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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To feel absolutely desperate re our housing situation

208 replies

AwfulMaureen · 01/02/2014 20:47

Some may remember my thread worrying about the fact that our Landlord is selling...we got our official notice today...2 months. Fine. I have no hope that the local authority will house us though I will try.

We have some savings...which we can double in the next two months if we save every penny and eat nothing but porridge...which will amount then to 20,000.

I don't want to try for a mortgage as A: We are both 41 and don't want one at this point ...the stress and worry of being chained to a bank is not for me...my sister is always in constant fear of her mortgage provider...and B: I doubt we'd get one anyway as we're both self employed and so not a good bet.

I did look into part ownership but around here the only properties available are flats...upper level flats with no gardens. So our 20 grand would go on owning 25% of a flat in an area we'd never choose.

What can I DO! It's SO frustrating....if we could find a little wreck of a barn with planning permission, we have the skills and patience to do it up...I've even found myself looking at frigging barges and Park Houses...you know...those little trailer park things! Most of those are for retired people with no children.

Why the arse should we continue to rent privately? I just don't want to!

The savings we have have come to us through freakishly good timing so we can't really replicate this amount of money over the next few years and I'm afraid it will all leech away on rent etc...I just want somewhere to call my own.

I think about all those English Heritage wrecks....rotting away...when we could improve and protect them...and other listed buildings which are going to waste. We're willing to be a bit quirky in our lifestyle but have to consider the children which is why a barge isn't really ideal!

OP posts:
RandomMess · 01/02/2014 20:51

Urgh

But with shared ownership, you would pay £20k for part of a share, take out a mortgage for part of a share and then rent the rest. Far from ideal I know Sad

How many dc of what ages/sex do you have?? Once homeless you may get something from local authority?

Catsize · 01/02/2014 20:51

Bit confused. Presumably you have been renting privately so far, and happily so, hence your distress at the notice to quit? If you want to stop, then I guess your alternative is to buy, and many would kill for £10k to help, let alone twice that. Can you find an area further out that you like and have a longer commute for work etc.? Or go for part-owned as a temporary measure.

harriet247 · 01/02/2014 20:52

I would rent a dhort term leass until you have a clearer vision

specialsubject · 01/02/2014 20:52

you might well get a mortgage.

why be in 'constant fear' of your mortgage provider? Why would it be more stress and worry than you have now?

you don't want to rent. You have the deposit to buy. You don't want to buy.

you certainly don't want a listed building with all the restrictions.

doubt you'll get a mortgage on a barge.

pinkdelight · 01/02/2014 20:53

Self-employed people get mortgages all the time. If you don't want a mortgage, you have to rent. Same as you have been doing. Apart from the inconvenience of moving, which is just part of life, what exactly is the problem? I haven't seen your other thread so I may be missing something key, but it just sounds like you're cheesed at having to deal with the fairly fundamental aspect of adulthood which is putting a roof over your head. And you're not even skint or anything. Weird.

LIZS · 01/02/2014 20:53

You don't want a mortgage and cannot afford to buy outright so surely you have to rent again Confused

antimatter · 01/02/2014 20:53

you don't want to buy with mortgage
you don't want to buy part-ownership
you don't want to rent privately
not sure what's left if you can't more the area...

Fairylea · 01/02/2014 20:56

You can get a mortgage if you are self employed. And to be honest, with mortgage protection / insurance you'd be better protected in the event of being unable to pay than you would be privately renting!

Also... sorry but at 41 in today's economic climate you probably have at least another 20 years or so of working life ahead of you. Lots of time to pay off a mortgage. And if circumstances change you'd have more equity when you sold up and then rented or if you came into some cash you could pay the mortgage off.

Joysmum · 01/02/2014 20:57

Why be in constant fear of a mortgage company? We've got 4 mortgages and don't think anything of it.

happyyonisleepyyoni · 01/02/2014 20:59

How are you going to pay the rent in retirement?

pinkdelight · 01/02/2014 20:59

"Once homeless you may get something from the local authority"

They shouldn't be homeless, with two months to find a new place (arguably longer as she's been expecting it) and the funds to rent somewhere new. LA must surely have more genuine cases of homelessness than someone who simply doesn't want to rent or buy unless it's the ideal property. I'd go for the shared ownership in this situation. Everyone compromises according to what property they can afford.

RandomMess · 01/02/2014 21:00

I would honestly look at what mortgage you are offered for what monthly interest rates, and if the interest rates by 3% what they would go up to.

You may be able to buy an inexpensive wreck and do it up.

I can understand your fears and frustrations but don't discount the alternatives until you've explored them a little further.

AwfulMaureen · 01/02/2014 21:00

Happy how am I going to pay a MORTGAGE in retirement! I'm 41 years old.

OP posts:
TheDrugsWorkABitTooWellThanks · 01/02/2014 21:00

This reply has been deleted

Message withdrawn at poster's request.

AwfulMaureen · 01/02/2014 21:01

Joys if you've got 4 mortgages you must have ample and secure income. We do not. As I said, we're self employed...it's frightening to think of having to pay the bank back...essentially the same as renting...they own the property in reality.

OP posts:
TheDrugsWorkABitTooWellThanks · 01/02/2014 21:01

This reply has been deleted

Message withdrawn at poster's request.

Vixxxen · 01/02/2014 21:01

Maybe the OP thinks she should be given a council house?

AwfulMaureen · 01/02/2014 21:03

Vixxen no...I don't think that. Other people must come first...those with no income etc. I never said that.

OP posts:
kilmuir · 01/02/2014 21:03

Will only be mid 60's, so will be working to pay mortage

DinoDog · 01/02/2014 21:04

The local authority won't house you, or at least you'll be the lowest priority banding if you have that level of savings.

All you can do is book an appointment with a mortgage adviser and start looking at properties, or look for something to privately rent.

I can't really see any other alternatives. As for how you're going to pay rent or a mortgage in your retirement - well, how are you going to pay it? Hmm You've got to live somewhere.

NolansEpicDressSense · 01/02/2014 21:04

So take a 20 year mortgage

I don't really understand this angst. Why would you be in fear of the mortgage company? You pay your rent, presumably.

foslady · 01/02/2014 21:06

You can get a mortgage up to 65 so thats 24 years, and longer if you can prove pension (nor sure if you can still do that. ) When xh walked our I had to take a 19 yr mortgage for the highest amount I've ever had

pinkdelight · 01/02/2014 21:06

My brother just got his first mortgage at 41. You can get them for 20 years, and even at 25 years you'd not be retired - assume you'd be working till 67. Most people move anyway so there's chance to downsize later and pay off mortgage. Don't you know any of this? You don't sound like a 41 yr old. Stop being desperate and assuming stuff and hoping someone will sort it out and talk to a mortgage broker or rent somewhere else. It's really not that complicated.

Joules68 · 01/02/2014 21:07

I don't understand this 'angst' either..

maparole · 01/02/2014 21:08

Whereabouts are you? You may if you are lucky be able to find a place in a housing co-operative, see

www.radicalroutes.org.uk/

Or why not rent agin short term and set about creating a co-operative?