To think I could manage to buy a house like this?

[YDraig]

Hi,
I’m quite young and have a child. I don’t have much money but since moving into my first flat of my own I’ve tried to save a bit each week.

Some weeks this is £100 and some weeks it’s just £20. I do work as well as getting some child benefits. Over the last 13 months I’ve managed to save very close to £2,500.

Im constantly cutting back on things and trying to get extra hours in work and I’m up for a promotion this year as well, week to week I spend as little as possible. I really want to try to buy a house in 5-6 years, either by a mortgage (when my credit file isn’t shot) or maybe even if I manage to save enough, buy outright but I know that’d be loads harder. Either way I do it I’ll need a lot of money, at least £5-£10k for a deposit and thats without other expenses. I might not be able to get a mortgage as my DD’s dad took out a £500 loan in my name and defaulted I didn’t know until debt collectors were involved. He had hid the mail. I’ve paid it off now but it’s still dragging my score down.

I was chatting to my mum about it hoping she’d have some advice and all she’s done is put me down saying that I’ll never manage it and “something will crop up” eat my savings and send me back to square one. I read on here ages ago that unless it’s life or death treat your savings like they’ve been spent and aren’t available anymore. That’s what I’ve been doing and I’ve never touched them. But now I’m filled with doubt and really unsure I’ll ever manage anything. I really didn’t expect my mum to be so negative

I really want to have my own home because we moved around loads when I was a kid, my parents are poor and don’t have much. So i shop at Lidl, meal plan, walk to work rather than bus, never buy anything brand new, no TV package etc. My life is very basic because I wanted to maximise how much I could save even if it was only £20 some weeks.
Am I being totally naive to think I can manage it? I don’t actually know anyone who owns their own home at all so most of my info and knowledge comes from googling.

It is definitely doable and sounds like you have a great approach and have made a really strong start. You have been really motivated so far - don't let your mother's response (I'm sure she didn't mean to be negative) derail you.

I think that you've set your mind to it and you'll do it lass. You need the courage of your convictions though.

Hang on in there and keep doing your thing.

OP, well done. That’s really fantastic.

Can't give you any advice about buying but would like to say well done for being so responsible and saving for you and your little one. Wishing you and your little one all the best for your future. I'm quite sure if you put your mind to it you could achieve anything x

Hey @YDraig

You are not naive! Do not listen to latest default of "You will never get that". You sound like you thought it through and have a plan. So keep on it!

Which area do you live in?

Don't listen to your mum, that is a perfectly normal way to save up for a house unless you have it handed to you on a silver platter.

Well done, you are trying to secure your future for yourself and your child, your mother should be proud of you ⭐️

you can do it and what an amazing amount you've saved so far.

I don't know why your mum is being so negative but just ignore it. Keep going!

You should absolutely keep aiming to be a home owner.

But you should also absolutely explore if social housing is an option for you right now. Different authorities have different criteria for who is eligible. Being in social housing as opposed to private renting (if that is what you are doing) will give you some security and save you some money while you save up. Good luck.

That's what we did. Started saving at 15. Bought a house (with mortgage) jusy after 22nd birthday. Moved around a bit since then up the property ladder. I did all the things you say. If my friends went out for dinner, I'd split a pizza with someone and have tap water. It's doable OP. Keep going!

I live in the welsh valleys, hence the cheap house prices, I mostly look at the small 2 bed miners terraces. Believe I’d be screwed in London or another big city 🙈
Thank you for the encouragement it honestly means the world to me, I feel quite alone doing this and making myself skint a lot of the time but I really want a home of my own

Either way I do it I’ll need a lot of money, at least £5-£10k for a deposit

Can you really get deposits for this amount in some areas? I think it this area it's about £25k minimum, if not more.
Although I'm not very clued up, just the £5-10k figure really surprised me.

Should add, I'm not saying this to knock you OP, just genuinely curious.

I really hope you manage to do it & I'm sure you will, keep going & ignore your mums negative comments.

You go for it!! Shared ownership is something to consider too.

Are you saving it in the special home owner ISA where the government doubles your money?

You sound fab, and I've no doubt you'll do it if you carry on as you are. Your child is lucky to have you.

Sounds like you should be fine, no reason why you can't based on how well you are managing your finances at the moment and how much you have saved already. And well done, it can't be easy at the moment, but will be so worth it.

£10k would be a 20% deposit on a 50k house which is the kind of price range I’m looking at, but I think you can do it on 10% as well hence 5-10k, that’s what the internet says anyway

That’s fabulous OP well done. If you carry in at the same rate you’ll have £5,000 next September!

If you’ve managed to save 2.5k in just over a year, you should have (hopefully) 10k in 4 years, and if you get a promotion/pay rise etc then you might have more. The default should drop off after 6 years ish, so you should have a better credit history and a good deposit. Your mum should be thinking how proud she is that you’re trying to provide a secure home, not running you down for it. And to be honest, most large expenses come from owning a home, if you are currently renting, most of the big unexpected bills should be picked up by the landlord. Good luck OP!

I’ve looked at the help to buy ISA; I think that’s the one, there’s another scheme but that’s only for new builds so I don’t want that, but I’m not 100% yet as I’m not sure I’ll be able to get a mortgage for quite some time as I said my credit is unfortunately really bad thanks to DD’s dad messing around and taking a loan out in my name. So the only thing on my credit file is negative it’ll take a few years to drop off my file I think

You can definitely do it! I would say, save as much as you can. I'd aim for the 10k and maybe even go for the lower deposit and keep some money in the bank. Once you own your own home it's important to have some savings for unexpected repairs. Your mortgage will be peanuts on £50k. It's a great goal. Keep going :)

You have something strong inside you. It’s very tangible and is down to you but you need to filter out the shit information you are being given by your parent(s) and DD father.

Kick him out for one thing, until (a) he is responsible and (b) you want him in your life. That’s two hurdles not one.

Set the agenda with your family. You are old enough to have kids, work, even fight for your country.

If you put a good crisp apple in a bowl of old apples, the good crisp apple will rot soon. Stay a distance away and you’ll be good.

Report the loan on Experian, tell them it was your Ex's and you did not consent. After investigating they will remove this from your credit record.

You sound brilliant, I did not have much money but managed to buy a house, it was not a palace but it suited us. Don't stop the dream and it will happen.

You absolutely can do it. Your mum might be afraid in your behalf as it seems so daunting, but don't let that put you off.

Do have a look at the help to buy ISA if you haven't already- the government will give you top-ups to savings if you use them for a first house purchase.

Good luck and stay focussed!

It will take a while but you are well on track to achieve. Don't let anyone get you down and crack on, good luck to you!