Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

I can't buy a house

75 replies

milliemops · 27/02/2018 06:26

So been in rented accommodation for many years due to exh huge debts spending money in takeaways and clothes (so not anything to actually show for it!) Three years ago finally filed for divorce and started to clear the debts, luckily most were in his name but cleared joint ones. Within 12 months I was debt free.

Two years ago, a lovely big semi came up for sale in my area. It need work as hadn't been decorated in years but was £150,000. Went to see a mortgage advisor who said I could get a mortgage for £135,000 based on my salary. So I spent the last 2 years scrimping a £20k deposit together and making sure my credit rating had recovered from previous debt....

Now in a position to buy, got my deposit and MIP and similar houses in my area are now selling for around £190,000. Even terrace houses with no garden are up for £170.000

I really don't want to move areas, I work and my children are in school within a couple of miles and my friends and their friends are all here. I'm just annoyed that I've saved a deposit and I now feel I will never be able to buy where i live as house prices are going up quicker than I can save more deposit.

I don't think there is a solution unless I move away from the area I'm in which will mean moving my children's schools or a 40 minute drive to school each day (currently a 5 minute walk).

Just interested to hear from anyone who has been in this position and what you did.

OP posts:
MadMags · 27/02/2018 08:06

NewYear, I read it that she paid off the debt before saving the £20k!

WTFIsThisVirus · 27/02/2018 08:08

To be honest, with brexit, house prices might crash anyway.

Not wanting to start a debate, btw, just we have noted a slowdown in our area, and agents are saying it's because of brexit uncertainty.

However, I think you should really consider changing your location. Just moving a few miles further could be beneficial.

Original poster
milliemops · 27/02/2018 08:22

Thank you so much for all the replies... will take time to read through later when now surrounded by dcs getting ready for school.

@NewYearNewMe18 I paid the debts off in the first year and have been saving since January 2016. I earn a good salary £35k. I have an excel spreadsheet for all incomings and outgoings and shopped around for cheapest tariffs on gas/electricity etc. I sold my car and bought a cheap car, we walk most places I.e school and I have a 1.5 mile walk to work. We make our own Christmas/birthday cards and make presents for family members. Aldi shop for about £50 a week ( a whole chicken for £3 can lasts 3 meals). I withdraw cash on a Monday and that is all I have to spend each week when it's gone it's gone. I write down every penny I spend and add it to my spreadsheet to see if I can save anywhere. Haven't been on holiday on 3 years, parents buy me a national trust card each Christmas so that's days out at the weekend with a picnic sorted. I have literally scrimped and saved ever penny. When you write down what you spend you can see where it all goes. Martin Lewis has nothing on me Grin

OP posts:
Justfred · 27/02/2018 08:26

That's so impressive! I really would urge you to put in offers on the places you think you can't afford. We had our house on for 260 but we're thinking we might only get 220 but wanted to try our luck. You might be surprised what people accept. Worth a try!

Bobbybobbins · 27/02/2018 08:32

Good for you OP - so impressed by your resolve. Good luck with your search

ChasedByBees · 27/02/2018 08:36

You mentioned that terraces wth no gardens are £170K. Could you look at smaller properties than you were hoping for (a lot of people can’t buy a semi on the first step on the ladder). Then your home will increase (or decrease but hopefully not) in value with the market making the next move easier?

TheDailyMailLovesTheEUReally · 27/02/2018 08:55

I'd recommend L&C as mortgage brokers. Big national firm so they have access to a lot of lenders and have a good amount of 'pull' as well. They were brilliant with us - and we weren't a straightforward case! There are still deals out there that will allow you to buy with only a 5% deposit. Give them a call; I'd definitely use them again.

KatharinaRosalie · 27/02/2018 09:01

Any chance for career progression with pay raise? Second job?

Cuckwho · 27/02/2018 09:15

Speak to a mortgage broker that is independent (not attached to a bank or estate agent). A good one should charge you only if the purchase completes. They vary in price according to your area but in the Midlands I pay £150. They don't just look at the rates, they'll know who you're likely to be approved for. Failing that investigate lease options. There are lots of ways of doing them but as an example you find someone who will sign a contract that you agree to pay the mortgage for a period of time, say 5 years and have the option to purchase the property at a set price within that time. Generally you'll pay a fee upfront or in addition to the rent but it gives you time to save the deposit and to treat the house as your own until you actually buy it. I've studied lease options but haven't actually done one yet, although I intend to but can point you in the right direction.

EastDulwichWife · 27/02/2018 09:17

I'm so jealous impressed with your saving! To save that in just two years, with kids and rent to pay is amazing. Well done OP!

My sister bought a two bed flat as part of a shared ownership scheme about 18 months ago and is really pleased with it. They can choose to buy more of it over time, or not if they don't want to. I'd definitely echo others here and see if that's an option for you.

lemonsandlimes123 · 27/02/2018 09:17

To echo another poster, maybe you need to set your sights a bit lower. Very few people can buy 'a lovely big semi' as their first property.

