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.

It's rubbish OP. I feel for you.

In the end for us, it's was move out away from family or not buy so we moved (45mins drive). It wasn't easy but I'm glad we did it. Saying that, we are in the SE, over an hour commute door to door into London and £310 wouldn't even buy you a 2 bed in the worst town in the area. And it's £5k for a rail pass.

I know it doesn't seem helpful and absolutely you should be able to buy a three bed in an ideal world. The reality is a compromise needs to be made. I would seriously consider a two bed and splitting the big bedroom, especially if this means you can stay where you are.

Paying rent is just adding time/cost to your mortgage when you do get it.

Yes this plus commuting costs makes me wonder how people afford it. It's ok on its own but how do people make it work with 2 kids plus childcare costs plus commuting costs plus car?! Are they all on 150k to 200k per year?!

I have a flat in London with 1282 mortgage but we don't have a car and will only have 1 child. So biggest expense is 1 child plus mortgage, not the rest of it!

there are no flats in my area…there’s no train station, public transport is piss poor. I need to drive to work.

I’ve never lived in London lol, I am always the one laughing at those paying London prices and then it taking them longer to get to work than me 🤣

I haven’t read the whole thread but have you looked at April Mortgages?
I believe they lend up to SEVEN times salary!
I know loads of mumsnetters will say this is madness but if you’re paying an equivalent rent, it’s well worth considering.

www.mortgagestrategy.co.uk/news/april-mortgages-brings-in-7x-lti-exclusively-through-intermediaries/

Sorry if I missed it, but can you find a suitable rental property that you can afford?

I know the general consensus seems to be getting on the housing ladder at all costs, but given the suggestions here re cramming your bedroom into the living room etc, those costs seem quite high.

Renting is a perfectly valid option for many people for many reasons. It doesn't have to be forever.

I am renting, they are also like hens teeth where I live, paying 1400 for the privilege which is manageable but I just want my own home.

You may not be able to buy now but you have a good deposit and the chance to be promoted and earn more in the future so it sounds like home-ownership isn’t completely out of reach for you, it’s just not something you can do in the short term.

I would look at speaking to a financial advisor to ensure your £180k is placed to get the best interest/ return it can be and then accept that home ownership may be a decade away for you and something you won’t achieve until your children have moved out and you’re able to have more flexibility around the location and size of the property. I can understand that’s frustrating but it’s definitely not the case it’s something you will ‘never’ be able to do as you’ve suggested on your post title, it’s just not possible right now.

It is a nightmare trying to do anything as a single adult. I haven’t applied for a mortgage but doing the calculators all I could potentially get is £80K. Not sure that would buy a shed these days let alone a home!

Do any of the two beds have loft conversion potential? Even if you had to compromise on sharing with your son for a bit while you saved to get it done?

I wouldn’t have money left to even do a loft conversion 😅 I’m not in a frame of mind to be having works carried out to that scale either to be fair. Sorry I’m aware I’m poo pooing ideas but I know my limits, I wouldn’t cope with that at all.

@MolkosTeenageAngst if the OP doesn’t want to do shared ownership or the Heylo scheme I suggested then I think I agree with you - bank the cash , get a return on it and rent rather than paying out a ton for stamp duty on a property that doesn’t suit at all

I understand OP I got. New build because I just didn’t have the head space for all that. The bonus of this is that they paid the stamp duty. I would shop around as people have said , just a quick google suggests you could borrow up to 225k which would certainly help, I really understand how you feel though, it’s so tough starting again and having the do it solo

I would love a new build yeah, just move in and paint and pop in my furniture. And a good energy rating too.

That's fine for the short term, but renting for a decade will result in a shorter mortgage period and further limit what she can afford if OP decides to buy at 50, unless she can save like crazy and massively increase her deposit. Rents are only going to go up, which may absorb OP's future pay increases.

@mylovedoesitgood I agree but I would let the dust settle and give it a couple of years - personally as I’ve said I would go with Heylo or shared ownership as you can always buy more if your situation changes - the other advantage is that if anything happens jobwise you can get the rent paid on the rental aspect . I would be looking at buying say 40% - part cash, part mortgage and ideally a house . It’s clear on standard ‘non shared ownership’ purchase that even good 2 bedders are out of reach - OP doesn’t want to move out the area, hasn’t got the cash for a doer upper/extendable and doesn’t want one anyway - so choices are limited. Who knows situation in a few years may have changed - she may have met a millionaire!! You can only work with whatOP is prepared to do and in her area that’s not even allowing for good 2 bedroom places - I understand her frustration totally but you have to make arrangements one way or another so I think she’s going to have to accept the unpalatable to her - shared ownership or rent

i mean OP this is just the realty for lots of people

my husband and i are on a sofa bed for months now - its horrible - the living room is full of pillows and spare blankets - it's a squeeze - I hate it! but we have to put up with it for a few years and hopefully we will have more equity on the flat and eventually we can get a 3 bed

Yup!

There’s 4 two beds for sale in my town. One of which is nice but would not have space for a loft conversion due to roof pitch etc.
the other 3 are holiday let style and one apartment all with management fees.

You need a good mortgage broker. Mine was absolutely brilliant and made life so much easier.
I'm in the SE and I agree 310k doesn't go far unfortunately. It's certainly not impossible -but they are a rare find. Don't give up on finding something. We recently had a 3 bed in our village go for under 320k so they come up. It was obviously snapped up immediately but shows there is some hope! The compromise was the state of decoration and tiny patio garden, but nothing impossible to resolve.
It really just depends on how desperate you are to get on the ladder. For me, it was a must and I would have taken the best I could afford and work around any issues rather than rent. Sleeping on a pull out bed in the living room would be fine with me -the kids won't be at home forever.
Best of luck to you.

I will look into a broker, thank you.

Definitely look into a broker they tend to have a very different options then high street banks and online calculator.

I’m struggling to see the appeal in paying £1400 pm rent over a shared ownership property which the potential to buy the rest as a later date but at least know your family has a secure property unlike private rentals.

I can find a couple of very small and needing a bit of TLC in the SE but they are not in the best area (near me)

Yeah I would need to stay near schools so I can drive them to school and get to work. Even if I went to the next town my dd wouldn’t be able to get to school without a lift anyway so it would just make logistics harder

If you're paying £1400 a month in rent, then in theory you can probably afford more than a £180k on a mortgage. £1400 repayment on a 25 year mortgage is more like a £250k mortgage at 4.5% interest rates. That said, you'll need some of your cash for stamp duty and legal fees as well as a deposit, but it might give you a bit more leeway.