Would you buy or keep renting?

[Baabaagreensheep]

I'm torn with what to do.

Our situation is basically we both work full time but I plan to drop my hours in the next 3 months to 20 hours. We won't be able to save anything big each month but my dd has additional needs and it's too much to keep going as we are.

We have some savings that we could buy a flat or house with in a quite rough area. Where we live now is just normal, average crime, average poverty, average schools. We have a 3 bed semi with a nice garden and family close by.

If we move it will mean moving to a lower standard home, most likely giving up the garden. We have a 3yr old and a 2 Yr old for context.

Would you stay where you are and most likely not get on the ladder for years or lower your standard of living just to get on the ladder.

I will add our rent atm is 600 and the mortgage would be 250-300 so we would be much better off moving.

We need to decide quick so we can move before my hours drop and payslips look worse.

I don’t have an answer to your question, but be warned you will often have to fill out a form as part of any mortgage application in which you are asked if you are aware of any circumstances which are likely to affect your finances in the near future - eg going part-time. You need to be up front about your likely earnings.

Usually I'd say take any opportunity to buy, but in your case I'd be wary. Moving to a rough area with young children would be a no no for me. If you can only afford a lower standard home, yes your mortgage will be lower but you'll have to factor in property maintenance costs. A flat would be leasehold - they come with service charges etc. No garden with young children would be difficult too.

Are there any government schemes that you would benefit from? Shared ownership or Help to Buy? Never really looked into them myself so I'm sure there's some pitfalls to them too but maybe something to consider.

Don't move to no garden and away from family when there are additional needs.
Are there flats with gardens?

In your case id stay put.