risk. Also, we were expecting DH's job location to change so didn't want to buy until we knew it was for forever or long term.
We did start looking to buy when I was pregnant the 2nd time but the pregnancy had some complications and they all took priority. Finally bought somewhere when the kids were 2.5y and 7m old.
The biggest problem we found was that our new house needed a lot renovations, improvements that were impossible to do with the kids living there so had to pay extra rent then stay with family until everything was complete. Was a lot of upheaval and I really saw why its better to buy first then have kids. There was also some maternal instinct, or maybe just me, where I felt strongly that I wanted us to be settled and for the kids to have a family home to grow up in.

Original poster
Babydust00 · 21/05/2023 16:15

Namechange9625 · 21/05/2023 15:50

I wouldn't wait to TTC or to purchase. Property prices are coming down (mortgage rates are going up but not at silly levels yet so probably advisable to 5 year fix for now). Having a child always makes finances tight but it's only a few years that it's rough, plus the new free hours kick in for any potential child you're having so you're in a very good position.

That’s true! Thanks x

OP posts:
Original poster
Babydust00 · 21/05/2023 16:15

Raggeo · 21/05/2023 16:13

I had 2 children while renting and it never crossed my mind to wait. I was in my 30s though so didn't want to wait to TTC. We were financially stable so didn't see it as a risk. Also, we were expecting DH's job location to change so didn't want to buy until we knew it was for forever or long term.
We did start looking to buy when I was pregnant the 2nd time but the pregnancy had some complications and they all took priority. Finally bought somewhere when the kids were 2.5y and 7m old.
The biggest problem we found was that our new house needed a lot renovations, improvements that were impossible to do with the kids living there so had to pay extra rent then stay with family until everything was complete. Was a lot of upheaval and I really saw why its better to buy first then have kids. There was also some maternal instinct, or maybe just me, where I felt strongly that I wanted us to be settled and for the kids to have a family home to grow up in.

This makes sense to be honest, I bet it was stressful having to pay x2.

OP posts:
GeorgeSpeaks · 21/05/2023 16:17

Don't rely on the Tories winning the next election...

Original poster
Babydust00 · 21/05/2023 16:22

GeorgeSpeaks · 21/05/2023 16:17

Don't rely on the Tories winning the next election...

Labour would surely implement same policy or better though no?

OP posts:
GeorgeSpeaks · 21/05/2023 16:31

@Babydust00 I don't know! It's a big financial decision to rest on that assumption!

Lcb123 · 21/05/2023 16:31

I wouldn’t bank on interest rates or house prices coming down. If you can afford it, buy soon as you can-we’re buying now and got an absolute bargain. Our mortgage offer rate is not that bad.
Given your ages I’d wait-as it could be factored into your mortgage application if you are pregnant or on Mat leave or have childcare costs. If you were 30s I’d say start trying.

Lcb123 · 21/05/2023 16:33

And 30% is about the maximum you should spend on mortgage so it’s ok. I’d also consider buying a smaller house or a flat if that makes the payments lower-at least then you’re on the ladder and you will start building equity.

PurpleBananaSmoothie · 21/05/2023 16:37

Babydust00 · 21/05/2023 16:22

Labour would surely implement same policy or better though no?

Show quote history

Not necessarily. It may be unaffordable but then labour will be the bad guys for implementing it. If it does continue, because it pretty strongly aligns with Labour’s values, the tories will likely use this as a reason why labour have bankrupted us. Also they are not “free” hours, they are funded. The amount given to nurseries doesn’t cover their costs so you put a top up fee and sometimes supplementary costs for food and snacks. The funded hours are also between 9-3 and for term time only. Some nurseries will spread that over the year but you won’t have 3 full days in nursery for free.

You have to weigh up if your rent is likely to rise if your landlord puts rent up or decides to sell. What is market rate in your area? Interest rates might come down as a small bit but not to the rates they were last year. I would also look at what is happening locally in your area with sales of properties and if the market is falling near you, it isn’t everywhere. Kids don’t care if you live in rented accommodations but it’s harder to save for a deposit/pass affordability or save for work to be done when you are paying for childcare.

Original poster
Babydust00 · 21/05/2023 17:09

maryberryslayers · 21/05/2023 14:41

Babies don't really care if you rent or own...

If you can afford a child, without relying solely on the state, then have one.

Lots of people will never own, they still have children.

Times have changed since the 50's when it was meet, marry, house, children. Just do what you want and makes you happy.

Thank you x

OP posts:
Original poster
Babydust00 · 21/05/2023 17:13

PurpleBananaSmoothie · 21/05/2023 16:37

Not necessarily. It may be unaffordable but then labour will be the bad guys for implementing it. If it does continue, because it pretty strongly aligns with Labour’s values, the tories will likely use this as a reason why labour have bankrupted us. Also they are not “free” hours, they are funded. The amount given to nurseries doesn’t cover their costs so you put a top up fee and sometimes supplementary costs for food and snacks. The funded hours are also between 9-3 and for term time only. Some nurseries will spread that over the year but you won’t have 3 full days in nursery for free.

You have to weigh up if your rent is likely to rise if your landlord puts rent up or decides to sell. What is market rate in your area? Interest rates might come down as a small bit but not to the rates they were last year. I would also look at what is happening locally in your area with sales of properties and if the market is falling near you, it isn’t everywhere. Kids don’t care if you live in rented accommodations but it’s harder to save for a deposit/pass affordability or save for work to be done when you are paying for childcare.

Show quote history

Fair points to be honest, I suppose you can never plan around that as it may or may not happen depending on the gov

OP posts:
Original poster
Babydust00 · 21/05/2023 17:31

Lcb123 · 21/05/2023 16:33

And 30% is about the maximum you should spend on mortgage so it’s ok. I’d also consider buying a smaller house or a flat if that makes the payments lower-at least then you’re on the ladder and you will start building equity.

Thank you. I’m just concerned about 30% of our income and then extra costs like childcare etc

OP posts:
Namechange9625 · 21/05/2023 17:33

When you have children you have to accept finances will be tight

When you buy property you have to accept finances will be tight.

It's about working out what is important to you

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