100k what to do? Desperate to buy property but can't, help!

[bumbleandbumble]

I will have 100k shortly due to a legal settlement. I have never owned property and would love to...but living in London...I just do not see anything I can afford, nor do I think I will get a mortgage. I work freelance and at the moment not making much. Am currently looking for work in the 30-35k range. I also have bad/low credit score, as does my husband. His salary is 50k (and he is not a first time buyer, though owns nothing now)
We also have 2 kids so a tiny fixer upper is not possible.

How should I invest/protect the money?

Have you spoken to a broker? I would have thought you could secure 4 x joint income on a mortgage. Even counting your income as c£22k, 4 x £72k plus £100k = £320k ish.
You'd have a good loan-to-value ratio.
Have you thought about shared ownership?

yes but 320k in London does not get you a 2 bedroom. We have 2 kids.

Does the shared ownership work if my husband is not a first time buyer? All the deals seems to be only for 1st time buyers.

Why does it have to be London. ? If you bought outright or almost outright, would you need to live in London (which lets face it, isn't very nice). If you had a 3 bed terrace in eg Wales, Scotland (not Edinburgh ) huge number of English counties.. Beautiful ones at that .. If no rent having to be paid ? IMHO if I had kids, I would look at the best schools outside London and work from there. Did this myself. Had 75k thanks to dgp's . Lived in s London. Couldn't even afford a bedsit. Looked for best schools, moved to Shropshire. Never lived in the sticks before !! But bought a 4 bed (dcs had bedroom each !!!) 10k mortgage £47 pm as opposed to £654 pm in a 2 bed flat where I had to take the kids out the car at a petrol station in case they were abducted... Just take your London head off. There is a fantastic, wonderful country out there, that I didn't know existed. Go for it op. You will never regret it.

We are moving out of London to Hertfordshire near great schools and can afford a house nearly five times as big than what we can in London if at all. I am tired of Tube and want my DCs to breathe clean air too. Kings Cross will be perfect for my commute and I can't wait to get a deal sealed. Good luck. London is just the beginning.

Both my husband and I need to work in London. It is highly unlikely for either of us to work elsewhere (we are in art and fashion industries) Friends have moved out, of course I understand the lovely country....But the cost of the train to commute in, plus the added daycare/nanny required would not help. In London we already get home at 7:30/8, adding another hour commute on top would kill me...not to mention never seeing my children as they would be in bed before we got home.

There's plenty of places in London you can find a 3 bed flat for £320k or less. You'll need to be a little open minded but it's completely doable.

www.rightmove.co.uk/property-for-sale/property-38762328.html £300k (auction)

3 beds £300k www.rightmove.co.uk/property-for-sale/property-55361237.html

You would be better off investing the 100k in the N west, both Liverpool and Manchester giving excellent returns.