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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To feel down about how long it's taking us to get on the property ladder?

75 replies

ziggiestardust · 29/08/2014 12:55

Just that really. I'm 26, DH is 27. We work in London as engineering contractors for 50 hours a week. The reasoning is so that we can afford to rent and save the amount needed for a deposit.

As contractors, we need 3 years of statements and accounts to secure a mortgage. Fair enough. But oh, the deposit. We'll get there, and it'll be fine but we'll be 30. And it doesn't feel fair, and I don't feel like there's any other option.

We have to buy a house to give us security in old age, and something to sell if one of us needs care, I suppose.

This way lies madness I'm sure... But doesn't it all feel a bit desperate?

OP posts:
Original poster
ziggiestardust · 29/08/2014 12:59

Also, before this we were both armed forces so not on a huge wage, and not entitled to married quarters for much of it, so a good portion of our wage went on rent. We have got savings, and we save a good amount every month, but because the banks want 3 years of statements, and won't lend as much to contractors, it's that bit harder.

OP posts:
ilovesooty · 29/08/2014 13:02

Get over yourself. Many people will never get on the property ladder, let alone in London.
I think you can expect some strong YABU responses on this one.

tittifilarious · 29/08/2014 13:04

30 is young these days. Don't worry so much - it won't change anything.

Squitten · 29/08/2014 13:04

TBH being able to buy a house at 30 would be a great achievement these days. There are many people who can't do it who are much older than you. Count yourself lucky!

tittifilarious · 29/08/2014 13:05

Sorry that sounded harsh - was meant to be supportive.

squoosh · 29/08/2014 13:06

If you think you'll be able to afford to buy a property in London in three years time you can't be doing too badly. Yes saving is a pain but you're only 26, most people aren't home owners at 26.

What isn't 'fair' is people who have no hope of ever being home owners.

Iconfuseus · 29/08/2014 13:06

YANBU, it's really frustrating to get a mortgage when you work for yourself.

Have you spoken to a mortgage broker? Sometimes they know of deals where you don't need so many years of accounts.

Doesn't help with the deposit situation of course.

Wishing you all the best.

ArabellaTarantella · 29/08/2014 13:06

Bit harsh ilovesooty Shock

My son and his fiance are in the same position as you OP - they are both on minimum + wage in the West Country. Their only hope is going to be a Shared Ownership property. Tis a dire state of affairs (except for the rich and greedy landlords!!).

SaucyJack · 29/08/2014 13:07

It's a sorry state of affairs when two DINKies working 50 hours a week can't even buy a flat.

YANBU.

Pipbin · 29/08/2014 13:09

If you buy your first house at 30 and then have a 25 year mortgage you'll be 55 by the time you pay it off. That sounds fine to me. I'm 40 soon and I have 18 years left on my mortgage and I feel damn lucky.

Sorry but I don't think you are going to get much sympathy, there are many people in much worse situations than you.

Original poster
ziggiestardust · 29/08/2014 13:09

We'll have enough of a deposit, what I'm hoping is they'll lend what we need based on the fact that we're self employed.

I wish our years of renting with a perfect payment record would be taken into account!

OP posts:
sunbathe · 29/08/2014 13:10

Have you tried a specialist? I think we used contractor mortgages.

Original poster
ziggiestardust · 29/08/2014 13:11

We have a DC, so not quite DINKies Grin

It just feels a bit overwhelming at times. What if they just see us as contractors and tell us to bugger off, or refuse to lend enough? I worry about what we'll do then.

OP posts:
Original poster
ziggiestardust · 29/08/2014 13:12

sun did you just type them into google?

OP posts:
Pipbin · 29/08/2014 13:14

We have always used a mortgage advisor. He has always got us a better deal than the banks could do.

sunbathe · 29/08/2014 13:17

It was a long time ago...possibly came from a contractor forum dh was part of at the time.

HamAndPlaques · 29/08/2014 13:17

It's worth talking to a broker. They may be able to advise which banks look more favourably on contractors. We've just completed a remortgage with London and Country and they were very good.

ilovesooty · 29/08/2014 13:18

I don'ttthink it was particularly harsh. The OP obviously has a good income and access to ready cash as well as being able to save. Many people are far worse off and will never have any hope of buying. I think I'll save my sympathy for those trapped in low paid work or on fixed low incomes who struggle even to feed and clothe their children and have no hope of a better future.

sunbathe · 29/08/2014 13:18

Later when changing mortgages, we saw an independent broker who sorted a mortgage out based on self certifying income. Not sure you can self certify any more.

Blithereens · 29/08/2014 13:20

Mate, to own at 30 in London is a bloody miracle. Well done you on working hard and saving etc, but you're feeling bad for no reason, really.

gamerwidow · 29/08/2014 13:21

3 years feels like a long time but it isn't really and at least you know you have a goal you can achieve. Concentrate on the fact that you have a positive end in sight instead of being sad about the path there.

Griftymoo · 29/08/2014 13:23

I'm self employed and managed to get a mortgage earlier this year with one year of accounts. It was with Halifax. I'd suggest speaking to a broker as they might be able to find someone who can lend to you. But you shouldn't worry too much as 30 is still young to buy in London.

OnIlkleyMoorBahTwat · 29/08/2014 13:24

In the current climate, you'll always struggle as contractors. One of the problems before the crash was that the self certified mortgages aimed at people like you were abused by all and sundry, so I expect that rules are much much tougher now.

But if you have no permanent job, do you really want to tie yourself down beyond your contract period? What if your next job(s) is/are at the other end of the country? Buying and selling houses is an expensive business. They also say that the market is slowing, even in London, so it might not be a good time to buy anyway.

Judo123 · 29/08/2014 13:25

Yes you are being unreasonable. You are doing very well for yourself. Count yourselves lucky that you have your health. Count yourself lucky that you are both fit to work and are employed. Count yourself lucky that you are in a happy relationship with someone that you want a future with. Count yourself lucky that you have money and SAVINGS!!!

You are doing better than 99% of the worlds population!!!

You have it too easy that is the problem. You don't appreciate what you have you are too focused on what you don't have yet! just enjoy the ride not the destination!

Once you get your house at 30 you will both no doubt find a list of thinks to feel hard done by over .....

sunbathe · 29/08/2014 13:25

I've looked and the forum was Contractor UK. Useful stuff on there like IR35 etc and a link to contractor mortgages.