Renting, meaning can't save to buy. This situation, can it be done?

[ChilledToTheBone]

Basically we rent. Over 1k pm
On 52k between us.
Old debt on a repay plan of 12k ( one from an old relationship)
3dcs at home
One lives with other parent, we pay cms for

Our tenancy is up in August. We've had it renewed 5 years. And tbh the LL is great but ir starting to develop big issues, windows, roof etc. I think hes either going to say, he'll renew but whack price up or not renew.

Other properties in the area are around 1.5k for basic 3 bed house.

Desperately want to get a mortgage we could afford 1.5k.

Anyone have any big ideas? Im so stressed about it

Is that 52k before or after tax? Do you have any deposit saved?

Sorry you are struggling OP

What sort of thing do you want suggestions for? Do you have a deposit saved up to buy?

If buying is the end game then you might need to move to a cheaper area and get cheaper rent while you put money aside to buy

Repay the debt asap as that's going to be the biggest stumbling block to getting on the property ladder if that's what you want to do. Pay as much as physically possible into it each month to clear it, and then start saving as much as possible each month and look into help to buy schemes or part ownership in your area. Alot of couples we know who felt like they would never get on the property ladder have bought this way, and a couple have managed to now "buy out" the rental part of the agreement, so once their mortgage is paid off they will own the whole house.

When you've repaid your debt, if you redirect the money you're currently paying towards your debt to savings, that will help towards your deposit.

Can you earn more? You live in an expensive area but don't seem to be benefitting by earning higher wages. Or can you move to a cheaper area? You could probably reduce your rent a little and if you both earn similar amounts, you'll probably be able to earn as much if not more. £26k pa is £12.50 ph, so not a huge amount above NMW.

Thank you for the suggestions.
Were already in cheapest area for our city.
Relocation isn't an option for many reasons, dsc, dcs, schools, college, work, family ( childcare).
We've just put pen to paper, cancelled 2 subscriptions which is £40 a month, so have upped the standing order for the loan debt by £40. Its only small but will find other ways too.

So aim is to save for a deposit. We know its likely to have to be shared ownership or similar to start with. That's fine with us. Its a start on the property ladder rather than lining landlords pocket. Its building our future

Saving ideas.
Change everything to stores own brand-90% we already do but the last few things ill do too.
Only buy what's actually needed rather than fancy or having loads of stock in cupboards.
Already meal plan

Deciding whether to do 1 big month shop ( have 2 freezers and plenty of storage) so that weekly it's fresh only.
Unsure if that be cheaper?

If you haven’t got a deposit, then it’s obviously going to take a while to save. What are the house prices like for the properties you’re looking at?

Take a second job and get the debt paid down, then save your deposit.

Will anyone (landlord or bank) let you have 1500 repayments on that sort of income?
If you are both on 25k, 1500 is very nearly half your take home.

Ignore me, it's pre coffee.

That, or you need to get jobs that pay more. You need the gap between your outgoings and incomings to be as possible to get where you want to be and that gap may be smaller than what is now from August.

You're pretty stretched already and it sounds like you are budgeting hard. Is there any scope to earn more? (Overtime /second job?) . I saved by working lots of overtime and putting it all straight into savings