AJPTaylor · 27/02/2018 09:32

Is it really v different to a few years ago? Large semis that need lots of work and are priced accordingly are pretty rare.

PersianCatLady · 27/02/2018 09:34

Contact your local housing associations for details of shared ownership properties as you are far more likely to find one this way.

Sunshinegirl82 · 27/02/2018 09:56

Have you got your child benefit included in your earnings? We missed this the first time round!

We did help to buy and it has worked brilliantly for us so definitely look into this if there are any new builds near you.

hibbledibble · 27/02/2018 10:00

Shared ownership or help to buy scheme may help you.

Otherwise could you ask family to loan you a small amount? It sounds like homes are only just out of reach in your area.

I'm very jealous you live somewhere where homes are so cheap!

bibliomania · 27/02/2018 10:30

Well done on saving so much. I second talking to L&C - they helped me to find a deal to buy a flat with a 5% deposit two years ago. The rate isn't great, but I was also afraid about prices rising further while I tried to save 10%.

TheSeasonOfTheWitch · 27/02/2018 10:32

I have nothing useful to add, just wanted to wish you the best of luck Thanks

Whizbang · 27/02/2018 10:35

Don't give up millimops....you have done so well! Now throw yourself into the suggestions upthread...

  • see an independent mortgage broker (some will offer specialist deals)
  • look in a cheaper area
  • look into all gov schemes that could help you
  • have you got any friends/family in a similar position who might be prepared to buy either you?

I was in a similar position. I was outright rejected by the mainstream lenders due to credit rating (they refused because I mistrust credit and had not built enough of a borrowing/repayment record...mad but true). I used an independent broker who searched among smaller lenders who look in detail at each case rather than just feeding all the details into a computer. That's how I found a lender who should take me. I also changed the areas I was looking at and downgraded my aspirations a bit (I was living in cloud cuckoo land when I started looking to be fair).

I won't lie, the whole palaver took about 18 months of property searching and looking for lenders and was v stressful. I think the key is to not give up. You are clearly a determined lady so keep on trucking and you will get there.

One other tip....I was looking for flats in London zone 3 and when I started my search I wanted one that was well presented, little work needed etc. I would have paid a bomb. Look for do-er uppers. My flat was a wreck when I bought it, but it's lovely now. I would have paid tens of thousands more to buy it in its current state, but it cost far less than that to have it done up. I am a diy numpty so I got builders in, but it was still much cheaper.

Good luck, you can do it!

Original poster
milliemops · 02/03/2018 19:24

Thank you for all you replies.

There are no shared ownership within my area checked and the nearest is quite far away. Went to see a number of different mortgage advisers and been told I can get a mortgage for up to £150 max with Santander (including child benefit). With the deposit I've saved I've just got enough I think for small terrace so just hopeful something will come up before house prices rise again. Then considering a loft conversion at some point for the extra space.

I realise most people can't but a 3 bed semi for their first house, I'm just annoyed that I could afford this a couple of years ago but due to rising house prices I now can't.

Getting a higher salary isn't really an option, I'm a manager of my department and had to step down when my husband left as I couldn't juggle the long hours, travel and bringing up 3dcs alone. This way I have a perfect home/work balance (I use to be away a least 1 week a month). Exh doesn't want much contact with dcs (think 1-2 days a month) and they've been through enough with the divorce so I have to be around for them.

Feeling a little happier now and praying for a house to come up soon

OP posts:
Original poster
milliemops · 02/03/2018 19:26

Meant to add that yes my money is in a first time buyers isa.

OP posts:
Original poster
milliemops · 13/05/2018 18:38

I just wanted to thank everyone who commented on this thread.

An update... went to see a mortgage advisor who was able to get me a mortgage for £142,000. Then a 3 bed terrace house with a little back garden (patio and lawn) came up at £165,000 about half a mile from where I am now. Managed to get them to £163,500 as I have nothing to sell and they needed a quick sale as they had found a house and didn't want to lose it. Literally eaten beans on toast for the last 2 months!

It needs a lot of work but I really don't care! We have exchanged contracts and will complete this Friday and I will be in my new house by next weekend.

Thank you to everyone who kept my spirits up when I having a mini meltdown Grin

OP posts:
RandomMess · 13/05/2018 20:00

So happy for you WineWineWineWine

AntiHop · 13/05/2018 20:09

Congratulations!

Iflyaway · 13/05/2018 20:14

I've saved a deposit and I now feel I will never be able to buy where i live as house prices are going up quicker than I can save more deposit.

Yep. It is shit. Tells you all you need to know.

I feel a riot coming up sooner or later.

Donthate · 13/05/2018 20:15

Fantastic news. I hope you are very happy in your new home.

Please create an account

To comment on this thread you need to create a Mumsnet account.

Join Mumsnet Log In

This thread is closed and is no longer accepting replies. Click here to start a new thread.