Page 2 | Should I just give up on the idea of buying a house?

radiateforme · 2021-05-16T22:07:05+00:00

17k soon to be in the bank. Income of 25k per year. Have recently been in a situation where I've afforded 800 a month rent, plus 1000 childcare fees and bills etc. Bit of help from UC. Now live with family member to save a bit more. Feel like I've spent the last 10 years working my arse off, being frugal, saving, driving a crap car, and STILL cannot afford a house. The cheapest 2 bed near me that's suitable is around 160k. And that's a doer upper. According to the bank I can borrow 100k. Deposit of 15k, still 45k short. It's hopeless isn't it? Feel like it's just going to get worse and I'm better off just living my life, saving a bit, going on a couple of hols and getting a council flat (if I'm lucky). Feeling defeated as you can probably tell.

Fyredraca · 17/05/2021 06:41

@Aria999
Hiding cash from the DWP when you make a claim for UC is called benefit fraud and the poster could get into trouble for that.

Fyredraca · 17/05/2021 06:47

I agree with pp, you would be best to spend a bit, to take you under 16k and actually premium bonds would be a good idea. If you have over a certain amount you will probably win more than the amount of interest you would get if it was just sat in the bank.
I know it's shit right now but this too shall pass.
You have a good job with prospects, your salary will go up and your costs will decrease. Just hold on a bit longer and things will be better.
In the meantime you have escaped an abusive relationship which is very brave.
You should be proud of yourself!

KidneyBeans · 17/05/2021 06:52

I know you said there's nothing in your area but rather than houses what about a flat? Could you look a bit further afield area-wise?
Sorry OP it sucks

enjoyingscience · 17/05/2021 06:54

Do you qualify for any shared ownership schemes? That might be a good option.

Hornicorn · 17/05/2021 07:15

I agree with PP. Although not ideal, what about a 1 bed property for a couple of years to get yourself on the ladder? You could have a day bed/sofa bed in the living room and sleep there at night and your DC can have the room?

V0lcan1cV1ew · 17/05/2021 07:16

Is your ex paying child maintenance?

Milesbennettdyson · 17/05/2021 07:18

I’m going to get strung up on here for saying this but sometimes you just have to do what you’ve got to do!!

First of all I’d seriously explore shared ownership.

If that doesn’t work get thrown out of your current house and present as homeless. You may have to go into temporary accommodation for a while that might not be pleasant, but if you get a council house you will eventually get the right to buy.

HugeAckmansWife · 17/05/2021 07:19

It's not fraud to spend savings as you need too. If that takes it below 16k then so be it. It does suck op. Depending on where you are, is moving a bit further an option. I used to live on a county boarder and there was literally hundreds of thousands of pounds difference between towns ten minutes apart due to snobbery and perceived pros and cons.

Branleuse · 17/05/2021 07:21

Id consider a one bed and you have your bed in front room, just to get on property ladder, or move a bit further out

NoBetterthanSheShouldBe · 17/05/2021 07:23

If you can get a council house, go for it. It’ll give you security and perhaps the right to buy later.

Fatladyslim · 17/05/2021 07:25

Op look at help to buy options, you would get that shortfall easily!

V0lcan1cV1ew · 17/05/2021 07:32

www.rightmove.co.uk/properties/106538318

Expand your search area

ElphabaTWitch · 17/05/2021 07:33

If you jointly own the house then why hasn’t your ex bought you out yet? Doesn’t matter if his dad is guarantor - the ownership is in your and ex name ?? Wouldn’t this money help you? A home deposit wouldn’t be seen as deliberately frittering away money for purposes of uc. It would if you spent it all on shoes. And only then if you deliberately spend thousand to get yourself into benefits. You already claim at the highest allowable savings so that’s not a worry for you.

