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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To not have a bloody clue how we are ever going to get on the property ladder?!

61 replies

DarylDixonsJockstrap · 26/11/2016 16:51

As the title says really...we currently rent a flat for £850pcm not including any bills, we have a 3 year old and both work and earn above average wages. However we are always down to our last few quid at the end of the month. We don't have any major debt and manage to save small amount each month but nowhere near enough to save up the enourmous deposit we would need to buy our own home. It's really depressing.

Just seeking advice/ideas from people who have managed it? TIA xx

OP posts:
MitzyLeFrouf · 26/11/2016 17:49

special why is it "ill-informed guardian journo babble" to say renting is shit? It is shit in the UK.

Because she's a landlord of course! A thin skinned one it would seem, who takes any criticism of the rental situation in the UK as a personal slight.

SillySongsWithLarry · 26/11/2016 17:53

It is so hard. I'm in SE and know few people my age (30 ish) who own their own place. I own a small flat but only because I bought it 10 years ago on 100% mortgage. The deals that were around then just aren't available today and now people are stuck.

WhatchaMaCalllit · 26/11/2016 17:56

Is there a property that you have your eye on? Would you be able to do up some figures that would show a bank that the mortgage wouldn't be much more expensive per month than what you're currently paying (don't forget to include insurance/utilities etc)? Surely if a bank can see that you're paying out £850 pcm in rent that if you had your own property this money could service a mortgage instead?? Make sure your figures add up though.

DesolateWaist · 26/11/2016 17:56

I just think it's setting up for unhappiness to expect to own. It's like having a life goal of owning a yacht.

But most people don't have parents who own yachts or have seen previous generations be able to buy yachts for much less money.

Moreover you don't need a yacht. You do need a house, owned or rented.

Artandco · 26/11/2016 17:57

BArbara - our rent is almost £2000 a month for a one bed flat so I know high rent. It's obv £24k a year just on rent alone. £50k was just showing how even if you earn that which is a good income alone and lived alone, no children, it still wouldn't be enough to save enough easily now even 'being frugal'

UnsuccessfullyAdulting · 26/11/2016 17:57

Having spoken to my old landlord, where I used to live in SE London, the mortgage was £750pcm. My rent was £1500.

Landlords do make a profit. Some may not make such a large profit, but mine was making £9000 a year from me. It is shit for renters. And so hard to save the 15-20% deposits required. I'm 32 and won't be able to buy for at least 5 years, and hope to have children by then. Renting on statutory maternity pay is going to be fun!! It's not "left wing" to say renting is shit. It's factual.

Ditsyprint40 · 26/11/2016 17:59

No advice OP but I'm in the same boat. Depressing!

Littlepleasures · 26/11/2016 18:00

Bring back 100% mortgages. If you've been paying £1200 in rent for a long period of time, surely that's proof you won't default on the mortgage.

Allofaflumble · 26/11/2016 18:00

I live in the SE and saw someone today advertising a double bedroom only for £130 PW! For someone on minimum wage that is probably half their earnings. Bet bills weren't included either.

Everyone it seems is happy to exploit renters so long as they are raking it in.

Cactuar · 26/11/2016 18:02

I sympathise OP - we rented for years and I never thought we would be able to buy a property but we completed our flat purchase earlier this year. We used a government FTB scheme which meant we only needed a 5% deposit - the government guarantees the other 15% or so you would normally need. This is better I think than shared ownership and this scheme was available on any property - not just new builds. If you have a small amount saved up this might be worth looking into?

youvegottobekidding · 26/11/2016 18:06

I really really feel for you OP, we were in the same position 3 yrs ago, we had rented for 9 years. It felt like we were never going to get on the property ladder, with no help from family and average wage, sometimes only one coming in the outlook was dismal.

OH is a real saver though. His mantra is 'I don't care how much something costs. It's all about if you NEED it. If somethimg costs 1p & you don't need it, don't buy it, if it costs £1000 you need it, buy it. He works in a chippy & works about 43hrs a week, earns under 26k a year, he's the hardest working person I know. I work part time, I don't earn much. He's a saver, I'm not too great, but over the course of about 18 months, we saved around £11k - we tightened our belts, started shopping at Aldi & basically never went out (didn't really anyway!). As long as we had food on the table, the kids had what they needed, the bills were paid, that was it.

Of course, it all depends greatly where you live, we live in a quieter place, where house prices can be high, but we fell lucky & saw potential in an old council property. It needed a lot of work & took advantage of the HTB scheme so we only needed a 5% deposit. Being only 2 bedrooms, we had to sleep on the floor for a year while the kids had the bedrooms - there was no way they could have shared a bedroom, it would have been WWlll! We had a little bit of money to get immediate work done to make it habitable but had to save for another year to get another bedroom done for us!

Is there anywhere else you can rent cheaper than where you are now? If so, that would be a start, even if it's £25 a week less, its £25 in your pocket a week. £100 a month. Look at ways you can possibly save anything at all, I know it's hard & can seem hopeless, especially if you've got credit cards/loans as well. It's not impossible though. Good luck OP.

