To ask for advice on buying a home as a single parent with no job

[N2022]

I'm a single mum on maternity leave with no job to go back to. I'm a nanny & my employers assured me I'd be able to bring my baby to work with me once I returned but have now reneged on the offer. They brought the idea up to me, I didn't ask. I can't afford nursery & don't want to put him in so young anyway.
I've looked for other nanny jobs but keep being turned down because of my child. A couple families have said they're afraid I'll neglect their child for my own which I understand to a point but also think is ridiculous. In my opinion its a win win as they'll both have a permanent playmate & will be treated exactly the same. If anything, for fear of being judged for that very thing I'd probably end up putting the other child's needs above mine, in the beginning at least, so that there was no chance of being accused of that. I'm still looking but with no success & not sure what else I could do for work as I'm unqualified.

I live with my parents at the moment but the house is too small for all of us and I've reached the point where I need my own space as an almost 30 year old. I would like to start my own little family home with my little one and give them somewhere nice to grow up as well as having something to leave behind.
I've circa 20K in savings which I know is nothing, especially for London, but it's a start. Does anyone have any advice on how I could get on the property ladder in the situation I'm in? I know I'll have to move out of London for one- I've been looking at Nottingham and Derbyshire. The prices there are great, it's not too far from home and I've seen some really lovely houses.

If no advice re housing I would really appreciate any tips on how to make my money work for me. I'm great with saving, not that I've been able to since being off on mat leave, but clueless when it comes to investing, different types of saving accounts, stocks and bonds etc.

Thank you

Also are you getting all benefits you are entitled to? Have you put your self on council house list? Another option if you could get a council house would be to buy it later down line.

To buy a property you will also need to pay

The last 3 wage slips & pass the mortgage affordability questionnaire
Solicitor fees
Survey
Searches
Possibly stamp duty
Moving costs
Post redirection
House & contents insurance
Life insurance
Deposit

When you move in
You will need to pay all bills like council tax, gas electricity, water, broadband

You will need white goods like oven, fridge washing machine
Furniture

It is not easy !

Perhaps you could find another single mum to buy with ? Or a group of people ?

In all honesty, I would stay put for now. Find a job (I've known a nanny who works with her own child, it does happen) - or maybe in a nursery where you can get a discount on your child?

Then I would keep saving. The chances are you will meet someone over the next few years and you can combine incomes. I know it's not ideal, but it's REALLY hard affording anything as a single person these days.

https://www.thetimes.co.uk/money-mentor/article/100-mortgage-uk-first-time-buyer/

Have you investigated nanny jobs abroad ?
Ones which will allow your child too

If it was easy to buy a property, everyone would have one !

Nahhhhh mate

Have you looked into part ownership via housing associations? You buy a share of a property from 25% to 75% and then pay rent on the remaining portion with the option to increase your share up to 75% if you have had originally bought a smaller share?

www.rightmove.co.uk/properties/134880149

https://www.rightmove.co.uk/properties/134606714#/?channel=RES_BUY

https://www.rightmove.co.uk/properties/134434331#/?channel=RES_BUY

Look at the property auctions too

Not in Derbyshire you couldn't.

That's a guide price for auction. Plus OP would need at least the same again to make it habitable.

Well fuck me.

But PP is right. They’d need £££ to be habitable.

Two of those properties are dumps that would need a lot of work and £££££ and one is leasehold…. You can’t really just ‘buy’ a habitable property for £30k, be realistic. Also, not much use to OP

Because that was the question you asked, and asked again in this post where you say you didn't ask it?

Your current situation is that you have no job, few savings, and very little prospect of getting a job in your usual field. You are not buying a home, now or any time soon.

Could you become a self-employed childminder? If so you could get a mortgage on commercial terms even before you get a job. Speak to your mortgage broker & take a look at Ofsted’s regulations.

In her parents house? Seems unlikely.

I assume your only income is maternity pay (SMP?), child benefit and hopefully child maintenance from the father? With £20k savings you don't qualify for UC.

You'll need to keep looking for a job (nursery that offers a discount for your own child?) or opportunities to retrain - see if there is free or subsidised childcare available if you study.

Your only option for buying a property with savings but no/low income is to find a shared ownership property. You could use your savings to buy a small percentage of the property. And the rest would be owned by the HA so you would pay rent on it. Assuming you spend the best part of your savings on this, you would become eligible for UC which includes the housing element for your rent. Then if and when you're able to get a job, increase your earnings etc, you may be able to increase your owned share and reduce your rent.

I earn over 30k a year so not loads, and would need a very big deposit for the bank to even consider giving me a mortgage, annoyingly. Very difficult to get a mortgage on your own and be able to afford it unless you make very good money.