FizzyPink · 17/05/2021 07:37

I think the OP is getting the £17k from her ex buying her out. She’s not saved that and then getting extra money on top which might allow her to buy

maddening · 17/05/2021 07:45

How old is you dc? Surely

A - childcare. Costs will improve dramatically once dc at school

B - you have potential career progression

So potentially in say 3 years you will have lower costs, higher deposit saved and a better income.

lostlife · 17/05/2021 07:46

@OneEpisode

Premium bonds are actually a good idea. You can sell them if you need them but they are psychologically sticky! Your child care costs will reduce before you know it.

Not if the money is currently in a house buying ISA they are not- you get a government bonus on buying

BluebellsGreenbells · 17/05/2021 07:50

£140,000 over 25 years is £700 a month cheaper than rent.

Can you see a mortgage advisor?

Move to a cheaper area?

Once little one is in nursery you can afford to save more money.

Anyone guarantee the addiction mortgage for you? Can you buy with a friend?

BluebellsGreenbells · 17/05/2021 07:51

Have you looked at shared equity? Or the LISA schemes which give you 25% extra each year?

Original poster

radiateforme · 17/05/2021 07:52

[quote Fyredraca]@Aria999
Hiding cash from the DWP when you make a claim for UC is called benefit fraud and the poster could get into trouble for that.[/quote]
Yeah no chance I'm doing that!

OP posts:

Original poster

radiateforme · 17/05/2021 07:54

@ElphabaTWitch

If you jointly own the house then why hasn’t your ex bought you out yet? Doesn’t matter if his dad is guarantor - the ownership is in your and ex name ?? Wouldn’t this money help you? A home deposit wouldn’t be seen as deliberately frittering away money for purposes of uc. It would if you spent it all on shoes. And only then if you deliberately spend thousand to get yourself into benefits. You already claim at the highest allowable savings so that’s not a worry for you.

You try getting an abusive man to buy you out quickly....

OP posts:

PermanentTemporary · 17/05/2021 07:56

You're in a really tough spot personally and as a generation and prices are ridiculously high.

I so think some of the 'solutions' on here would make things worse...

Reading your posts, you are incredibly brave and resourceful, and things will get better. You live in a safe place and you have some money coming. Your priority has got to be some sleep... if you do have anyone at all, even if they can't help financially could they maybe have your son for a night, or once a month?

When the equity comes, use it until you can claim UC again. Nursery costs will reduce soon and you'll be able to save more. In the meantime, yes of course look into a council flat. Don't despair. You've already done so much.

Original poster

radiateforme · 17/05/2021 07:59

@PermanentTemporary

You're in a really tough spot personally and as a generation and prices are ridiculously high.

I so think some of the 'solutions' on here would make things worse...

Reading your posts, you are incredibly brave and resourceful, and things will get better. You live in a safe place and you have some money coming. Your priority has got to be some sleep... if you do have anyone at all, even if they can't help financially could they maybe have your son for a night, or once a month?

When the equity comes, use it until you can claim UC again. Nursery costs will reduce soon and you'll be able to save more. In the meantime, yes of course look into a council flat. Don't despair. You've already done so much.

Thank you.

OP posts:

V0lcan1cV1ew · 17/05/2021 08:00

www.rightmove.co.uk/properties/106463450

Ducksarenotmyfriends · 17/05/2021 08:06

It's really really shit and you've done so well saving, getting secure job, out of that relationship etc, please don't lose hope! Things will get a little easier when the little one turns 3 and you finally get some support with childcare costs. Do you have any close friends, another single parent maybe, who you'd consider buying a house together with? Or is there a CLT (community land trust) in your area you could join to get secure affordable housing?

Dizzy1234 · 17/05/2021 08:07

Don't keep more than 16k in the bank so you can keep your UC, could you ask a family member (mum) to put any further savings in their account.
Try for a council house then in a couple of years exercise your Right to Buy or do a shared ownership?
Financially things will improve as your DC gets older and you won't be spending £1000 on childcare which will leave you better off.
I don't usually advocate bending the rules such as hiding savings but you are working hard and doing your best to improve your situation.
Iv been in your position and it is demoralising, I made it, it was a struggle.
Good luck op