Cactuar · 26/11/2016 18:06

And renting in this country is shit - there is no security for tenants at all. We rented for years but were incredibly lucky to have a lovely landlady who barely increased our rent and looked after us properly and gave us plenty of notice (a couple of years) when she needed to sell our flat. Other friends have not been so lucky - it is a horrible feeling each time your tenancy comes up for renewal that you know you might be turfed out of your home with only a couple of months notice.

Princesspond · 26/11/2016 18:08

Would any of the government help to buy schemes/ isa's help? It is so hard now with rising prices. 15 years ago when we were trying to save a 5% deposit. We were just super strict cut out all luxuries and managed to save for a deposit. I realise it's much harder now as prices have increased so much. There's no way we could currently afford to rent our current house compared to the cost of our mortgage (south east)

Evergreen17 · 26/11/2016 18:10

Papaver your story would read the same had you omitted the word "immigrants"

SerialReJoiner · 26/11/2016 18:17

We never thought we'd be able to buy, either. Prices just kept creeping up and up and up, and we lived along the train line to London so they weren't realistic in the slightest. We moved further out, and the train lines followed us. Hmm

The only way we ended up getting our savings topped up to be enough for a meagre 5% deposit (with the help of our amazing, wonderful mortgage broker) was when DH was made redundant and was given a generous redundancy package. He found a job in the northwest and we moved to where house prices were cheap. It was a very special set of circumstances that ultimately worked in our favour.

Luck, essentially. I wish you plenty of the same!

Dangermouse80 · 26/11/2016 18:23

Very similar situation; live southeast, both earn good salaries, buying a property is just not going to happen. Two young children and nursery fees add up.

For me it is about changing expectations, don't focus on something that is not going to happen!!! Instead focus on what you can achieve. We now rent a larger nicer house than we could ever afford to buy even if we had of got on the housing ladder 10 years ago!! Friends who have bought are stuck now in houses too small to accommodate a growing family.
Renting means no worries over unexpected costs and we can move when we want to without all the stress and hassle selling involves.

DarylDixonsJockstrap · 26/11/2016 19:07

Thank you all so much for your comments and advice. It's nice to hear that we are not alone and that some of you have managed it. I know what we have to do...i guess i was just needing a virtual hug as feeling really sad about it at the moment.

Our rent is relatively low for the area we live in..if we were looking for a rental now we'd be looking up well upwards of 1k pcm. So renting somewhere cheaper is just not possible. But much belt tightening is needed and some more in depth analysis of what we are spending our money on.

Agree with PP that nursery fees are crippling, even for just 1 child!!

I will def look into the help to buy schemes in the area and see if we would be eligible for them. Are they for anyone or are there certain criteria you have to meet?

OP posts:
ticklemyonewhisker · 26/11/2016 19:14

We lived abroad for a year and saved £14000 teaching. We could have saved more but we were expats living it up. We could have stayed for longer too except my dh hated teaching! We would not be in our own property if we hadn't had done that. We live in the north and our starter home was a 2 bed on a main road which I didn't like.

DotForShort · 26/11/2016 19:15

Much sympathy. We used to live in an extremely expensive area. The houses there were laughably out of our price range. We knew that if we chose to remain there, we would likely never own a house. As it happens, we moved to another part of the country (due to work) and were able to buy. I still miss the area we used to live in but I certainly do not miss the high prices.

PhilODox · 26/11/2016 19:20

We did it by taking on 2nd (and 3rd at one point) jobs, and working 7 days a week, to save for the deposit.

Crazycatlady123 · 26/11/2016 19:30

I feel your pain OP. I was in that situation before we bought our house last year. It took years of saving and frugal living. We started in a shared ownership flat 6 years ago, stayed there for 4 years. Went to sell in order to buy a house and it was a bloody nightmare to get rid of and took 7 months because it being part of the shared ownership scheme - it enabled us to get on the property ladder but proceed with caution for those looking to consider this as an option.

Due to how long and shambolic the process was to sell the flat, we had to keep pulling out of offers we had made on properties and ended up moving in with parents for a year (much longer than planned). Was a very challenging at the time, but worth it in the end. It just takes so so long.

With the money from the shared ownership flat, and hardcore saving we ended up with 15% deposit on a 35 year mortgage, costing £1,300 a month - quite a lot but it seems to be the norm now in SE.

In hind sight we would have moved somewhere cheaper, but wanted to be near family. Prices are getting even more ridiculous and we don't intend on staying long term. Who wants to be in a mortgage that long for that much?! Leave the SE would be my advice!!!

Cactuar · 26/11/2016 19:38

Our scheme was available to any first time buyer - good luck OP - we never believed we would get on the property ladder either but we have and am sure you can do it too.

Yura · 26/11/2016 19:43

how old are you? we just managed, both end 30s. living frugaly becomes a habit over time!

Dixiechickonhols · 26/11/2016 20:12

Are your jobs limited to SE? If you could get a job anywhere then seriously look into moving if home owning is your priority. East lancs is very affordable and train/bus routes to Manchester.

juliascurr · 26/11/2016 20:15

Medway
2 beds under £150k
1hr to London £3,000 p/a
have a look

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