Mortgage single parent

[Curlylou1]

Hi Everyone. I recently found out I was pregnant and am going ahead as a single parent. I am currently in a reasonable job and have savings to buy a flat.

I would rather be paying something off. I will be going back to work part time and this feels like my chance to get somewhere

Do you think this is foolish as if I can rent I can get a good chunk covered by housing benefit? I will be paying a mortgage out of my own funds

If you have more than £16,000 in savings you are not eligible for HB.

Regardless, if you are in a position to buy I would do that.

I think relying on housing benefit for future plans in the current climate might be unwise.

How will you pay the mortgage while on maternity leave? If you can cover that from your maternity pay and savings then definitely do it.
I say that as a single mum who was totally reliant on HB etc for a while.

If you can buy (ie have the deposit and can afford repayments during maternity leave AND when you are paying for childcare, which can be expensive) then go for it. But make sure you can definitely afford repayments if dc has to be in paid childcare as it can be a significant expense.

Just thinking long-term, it's good to build up some 'wealth' for the future. It can be achieved through e.g. getting a property and paying it off. Alternatively, if you carry on renting, you could possibly invest more in pensions and ISAs.

Personally, if I was in a position to get my own place, I'd do that. You'll be able to make it your own space, repaint, change things etc and won't need to chase the landlord for repairs etc. so a more settled option.