To think I’ll never be able to afford to buy on my own…

[Childmaintenanceq1]

Age 40…divorced
earn 50k…
I have approx 130 cash
bank will lend me 180 🙄 and that’s not even for sure…

So that’s max price of 310…there’s nothing in my area even close to that, I need 3 beds as I have two dc…bloody hell!

I thought that I was in a good position…obviously not!…just having a moan.

Do you have any outstanding debts? Or childcare costs? It's just that the amount you can borrow seems quite low.

I’m guessing it’s not most people’s first choice.

As @Greenartywitch said those are your options really.

I’m not sure hoping house prices reduce is a real option.

Not sure where you are, but I do feel really sorry for people that can't get on the ladder. In my area you can buy a 2 bed for 70k and 3 for 90k.

I’m in the south and have just looked on Rightmove… 3 bed house here is 400k. I’m not surprised but I am shocked. Having said that, I’ve said for a while that we’re in a sad state when a single person is practically unable to live independently. I’m not sure if even what they call “affordable” housing is really achievable now either.

I feel for you!

Any decent bit of Essex

It's difficult...your salary might sound good on paper and you have a decent deposit but if you're in an expensive area and need a minimum number of bedrooms it's very difficult.

I'm pretty happy with mrcomedy but if we were ever to split, I'd be in the same situation....need a three bed and have a boy and girl and live in an expensive area.

Nope, neither of those. It’s so frustrating

Alternative to shared ownership is ‘your home’ operated by Heylo - its shared ownership on the open market not just new builds - you need 25% cash down as a deposit and it can’t be a flat and gas to be freehold. you can buy as much as you can go to and they then own the rest with rent due on that bit - you can staircase up and you also benefit in any gains . How much you can go up to depends on the share you are buying and income - max is £600k - works well for those with a hefty deposit who don’t want flats or new builds - so often used after divorces etc

Maybe a 2 bed house with a loft that can be turned into a bedroom? Or has a lounge plus dining space. You could make the lounge your bedroom and the dining space the family sitting area.

Shared ownership, though far from ideal, is the best option to get your foot on the property ladder in your area. If not that, then get a buy to let in a cheaper area and manage it through an agency.

There’s nothing like that around here at all, any two beds are what used to be and still are seaside holiday lets…one living space and two beds. And still ridiculously overpriced because they are aimed at landlords who let them all summer

I don’t want it to just get on the housing ladder I want a home, a good home for my dc. 🙁

Whereabouts in the South are you OP?

So you'll have to get a shared ownership house.

Well shared ownership can provide that.

It's not ideal from an investment point of view but as a good home, it's an option I would look into.

A flat instead of a house?

Is rather not say where I am, sorry, I know people are trying to make me feel better and help but I have looked at all options believe me. My only real option for now is to stay out and save if I can or find a new partner to buy with…easier said than done 🤣

How long is the mortgage term for that you have looked at? Can you look for a longer term to reduce your payments?

Similar age and situation to you OP, i've managed to find 3 bed in SE but have had to compromise on area big time - but no other choice as have to buy now while I'm young enough to still get decent mortgage period.

Well I take my comment back.

Where I live it’s incredibly varied, a 3 bed house can cost anywhere between 200k and £1M.

I can’t fathom how 310 can’t get anything but clearly I’m wrong.

I know this sounds harsh, but if your priority is to own your home you have to start somewhere, even if it's not ideal.

Or you make the valid choice that renting is best for your family in your circumstances. Take all the shame and disappointment out of it because there is nothing wrong with making that choice. I think by keeping in mind that it is the best option and you are actively choosing to stay renting over any other compromise might help frame things in your head?

Actually, misread your message, I'm 10 years plus older - so there is time, don't give up hope!

Braintree , Maldon, witham or Colchester maybe ?? But not really the good bits, no. I sold my 3 bed 2 years ago for £525k.

Have you spoken with a broker? I would really suggest speaking with one to see what you're affordability is and I've found it is much more then all of the websites suggest.

I had to find 150k to buy my ex husbands half of this house. I was told I could only borrow 110k max. Luckily my parents were able to help me. But I remember having a particularly upsetting call with my finance advisor and bursting into tears after and in front my son (then aged 7). Seeing me upset my son held my hand and said “mummy we can move to a flat if we need to - I don’t mind”…. Naturally I sobbed even more.

Now, I own my house (through inheritance). But I don’t earn enough to save lots and if something went wrong thy inf big were to happen to the house, I’d be likely back to square one again as I’d have to get a loan to for the work to be done.

What I will say, my son is now 13 and we have a lot of fun and even more laughter in our slightly tired looking house.