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Original poster

Will I ever be able to afford a house?

45 replies

singlemama91 · 08/10/2021 16:40

Are house prices going to keep going up forever? I am early thirties with two young DC and I have an ok job but dont manage to save up that much each week and dont have a lot saved for a deposit. Will I ever be able to buy my own place? It seems almost impossible right now but also that its just going to keep getting worse.

I met a friend for lunch today and we talked about it a bit but she made an off-hand comment that just made me really worried and said "renting is fine when youre young but if you dont buy a house now you will never be able to afford to retire or ever pay your mortgage and will be struggling when your old"

I know there is not much anyone can do about this but just wondering if anyone else feels the same?

OP posts:

Gettingthereslowly2020 · 09/10/2021 15:26

Go full time at work as soon as you can. You'll then be able to save a bit more hopefully and will be able to get a bigger mortgage. Look at 2 bed flats. One bedroom isn't practical for your situation and would be hell with two children.

PearLime · 09/10/2021 17:53

If you earn £17,000 and are single and have 2 small kids, sadly your chances of ownership are pretty slim.

Don't think this is you having done anything wrong- it isn't a moral failing it's a maths problem.

Two incomes would really help with this.... or getting a (much) higher paid job.

luckyJasmin · 10/10/2021 01:39

Can you study to get qualification and subsequently better job? That's where my focus would be.
A lot of degrees are done online now (I'm doing one myself now), and you get a government loan to pay for it.

I mean this in a good way, but the reason you can't get a mortgage is not because costs are high (they ALWAYS are), but because you are working part time in a minimal skill job. I've been there. Eventually I accepted that to improve my life is only through hard graft and sacrifice.

You need to get better qualifications. Work full time. Study at nights. Start a side business/sell stuff on eBay. Nannying in the evenings/weekends. A girl I know created an online shop selling sweets, she got her first mortgage 3 years later.

Good luck

Hollyhead · 10/10/2021 09:04

I would look at shared ownership - it’s not perfect but a way of increasing your deposit to move on in the future. You obviously have to be able to afford the small mortgage and the rent payment, but I think they’re not to be knocked in terms of getting on the ladder. No idea where you are but here is an example. www.rightmove.co.uk/properties/114168116#/?channel=RES_BUY

Original poster

singlemama91 · 10/10/2021 09:05

Thank you everyone for your advice. Maybe i am just being silly to think i can ever own a house and probably lots of women are in the same position but out of my friends it seems i am the only one. It also seems like everyone gets help from family but sadly that isnt an option for me.

I am renting a two bed place at the moment which is fine but i think i would really struggle to go to a one bed but if i were to get a house i think it is all i could afford as i am not in a really cheap area. I am struggling to save at the moment so i dont think my deposit will get any bigger so i think from what PP said i need to get a better job or go full-time but it already seems like a struggle.

The reason I said about finding a man is becuase I dont want to be single my whole life and it would be much easier to buy with two or they may even have a house already.

OP posts:

Original poster

singlemama91 · 10/10/2021 09:08

What is shared ownership? Who do you share it with? That sounds like a good option. I am in Chippenham.

I do have some qualificiatons but just no experience. I was a SAHM with my ex and so i have only ever been an administrator

OP posts:

CornishTiger · 10/10/2021 09:09

Are you receiving universal credit? Are you on the register for social housing.

Can you increase your earnings?

AwkwardPaws27 · 10/10/2021 17:09

A good guide to shared ownership here - www.sharetobuy.com/guides-and-faqs/what-is-shared-ownership/

Original poster

singlemama91 · 10/10/2021 18:16

I am not on the register for social hoiusing. I didnt know if i will qualify and am embarrased as to what my friends will think if i go on that

OP posts:

CornishTiger · 10/10/2021 20:08

Why would you be embarrassed? Social housing has lots of different types of circumstances on it.

