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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

The property ladder - broken ?

165 replies

Pisssssedofff · 12/10/2016 10:21

Am having to start again at 41 with 4 kids.
Can save £200 per month by buying a property rather than renting, can scrape the deposit together etc. However it will be hell. 3 beds, one living room, kitchen diner.
We will not all have a bedroom am tempted to put all 4, aged 16,14,12 and 6 in together to sleep and literally make the bedrooms a place where you close your eyes and then have a home work study room.

My major worry is how do we move on though. House prices have barely moved since 2004 in this area.

Is the next step just beyond me and everyone else ? How did you do it if you did ?
TIA

OP posts:
Original poster
Pisssssedofff · 12/10/2016 21:50

The two year thing is just about the currents tenants tenancy, in reality I could move back there whenever I like or string the whole thing out for 20 years either way the equity is coming my way

OP posts:
DeadGood · 14/10/2016 14:10

I know the thread has moved on, but this comment jumped out at me:

"No quarrel with people being upset, but there's a difference between that and heaping blame on the boomers as if it was a deliberate policy to steal from the next generation is nuts."

was nobody thinks it was some nefarious plot. It is simply an unintended - but no less real - consequence of their actions. Just because they didn't mean to deprive anyone, they still have. That is fact! We know it to be fact, so what's the point of arguing about it?

Also: stop being so ready to take offence at comments that clearly don't have any relevance to you.

mollie123 · 14/10/2016 14:22

dead
and precisely what actions did the older generation take that has caused the current problems of high house prices!
Do you mean like :-
going out to work,
paying income tax at over 30%
creating the country you seem to despise
and paying interest rates in double figures so they could buy a little semi-detached to call their own.
No I don't think the older generation have caused the current problems in the housing market - cheap, too easily available credit to support the high house prices (not to mention BTL - and how many of you on here are the wonderful landlords) caused it. Not to mention the small problem of uncontrolled immigration over the years since 1997.

Original poster
Pisssssedofff · 14/10/2016 14:25

I'm still non the wiser lol
Floated the idea of moving up north, kids are very much against it, they've built a little support network here so I think we're stuck basically.

OP posts:
cestlavielife · 14/10/2016 15:12

your kids will grow up - in six years all the older ones moved on . so it s a short term thing.

TreehouseTales · 14/10/2016 16:38

Australia's far more expensive isn't it?!

Original poster
Pisssssedofff · 14/10/2016 17:39

Salaries are higher, it's all relative

OP posts:
TreehouseTales · 14/10/2016 18:19

It certainly wouldn't work out that way for us but aware it may well do for others.

Original poster
Pisssssedofff · 14/10/2016 18:29

The truth is the grass always looks greener.

OP posts:
Degustibusnonestdisputandem · 17/10/2016 11:33

TreehouseTales they are expensive in state capitals, but if you're prepared to live in more rural areas housing is far cheaper and of much, much better quality...

Doobigetta · 17/10/2016 12:02

It sounds to me as though your best options are-

  • Go up north and live in the house you own there. It's nice of you to not want to give your tenants notice, but you have to put your own family first.
  • Buy something that will give you enough rental income to rent somewhere that works where you live now.

I think it's over-optimistic for people to suggest that you can manage without a garden if there are parks nearby. That's fine if you live in a nice area, doesn't work if it's dodgy and not safe for the kids to be in the park without you.
And the same with the suggestions that the older two will be off to uni in a couple of years- there weren't many students who left at 18 and never went home again 20 years ago, there are virtually none now. If anything, kids in uni will cost OP more, not less.

Sorry, not trying to be negative, just realistic.

Original poster
Pisssssedofff · 17/10/2016 19:42

No I think you're right. My plan is I think to use that government help to buy thing to buy a flat to generate rental income to subistidise my rent. I don't like it but genuinely cannot think of any of other options. The kids would hate to move back up north and it's not fair on them

OP posts:
OliviaBenson · 17/10/2016 20:09

Sorry but you can't do that via help to buy. You have to live in the property.

This is bonkers, you own a big enough property for you all, you need to live there. You sound paralysed by it all in your pp.

YelloDraw · 17/10/2016 20:18

However it will be hell. 3 beds, one living room, kitchen diner.

I believe the phrase "check your privilege" is appropriate here.

Original poster
Pisssssedofff · 17/10/2016 20:18

I know and yes that is true, it's short term pain v's long term gain. If I thought we would live up there forever and ever I would just rip the plaster off and get it over with but I know I desperately want to move again in two years and every day I'm stepping closer to making that happen - and I have had to over come some bloody big hurdles to get this far, but I am getting there.

OP posts:
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