AIBU to accept that I will never buy a house?

[Spanckd]

I'm 28, live in East of England, single mum to a 10 month old. Own my old house with my ex but will only get about 7k back once it is sold. I earn 24k a year (was 32 but have had to go part time as nursery fees are crippling). Been looking at houses around here that are 2 bed, ideally with garden but not essential, flats, apsrtments etc you name it. In order to have manageable mortgage payments I would have to save around 15k if not more. This will take years.

Are there any schemes for non first time buyers/people like me which can help me to buy my own home in the not so distant future?

Hey, our neighbours accessed help to buy even though he had owned a home previously (similar circumstances he got divorced etc). I think it’s for people wanting to buy their ONLY home isn’t it? Not second home buyers???!

My parents bought their first home 2 years ago at ages 52 and 48. They were both earning minimum wage and studying until 15 years ago.

Youre still young, I don't know of any schemes except the usual government help to buy ones but I wouldn't say its never going to happen.

Hmmm just read the rules and it does say ‘have never owed a home’ I would definitely ask though

I completely appreciate that. I really don't want to be in my late 40s early 50s and buying a house though if I can help it. My dad has just bought a house, he is mid 50s. Because of his age the repayments are huge! The idea of paying rent for that long that could be going in to a mortgage is scary

Sure you will!

I know it's more expensive in your area, but there were some tips and go get it attitude on www.mumsnet.com/Talk/am_i_being_unreasonable/3679553-To-think-I-could-manage-to-buy-a-house-like-this

This will take years. It always does.
Save where you can, add that 7k and have a look at money saving expert website. Few years down the line you can sit in your own.

A friend of mine has just bought a shared ownership house for her and her daughter. She sold her last house after splitting from her ex. Shared ownership people said that so long as she'd sold before she bought with them then it was fine. She's been in about a year now and it's worked out really well. Have a look at shared ownership schemes in your local area. We did it too and we sold to buy a bigger non shared ownership house. Worked really well for us too.

I completely appreciate that. I really don't want to be in my late 40s early 50s and buying a house though if I can help it. My dad has just bought a house, he is mid 50s. Because of his age the repayments are huge! The idea of paying rent for that long that could be going in to a mortgage is scary

Fair enough. But ultimately you can either afford it or you cant. If you cant do it now then save until you can, if it takes years it takes years.

I just don't know how I will save with £600 of nursery fees to pay every month, rent, bills etc. I am really determined but don't want to get my hopes up...

You have 16 months until you will qualify for some free childcare. I think I’d look for a 1 bed flat for that time, while your dc is tiny. Keep your costs as low as possible, try to save a little, go back to full time work as soon as you can.
With house prices holding stable at the moment, you could be in a position to buy in three or 4 years.

The mortgage calculators say I can borrow 75-95k. I know they're an estimate though.

OP, your child will be eligible for more childcare in a few short years and you can go full time again; you're already halfway to 15K; and house prices will crash with Brexit. You're fine!

Can you buy in your area for 75-95k?

It is usually 4-4.5 x your annual wage they lend afaik. So just keep saving what you can so you can put down bigger deposit.
Look outside of your preferred area too. Sometimes 2 miles extra mean massive discount

When your child goes to school what will you do with the £600 a month? And you will be able to work longer hours...

just a matter of time... 4 years down the line you will be in a much better position.

95k in my area will buy something really unsuitable. Derelict probably. I'm so hoping that once I move out of my dad's and start renting I can find somewhere affordable. Cheapest is 600pm. Loads of house shares which would be amazing but not likely with a baby. Feeling really downtrodden. I'm hoping you're right about brexit!

and house prices will crash with Brexit.
So far it's rising in my area so I wouldn't be 100% positive on that. Plus values plummeting means lots of potential sellers won't be selling due to negative equity or small profit. They will rather wait few years unless it's really urgent imho

I'll go back full time once he is in school. Definitely!

We bought last year and I am 46. DH a bit younger. Saved 10,000 in 7 years. What with kids and one thing and the other, we couldn't have done it earlier.

You are still really young btw.

How much have you saved so far?

Nursery is short term, soon you'll get 30 hours and then full time school.
You won't always be single.
You sound like you have good earning potential.
I bought shared ownership by myself and I'm hoping to buy regular with a mortgage as soon as I'm qualified.
Even small savings help, get strict with your budget. X

Can you stay with your Dad to enable more saving rather than paying rent?

I have nothing saved. I'm in debt (I've been subjected to years of financial abuse). I have a 3.5k loan to pay off, and will hopefully get 7k when the old house gets sold. So 3.5k essentially.

I can stay with him for a while but he is going to use my room as air BnB which I am in support of as he's Inna desirable area and can get £65 a night! He's not well off.

You are just starting up, OP. Don't get defeated right at the beginning!
Make a plan and stick with it.