Best moving out option

[Easttt]

I recently turned 30 and had a bit of a wake up call with my life. I still live at home. Single. My parents are in a housing association property.

I really would like my own space and have been weighing up my options:

HTB scheme
Private renting
Buying

I have savings towards a deposit. My thoughts on renting are that I would rather pay my parents rent than a stranger. My question is: what is the best option in my current circumstances and with how things are currently? Any guidance would be appreciated.

Don’t feel pressured into moving out, there’s no time limit and your still very young. Take advantage of this time bill free really and save as much as
You can. Are your finances good? Would you be okay with paying bills, mortgage, rent, water, council tax, gas, electricity, insurance, tv licence and any tv you want to watch(sky etc) internet, food etc on top of live and maybe run a car etc. I used the help to buy scheme for buy a house on my own as I was in my 20s newly single and it was actually more expensive to rent for me and my child than to get a mortgage. I had £12,000 to put down myself (And kept the other £3,000 I had saved to buy stuff for the house) and lent the rest Of the deposit from them. It really was the only way I could have afforded it at the time and I’ve never regretted it. You don’t have to get a huge house you could go for a small new build as the bills etc there are low too. However don’t feel you should buy a home because of your age, you could meet someone in a years time, fall madly in love and they may have a home or may want to buy a house together etc.. X

I disagree that you're still very young.
It's best to buy.
Do you have a deposit saved etc?

@PatricksRum do you know many 30 year olds that own a home on their own? It is young to have that responsibility on soley their shoulders. I am 30 and own a home on my own but of all my friends etc nobody else does they all either live with partners, flat share or live with parents while they save. My point being if they haven’t met someone they want to be With yet then can lose money buying and selling houses if you haven’t added to the property value, that’s all I meant. I agree that renting is a bad idea and if they want to move out, just meant don’t feel pressured because of an age.

[quote Sillymee]@PatricksRum do you know many 30 year olds that own a home on their own? It is young to have that responsibility on soley their shoulders. I am 30 and own a home on my own but of all my friends etc nobody else does they all either live with partners, flat share or live with parents while they save. My point being if they haven’t met someone they want to be With yet then can lose money buying and selling houses if you haven’t added to the property value, that’s all I meant. I agree that renting is a bad idea and if they want to move out, just meant don’t feel pressured because of an age.[/quote]
You mentioned OP was young to move out of her parents home.
She's 30. Not too young.

Hi @Sillymee

Thanks for taking the time to reply. I shouldn’t feel pressured but time is ticking on. Finances are good in that I’d have a fairly decent deposit however, my current salary may be a stumbling block with how much I can borrow. It is near impossible when you’re on your own. The HTB scheme does look like the most likely option for me, if I can find somewhere where I fit the minimum earnings. I live in London.

I feel a bit stuck with my current circumstances. Yes I could meet someone and everything changes but I don’t want to wait around for that to happen when it may not. The one thing I didn’t mention is that I’m covered on my parents tenancy agreement for the housing association. I’m not sure if this means I’d qualify for my own place under a similar scheme.

@PatricksRum I take your point: it is better to buy than rent.

Yes I found the same, the only way I could
Buy was to use the HTB scheme. House prices can be an issue, I lived in a city so I moved a 20 min drive away to somewhere quieter where the house prices were cheaper. However I think the help to buy give you more in areas like London etc. I don’t think the tenancy agreement will make a difference to your application, I had previously owned a house with my ex so I wasn’t even a first time buyer and I still qualified. I assume your name would just have to be removed when you move out. Good for
You for having savings etc, trust me I know a lot of 30 year olds who don’t seem
To be thinking of the future and live from pay cheque to pay cheque and waste their money etc head to toe balanciagas but not a pot to pee in, so you definitely seem
To have your head screwed on! Book an appointment with a mortgage advisor and they will go through everything with you and discuss
Your
Options etc, I used your move they were really good and not
Pushy at all, in fact with what’s going on with coronavirus etc you may be able
To just get a phone appointment to discuss it all! Totally understand about not wanting to wait to see if you meet anyone, was just worth mentioning as I was stuck in a similar situation (met partner as I was buying my
Home so then felt tied in to here etc he didn’t like the idea that it was ‘my house’ etc pathetic really but some people are strange! good luck! X

@PatricksRum I never said she/he was TOO young,
I’m the same age as them, I had my first mortgage at 21.. I simply was saying if the wake up call of god I’m 30 now is what was the driving force then not to pressure themself and that it’s ok to spend the time bill free and really knuckle
Down and save save save for Niger deposit because yes they are not 18 but they are also not 40. I wish I could have had a few more years of no bills

Bigger deposit***

@Sillymee I think HTB scheme is going to be more attainable to me over buying outright. Also, it won’t use up all my savings. A lot of the properties in London have a minimum income limit and sometimes that can be fairly high so again it’s another stumbling block. May have to look a little further away. I will look into speaking with a mortgage advisor, thank you for the suggestion.

The fact that you have your own property is a good thing. A lot of men don’t like independent women it seems! Good for you.

Hi OP, I agree with previous posters that getting advice from a mortgage advisor is your best first step. If you can find one that knows the HTB schemes well then even better - my mortgage advisor always has all the answers to every question at their fingertips so it's hugely reassuring and time-saving to get expert advice. Also check their payment terms - my advisor doesn't charge a penny until the mortgage completes, so if anything happens to prevent you buying you don't owe them anything.

Secondly I just want to say that getting on the property ladder, however and whenever you do it, is always a good thing. I have a close friend who bought her ex out of their property RIGHT before the 2008 crash and immediately went into negative equity - but because she could afford her repayments she held onto it until the market swung back and made loads of money when she finally sold. The sooner the better in terms of paying a mortgage vs rent, even if it is to your mum and dad.

Best of luck!

@WoolyMammoth55 thank you for your advice. Locating a mortgage advisor who knows about HTB would be ideal for me. Good tip regarding checking their payment terms.

Wow, your friend was very fortunate! Getting on the property ladder is the ultimate goal but it’s not easy these days. It’s also much harder when going alone.