Original poster

singlemama91 · 10/10/2021 22:08

I suppose you are right. I dont know. Just because all my friends are doing a lot better than me. They all have houses and partners and nicer cars and nicer everything and when i go out with them i am always worried about money. Like if we go for a meal and split the bill equally if I have had a bit less food. I dont think they do it deliberately but its just been getting me down a lot lately - sorry for the offloading

OP posts:

SmallWaistFatFace · 10/10/2021 22:41

@singlemama91

Comparison is the thief of joy. It's love and experiences that make us rich, not money.

WombatChocolate · 11/10/2021 17:34

This is all about gaining info and becoming aware of the realities of the world.

The reality is that large numbers of people cannot afford to buy these days. Most people need 2 working salaries and so 1 part-time salary is rarely going to be enough. That's the reality.

Once you know that, you have to think about boosting income. Quite simply, at the moment, your income is insuffiencient to buy.

Comparing and feeling depressed won't change anything. But finding this stuff out is a start. Reading up on shared ownership is a start. You need particular small step goals which over time might lead to home owenserhsip. But you need to realise this could be years off. It's not a quick fix. The question is whether you are willing to find out, plan and make difficult choices and action (such as taking on more hours, moving to a less expensive area) and to keep working away at these things year after year....because that's what this will need. Some people will do these things and end up home owners from your starting point, but lots won't and will never buy. You can be defeatist or you can start planning and taking action. Yes, it's hard and it can feel miserable, but you can do something about it if you want to.

PotteringAlong · 11/10/2021 17:40

The thing is, you cannot have it every which way. There’s nothing wrong with wanting to work part time, but part time wages will not buy you a house. There’s nothing wrong with going out for meals with your friends and splitting the bill but, again, it’s not going to get you a house. And yes, I know it’s only small in comparison but it all adds up and if you’re doing it then you need to make a concerted effort to do it.

So yes, you can get a house. But you need a full time job to do so.

Myusernameisnotmyusernameno · 11/10/2021 17:43

We're in this predicament too and married. I'm 40 and DH 37. We're just managing to start saving now and I feel like we're in a race against time, particularly where we live.

Ladyofclass · 26/12/2021 19:34

Definitely tough out there. I set up a business and work on it full time, make it work smart for me but it is hard work. I have 2 little ones, it's been tough with multiple lockdowns and juggling business still and zero support. I am hoping I can buy next year. I know how you feel, seeing other people having it easier especially when people have not worked and are buying multiple properties. Life is unfair and I just keep at it. Keep going and don't give up. Welldone for planning to acheive better.

katieg03 · 26/12/2021 20:05

You must be getting a reduction in universal credit with those savings? Go and see a financial adviser. Check your credit report and make sure it's clear. Some companies take maintenance and UC in as Income. Presumably you are claiming if you work part time with two children. It's so hard to save as they expect you to live off your savings. You've done well to have that saved. A financial adviser will give you some good advice

Livelovebehappy · 26/12/2021 23:36

Depending on where you live £17k per year can get you something. In London absolutely impossible, but in the North, ie some towns in Yorkshire you can get a cheap terraced for £60k. Won’t be a palace, but it’s a step onto the property ladder, and you can climb the ladder when youstart working full time, and get something bigger and better. I think that first step it doesnt matter too much what the property is like, it’s getting onto that first step.

Ilikepalindromes · 26/12/2021 23:52

How can you buy on one part time salary? I just wouldn't have thought that would be possible. We needed two full time salaries to buy our house and it's at the lower end of the price range. At minimum you need to be working full time.

twominutesmore · 01/01/2022 12:54

Lenders will only lend a certain multiple of your salary. My DS has just bought a house and said that the most he could borrow was 4x his salary. In your case, that's £68k. Would that, plus deposit, buy you a property in your area?

If not, you need to earn more or look somewhere cheaper.

If you can't currently earn more, and are unwilling to move somewhere cheaper, then you should stop worrying and shelve this particular ambition for now. Try to see the positives in your situation - part time work, no homeowner responsibilities or costly maintenance.

In your position, I would make small steps towards ownership in, say, five years time - gradually increase hours, save what you can, investigate other areas you might consider.

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