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

If you can’t afford a house in the area you live in it’s because you are relatively low earners for the area. The answer is to move or accept that you will rent. It’s not capitalism or second home owners or whatever. Just you don’t earn enough to buy in the area you want. That has always happened abs likely always will to some people.

It also is a fair point as to why you had children so young if it really was so important to you to buy a house. In reality you don’t seem to have prioritized at all- which is absolutely fine but you need to recognize that’s one of the reasons you didn’t achieve it.

I think the only way young people really get on the property ladder these days is living at home , saving every penny for a good few years before having kids. Once you do have kids it becomes so much harder with extortionate rents.

This whole outdated paradigm of property being a 'ladder' needs to go the way of the Dodo bird. The reality is the way lending is these days a lot of people, if they can, will be able to afford one property and be stuck in it.

I agree , that's why the whole have your dc after you buy a house doesn't necessarily help.

The system seems to be working exactly as intended, in the interests of those for whom it is designed to benefit.

True dat!

I think the only way young people really get on the property ladder these days is living at home

And what if they can't

[quote LopsidedWombat]@NoFrills01 have you tried Nationwide? They have recently brought in something for first time buyers called helping hand which offers 5.5x income. You need to both be ftb to qualify as well as have 10%+ deposit and take out a 5 or 10 year fixed rate product. I recently applied for this with help of a broker and totally recommend using a one if you haven't already.

Oh and please don't feel embarrassed. I know very few home owners and many choose not to buy. We are just getting on the property ladder in our mid 30s because it works out best in our situation but no shame either way![/quote]
The interest rate is something like 3.5% though. For five years!!

Are you coming back OP? Your post is missing some key bits of information. People are commenting on their own situation not yours.

checkout Firsthomes and Shared ownership.

@BarbarianMum
You lost me at “foreigner “ . I don’t believe that any debate with you will end positively and so I’ll leave you to your opinions.

my closing point is - in a fucking world not born of utter madness - you probably should be able to live in Richmond for 300k…to be honest. This is a tonne of money for a huge amount of people in this world. When a 3 bed terrace house on a normal street is 1.3 million - and this is just accepted ??!! Then we have all lost our minds.

OP you really are doing well. Sorry to get all noisy on your thread.I hope you do get to buy a house really soon.

Which part of the country are you in? Without knowing that, it's hard to say what your money could buy.

We've recently sold to first time buyers. Our house is a terraced cottage, 2 bedrooms, driveway, long skinny garden, 2 bathrooms, smartish, but busy road. South Essex location. Bit of work needed but nothing awful. Went for £260k. Bit less than we wanted but we needed buyers. So it is possible to get something more for your money.

It will happen NoFrills, just not yet. A lot of young people have to wait longer than those of their age did years ago but they generally get there in the end.

My nephew of similar age to you is in the same boat but he is still single so not the same. He rents a house, has done so for years, and is extremely happy in it. If he had wife and child he would definitely need something bigger.

I hope your wait is not too long.

So do we find some foreigner or owner who was born in a different part of the country and force them to sell to me?

We are immune to this shit. Leave our houses alone 😂

@BarbieJ Oh bugger, I misread the OP as having 30% deposit not 30k So yes, interest rates obviously higher for smaller deposits. My bad! Still worth looking at and discussing options with a broker though. Even with a higher interest rate, it would cost us more to rent than buy what we are buying. All depends on your circumstances though doesn't it.