to think I will never be able to own a house?

[igetmorelovefromthecat]

I am 30, and have been privately renting since I moved out of home 12 years ago. On average, I move once a year due to tenancies ending/houses being unsuitable etc (I am not an awful tenant and have never been kicked out of anywhere in case you were wondering).

I am now renting a lovely house and managed to get an 18 month tenancy on this one but I will definitely have to move at the end of that term as the owners want to sell. The thought of uprooting myself and my two DCs AGAIN makes me want to weep. DD1 is in school and we are very settled in this area which makes things harder as it is only a village and there aren't hundreds of rental properties to choose from.

I am really craving some security and stability for my DCs and have been looking into buying a house. With mortgages being what they are now I would need around £27K as a deposit to buy a very modest house in this area. I am a single parent and I run a small business which is successful but although I can afford to keep my head above water there isn't much left over for saving. I would die of old age before I saved £27K!!

It's so depressing to face a future of moving all the time. I know I'm not the only one in this situation and there are people a lot worse off than me but AIBU to just want to find somewhere to live and be able to stay there?

Bet you anything that there is a group of MNetters of a certain age, that are mortgage free, or nearly so, with one or more properties rented out.

We used to own our own house, but when we moved here (relocation for dh's job) we couldn't afford to buy, so we rent now.

Actually I've just worked out that we've now lived in this rental place longer than we lived in either property we owned! Can't see us moving any time soon either.

Pretty much the only way we'll own property again is if our folks leave it to us.

Anyone waiting for aged parent to die and thus inherit is barking up wrong tree. Likely as not it will be drained away in care home fees.

That's right BellaMag, my parents are both well off (divorced), and although one or other of them dying would probably be my best realistic chance of ever buying a house I really hate to think like that. It's a sad age if we have to wish our parents would shuffle off the mortal coil just to have a secure roof over our heads. Also, as they both have new partners now who they live with (dad's gf is a fair bit younger than he is and mum's bf comes from a family with a history of living past 100!), it is highly likely that even if one of my parents died their partner would be in their house for a long time to come. They might even outlive me, or I could be well into retirement age myself before any inheritance comes my way. So I can't sit around waiting for that. It's now that my DC are young that I really need the stability - once they have left home I couldn't give two hoots where I live.

BellaMag if that's aimed at me I'm not hanging for it at all. My folks aren't aged for one thing Tbh I really hope there's nowt left when they go (not in care home fees though), I wouldn't care if I got nothing.

I think it's so sad when a couple have worked all their lives to own a house only for all of it to be drained away on (sometimes inadequate) care homes and fees.

Are there any development companies offering co ownership. I'm in N Ireland and a lot of builders/developers have been left with house in new developments that they cant sell. Also many of them are offering their own financing to buyers

My children know they will be over 60 when I die (because we aren't too different in age) and indeed my father's care at home was £100k a year, the average for 24./7 care in your own home. Most people can't really just wait until they inherit to buy a house.

If the average place is £250k or whatever it is and you need 10% deposit and can cope with the higher interest rate you pay by not having 20% (there are 10% deposit deals around) then you need £25k or the £27k the original poster wanted. So you need to think how can I raise £27k (plus purchase costs of course). Most people can save something or other. Some inherit a few thousand from grandparents. Some take on second jobs. Some do the schemes I mentioned above to fund deposits. Some marry a partner who has already had a house. Many have their life savings which may be £5k so bit by bit they get that £20k odd sum together, but not easy now and it never was.

The issue I have with shared ownership is that, round here at least, it just seems like a bit of a con and keeps property prices inflated.

e.g. 75% shared ownership in a new build 3 bed house 120,000

New build 3 bed house 139,000 and I expect with a bit of haggling you can get all white goods, carpeting, lighting, fitted wardrobes thrown in at that price too.

Older houses are even cheaper than the 75% shared ownership options, but the lack of deposits and restrictive mortgage lending criteria mean many people are pushed into these shared ownership schemes as it's their only option of having some security.

Interesting points on shared ownership which may not always be the best option. New builds often don't hold value as well as older houses anyway.

Keep positive OP, just save as much as you can for the time being and work your business, it may turn out to be a very profitable venture!

The lack of security for people who rent is definately an issue. We're currently waiting to move to another rented property and the letting agency can only offer a 6 month tenancy agreement. Obviously we could be lucky and be able to stay for much longer than that but in reality after the 6 months the owner could decide to sell. I would much prefer to rent directly through a landlord but they're like gold dust in my area

On the subject of renting I have to say that Estate Agents rip tenants off when they charge them a ridiculous fee when signing them up. Our local estate agents charge circa £120 - £150 for a credit check and referencing. It's such a lot to pay out if you have to move every 6 or 12 months. I know for a fact that a credit check and referencing cost as little as £45 (based on a company called Rentshield) so they're pocketing the rest of it as 'admin fees' despite the fact it only takes them 5 mins to pop the tenants details onto an online form and Rentshield do the rest!

We've just had to pay £150 for credit check/referencing- another agency had quoted us £250! Crazy.

YANBU I will never be able to own a house either. I may end up on the streets after dd has grown up.

I earn 28k, nearly, a year. I can't even afford to rent a flat of my own in London - I live in a shared house. I'm on a decent wage, I don't live in the centre but travel in from Zone 3, and yet owning a place seems about as likely as owning a pony. I have recently finished paying off my student debts (ta, bipolar disorder) so am only now in a position to start saving.

If I lived at my mum's place, it would be in an area where I would be lucky to make £200 a week after tax, where the industry in which I work is not present, where there are no cultural activities and where my partner and friends are nowhere near.