Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2

Original poster

To think this is giving her false hope ?

26 replies

AquaBee · 02/04/2024 20:41

That she can one day buy her own flat ?

Colleague is single and 39 years old with no kids. She has chronic illnesses, works but doesn’t earn enough to move out . We are in the south east which is ridiculously expensive. Yet I know she really wants to move out independently after seeing her sisters move into flats with partners. Her sisters wouldn’t be able to do it alone but the difference is they have partners who are much higher earners so have been able to do it even when they themselves are working very part time hours.

Myself and another colleague had lunch with her today and she said she has 60K in savings as tried to save every penny she has and doesn’t have much of a social life and no treats as she just wants to save. My other colleague said “With those savings you could in a couple of years buy a 1 bedroom flat outright”. Colleagues eyes lit up for the first time in ages but I can’t help but think this is giving her false hope. Aibu ?

OP posts:

SergeantDawkins · 02/04/2024 20:43

Can she not use the savings as deposit? How can she not earn enough to pay a mortgage but earn enough to save that much??
Is the help to buy thing still going?

anniegun · 02/04/2024 20:43

Just direct her to Rightmove and she will see what prices flats are in your area.

Taxidriverinfront · 02/04/2024 20:45

I’m sure she’s probably aware

how much property costs
how long it has taken her to save

blueandwhitesquares · 02/04/2024 20:45

Good luck to her

SarahAndQuack · 02/04/2024 20:45

Well, it sounds like the sort of well-meaning thing people say. I'm sure she knows a colleague isn't a financial advisor or mortgage broker!

With 60k as deposit she's in a better position than many. Perhaps she needn't stay in the South East? Obviously she'd get far more bang for her buck elsewhere.

What's your skin in the game here?

Dacadactyl · 02/04/2024 20:46

Tbh, at 39 if she's worked FT all her adult life, living at home, 60k savings is a pittance.

I do think it might be a bit of false hope, but there are places in the SE where you could get a 1 bed flat for 150k-200k if you looked hard enough. She'd just need to up her savings a bit, but on her current rate of progress, it's unlikely.

IAmAnIdiot123 · 02/04/2024 20:47

She probably could get a mortgage in a few years if she continues saving a lot. Mortgage monthly would be cheaper than renting and she will have a great deposit.

Floopani · 02/04/2024 20:49

Wow, you really want to piss on someone's parade don't you OP?

She could meet a partner next week, she could get an inheritance, she could decide to live outside the SE. Not sure what her chronic illnesses have to do with your post. You sound really mean.

Echobelly · 02/04/2024 20:50

I think it's just one comment - it may be false hope, but it doesn't really do any harm.

I guess a lot depends on how much she earns. In London now I don't think anyone can buy the crummiest studio for less than £250k now, but maybe shared ownership is possible (although it's ultimately not a great deal for buyers). With that deposit maybe she could get a shared ownership place outside London in the SE, unless she's earning less than £30k?

Alaina7 · 02/04/2024 20:53

SarahAndQuack · 02/04/2024 20:45

Well, it sounds like the sort of well-meaning thing people say. I'm sure she knows a colleague isn't a financial advisor or mortgage broker!

With 60k as deposit she's in a better position than many. Perhaps she needn't stay in the South East? Obviously she'd get far more bang for her buck elsewhere.

What's your skin in the game here?

A little sniff of superiority I suspect.

bellezarara · 02/04/2024 20:55

How much does she earn? She can buy a 1 bed flat for £200k in the South East with a 60k deposit if she earns around £32k gross per year.

Original poster

AquaBee · 02/04/2024 21:26

This is her life savings, she has always worked in some form from the age of 17. Just not paid well or able to work long hours which is where the chronic illnesses come in.
Personally I thought it was wrong of other colleague that's all. She's done well to save so much but she obviously won't be able to buy upfront at any time.

OP posts:

Dacadactyl · 02/04/2024 21:29

I suspect the other colleague was just meaning "wow, 60k is a lot of money" in a well meaning sort of way and thought no more of it.

You can buy a one bed for 150-200k in zone 4 for sure.

She won't be able to buy up front if 60k is the sum total of her savings at 39, but with a mortgage would be possible.

SarahAndQuack · 02/04/2024 21:44

AquaBee · 02/04/2024 21:26

No, but to put it into perspective, where I am, it is possible to find flats for 60k. This is true of various parts of the UK. If you treat the 60k as a deposit, even if she is poorly paid and unable to work full time, she may be able to stretch to 90k or 120k, which will bring flats and small houses into reach in quite a few places.

She may not feel much need to stay local, especially if (if I understand rightly?) she is currently living with elderly parents. Once her parents are gone, she might want to make a change.

Youdontevengohere · 02/04/2024 21:46

Assuming your friend isn’t stupid she will know exactly how much she can save and what she can afford to buy/not buy with those savings. Are you questioning her intelligence?

WaitingForMojo · 02/04/2024 21:49

Does she have to stay in London?! She could already buy outright where I live!

Original poster

AquaBee · 02/04/2024 21:51

Her parents are pretty young still, mid sixties but she just wants her independence and obviously is concerned for the future. She has her own chronic illnesses as I have said so is worried about becoming a carer if she stays which I totally get. She wants her own space too.
She is not stupid by any stretch. She is great with money and I know she is a brilliant cook, tidy, pulls her weight at home. I just think because she is so down right now, it may just give her false hope.

OP posts:

Zippedydoodahday · 02/04/2024 21:55

Is she claiming PIP and anything else she might be entitled to? That would help things along.

SeismicSalad · 02/04/2024 21:55

Sorry, I don’t understand why she can’t buy a flat if she has a 60k deposit?

Original poster

AquaBee · 02/04/2024 22:07

Because she isn't earning enough. She has a high deposit but low income.
Isn't PIP really hard to get ? I used to have a neighbour who was in a wheelchair, husband did everything for her and even she said she had trouble getting it.
She would move if that was the only way she could do it but ideally wants to be fairly close to family in case of illness flare ups etc.

OP posts:

MumChp · 02/04/2024 22:10

Why shouldn't she?
if she travels a bit around 'to shop for prices' it isn't unrealistic.

Zippedydoodahday · 02/04/2024 22:16

The PIP process can be difficult, but if she looks on the website of charities relevant to her condition they often have guides tailored to the condition. She should be prepared to request mandatory reconsideration though, and to appeal if necessary. There are organisations that can help with the tribunal stage. If she's in London I can recommend a good one.

SeismicSalad · 02/04/2024 22:20

Clearly depends completely on what she earns and where she’s willing to live, so difficult to advise.

Workawayxx · 02/04/2024 22:26

Where about in the SE? She could buy a shared ownership and she might receive UC towards the rental part. Or move to a cheaper place? Depends also on how much per year she can save.

WandaWonder · 02/04/2024 22:28

if the brains enough to save that I would presume she has the brains enough to find out for herself quicker than it took you to come up with the OP?

Flip

1 2