33 still cannot afford a house

[NoFrills01]

I feel so low at the moment, my dream is to have my own home

Our child goes to an incredible school, we both have good jobs in terms of job security, our joint income in 50k we have 30k + deposit the housing market is just ridiculous at the moment, we cannot move too far out because we only have one car, currently I'm able to take child to school and work partner car shares with his friend.

I'm consiering getting a weekend job something to make more money, I feel so embarrassed to not have my own home.

I'm saving as much as I can every month, no treats in any form really to add to the point just feels so miserable at the moment. I'm not sure what to do, we have tried every mortage company the highest we got was 233k which I don't believe average was 217k which doesnt get anything

Have you spoken to a really good broker? What is the average price of a flat or house in your area? Is there any scope to increase your or your partner's earnings by retraining or going for promotion?

It is incredible you saved 30k on a 50k salary whilst renting and having a child!

Well it really depends where you want to buy. 30k deposit, 50k income and an AIP for 233k would get you a lot in some areas.

Is there definitely no where cheaper you can move to get onto the ladder?

I understand wanting to stay put but that's what we had to do. We went from renting somewhere really desirable to buying somewhere less so but it got us on the ladder.

You're right though. It's hard at the minute.

Definitely need to speak to a broker. But don’t be embarrassed, I’m 31 and most people I know my age aren’t on the ladder and certainly not without family help.

It's down to the area you're in. That kind of mortgage would get you a lot in some areas

It depends on where you live and what you define as getting you nothing. We earn and had a similar deposit but still started out in a tiny three bed terrace.

We bought 3 years ago and I was 45 at the time. We saved £10 K over 5 years on joint salary of around the same with 2 DDs. The 10K was a 5% deposit on a flat in the ( very expensive) area we wanted to live in and knew well. We have our own front door, private garden and parking. It is lovely but it's not a house. We couldn't afford one here.

Have you looked at flats / maisonettes?

Could either of you go for a promotion? Or would you consider moving to a more affordable location? Or would you eligible for help to buy or any of those schemes?

You could get a reasonable 3 bed house for that where I live. It’s really crappy that some areas are so expensive. We can afford to buy here, but my sister in our nearest city is completely priced out.

which doesnt get anything
Anything or anything you like. Big difference.

With 1 child you can easily look at 2 bed so there ought to be something wherever you are

We're just like you OP - aged 33, 50k joint income and DS1 in a great state school so don't really want to move anywhere cheaper. Have saved a lower deposit though!

We were seriously considering a shared ownership flat last week but then pulled out (mainly because the school run would have been exhausting for the DC).

I've started job hunting for full time "career jobs", my 3 day a week admin job atm is lovely but I really want to stay in my lovely (expensive) home-town.

Only in the UK is home ownership put on such a pedestal, renting is perfectly acceptable in most other counties. I rented in London for over 30 years. Only bought property ( not in UK) after retirement.

Bit why have DC before you've bought a house?

Genuine question.

@July2mebabywouldJuly2me because some people can provide nice lives for their children before buying houses ? Because if some people waited to own a home, they might run of out time biologically?

@July2mebabywouldJuly2me

Bit why have DC before you've bought a house?

Genuine question.

Because having children is a natural part of life, and our crazy unequal fucked up capitalist system shouldn't preclude people following their natural desires?

In my case it was because my mum had breast cancer young (she's fine now) and I was scared of it happening to me either when I had young children/not being able to have children because of it.

If you move to a different location you could get a 2nd car? Even a cheap one that only lasts a year. If you're managing to save that much of a deposit that will then be extra cash for things like cars.

Buy a new build with the government scheme and sell in 2 years

Use help to buy, interest only mortgage, yes a broker

It doesn't get you anything, or it doesn't get you what you want?

That would get you a lot some places.

I had three DCs and two of them were adults before I ever owned any property, not everyone has the same path or priorities.

IS the only reason you can't move further away because you only have one car? If so, use a small amount of your 30K to buy a second car. You can get a cheap run around for 1K, use the rest to get a cheaper house further away.

[quote IamnotSethRogan]@July2mebabywouldJuly2me because some people can provide nice lives for their children before buying houses ? Because if some people waited to own a home, they might run of out time biologically?[/quote]
Yes, I know they can provide nice lives in rental accommodation. However, I'm referring to people to whom owning their homes is very important.

Because having children is a natural part of life, and our crazy unequal fucked up capitalist system shouldn't preclude people following their natural desires?

No but they could delay having DC until they'd bought a house.

Where do you live? You could get something where I live for that, we bought our first house, a three bed semi for £150k but we had to put in a new bathroom and kitchen and completely redecorate.

Where in the country are you?