What should I do?

[Wherewhatwhen]

I earn roughly 45k a year (self employed) working about 50-60 hours a week. I'm also a single parent and unfortunately this salary doesn't get you very far in London. I have been hoping to buy something for years but never managed to save up a deposit. With prices going up there is just no way this will ever happen in London.

Now my landlord has informed me that we will need to move again. Rental prices are insane and I'm so tired of this constant uncertainty around where we are going to live next, which is also stressful for DC. Working hard and never having any money left over to do anything nice or go away even within the UK. My rent and utility bills come to around 2k a month in my current place and flats on the market now are even more expensive.

What would you do? Assuming I can keep this income in a mostly remote role where I only need to come into London once a week.... Should I leave London? Where to? I can't go up north as DC need to keep seeing their dad, so I would need to be reasonably near London. I really want to buy something to call my own and never get that dreaded call where I'm told I need to move ever again... Any advice?

Yes, move out of London. It's the obvious choice. There are lots of places, significantly cheaper, but still commutable to London.

Have you got a budget? What can you afford to spend on a home? How many bedrooms do you need? I'd absolutely move out in your situation

I only have about 2k saved at the moment because my outgoings are so high, it's just a catch 22. I'm hoping to save up a few more thousand and borrow some money from family members to reach a 5% deposit, but struggle to see how I'd get more than a 10-12k deposit together. But I've read that 95% mortgages end in December, not sure I'll manage in time.

I don't have a mortgage in principle but from online calculators it looks like I could possibly afford something in the region of 200k. I've never bought a property before so I don't know if this sounds at all realistic?

Just me and one DC, so we don't need anything massive. I don't even know where to start looking?

Have you had a look at Skipton? They are doing 100% mortgages based on the rent you are paying just now.

I'd think about renting somewhere outside of London then...if your rent is lower then you could save more potentially and also get the feel of living in another place and see if you like it. Counties bordering London would probably be your best bet if you still need to come in. Surrey, Kent, Essex, Hertfordshire etc.

How about shared ownership?

I considered it but was advised that you easily end up stuck with negative equity and trapped if you ever want to sell. Plus a two bed would mean a monthly cost of close to 2k before bills with the new mortgage rates...

Was just about to post the same thing about Skipton - deffo worth a look

You are working an awful lot of hours. Could you earn more money by getting a job instead of working for yourself?

I’d marry a millionaire or move out of London. The second option seems the most practicable but you are limited as dc needs to be reasonably near to dx. Is Ex planning to stay long term in London? How often do they see dc? And where is other close family located? Grandparents, aunts, uncles, cousins?

We moved from London to Yorkshire to find more affordable rent.

I'd move out of London, tbh.

Friend's daughter has just bought a nice little house in Faversham, Kent. She mostly works from home, but has to go into London 1 day a week. Her employer is quite accommodating and she doesn't have to start till 10 on her day in London, so she only has to pay £30 or so return fare, and the journey takes around an hour.

She really loves it there and doesn't regret leaving London at all.

Sorry, meant to say - the house was just under £200k.

I moved to Scotland. I realise this is hugely unhelpful to most people but it's an option for some. I Now live in a 6 bed 3 reception roomed house, huge tiered garden, great schools, beach 15 min drive, mountains in the distance, big town 500 meters from my door, easy access to motorways. Short drive to Carlisle and 3.5 hrs train ride to London (although I don't go south much anymore) paid £270k for the house, husband works for the NHS, we joint foster. Earn roughly £6500k a month.

Yorkshire and Scotland are an option for the OP who has already said her children need to see their dad.

How old is your child? If they are very young could you consider renting a one bed flat somewhere cheaper for say one to two years with a view to saving as much as you can and then buying?

Rent outside london but commutable then look around to buy with the help you mentioned

Whereabouts in London do you need to access for work and visiting your kids dad?

I would start there and look at train connections going out. For example East coast mainline has fast links to Kings Cross London.

As other people have said look at the Skipton scheme

I've moved to Lincolnshire, my DS 13 travels down to London to visit his dad on the train from Lincoln or Grantham into kings X . Works very well for us.