What is the clever thing to do about housing, with money atm?

[littleducks]

I am a sahm, and at 22 have never seen a recession, dp saw bits as a child but tbh neither of us really get what is happening.

We are in social housing and hating it. We are considering moving into private rent, which would obviously seriously decrease the money we have available.

We dont really have any savings of value, although we do try and regularly save small amounts for the children. On hearing we were considering moving, my parents expalined that they were intending give me some money when their house sell (is on market and has been since summer, they live in rented accom and have a second home elsewhere they intend to retire to) Obv with housing market as it is we have no idea how much this will be.

We are eligible to apply for part rent part buy schemes but are unsure if we could afford it. Dp has terrible credit and doesnt believe he will ever get a mortgage.

I would not become a private renter if I didn't have to.

Nor would I part buy if I were you.

Stay put.

You are very, very lucky you have an assured tenancy - you don't get that with private renting.

Credit is hard to get so if you have bad credit, it will be hard to get any sort of mortgage.

Stay put and hoard cash like it's going out of fashion (which it is). Lots of nice high-interest savings accounts on offer atm for the few people that have any actual money. Don't even think about taking on more debt or more expenses.

I wouldn't consider buying at the moment but try and save as much money as you can so you can pay off your debts which will improve your credit rating and then try and save for a deposit. If the house market falls a lot then you might not even need to do a shared ownership scheme, which can be difficult to sell on in the future I think. You're only 22 - plenty of time to get on the housing ladder. In fact I think the current problems have partly been caused by people thinking they MUST buy a house at all costs. Wait until the time is right and you can afford it.

I am starting to see that, it just seems so awful that after months of praying that money would fall from the sky that when it looks like it might it is still not good enough.

We moved out of area and were pretty much forced to take where we did and i am really struggling with no ground floor access, i have two kids under three to get up four flights of stairs and it is driving me mad.

So if we do get money what sould i do with it? Are banks safe?

We have no debts, have always lived on what we have.

Dh credit history based on major issues in teens, in fact i should get him to check his credit report and see whaty it actually says now.

Money will be good enough. It's a good time to have money, not a good time to spend it.

Save like crazy for a couple of years, then look around to see what your money will do for you once things have calmed down a bit.

Banks are safe as long as you choose sensibly. Put it in the Nationwide, or Northern Rock, or National Savings, ideally spread across different institutions (depending on how much you have).

Banks are safe for savings up to £35,000 as that's the protected amount. If you have more than than, you need to split it between accounts and make sure they are with properly different banks and not banks which are owned by the same company.

'We moved out of area and were pretty much forced to take where we did and i am really struggling with no ground floor access, i have two kids under three to get up four flights of stairs and it is driving me mad.'

I had to do this. But I had way more than 10 years on you in age and a knee full of metal pins.

Sorry, but you're still very, very, very lucky AND young.

Money doesn't fall from the sky. EVER.

You have to earn it.

You have the luxury of time adn the energy of youth in which to do this.

I would ride out this recession and use it as a chance to get working at whatever I could to spin a bob or two.

ok thanks for all the advice, interesting to see it from the other side and it does give some perspective, i really cant see it like that but i suppose i am too close to the situation and take a step back and view everything less emotionally.

Dh does work, quite hard but doesnt really earn enough to put by huge aounts. I receive child benefit which 80% of the time is saved in accounts for the children.