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Am I really trapped in social housing?

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  • AFK_Matrix
    AFK_Matrix Posts: 682 Forumite
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    scottvsaunders wrote: »
    have tried - Lowell , they are all with Lowell (5 of them) :-(

    Been with my bank for 3 years, never been overdrawn and they happily accept the £24 p/month charge for giving me a platinum account but don't offer me any lending facilities at all ...think thats another conversation entirely.

    I hope you get some serious other benefits for having a £24pm account! I begrudge paying £5 to santander and only because i get money back from them. I would drop that account and put the money towards your deposit.
  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
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    If the defaults are from four years ago but now paid off then they should be showing as satisfied which should improve your chances but also it will only be another two years until they are out of the six year timescale for showing up.

    Set a longer term goal of saving a bigger deposit by the time they drop off and in two years you will be in a better position to buy.

    I do agree though that it sounds like more going on here if you have already been outright rejected and only have a 15k deposit on an 80k income.
  • FBaby
    FBaby Posts: 18,367 Forumite
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    We cant go for private renting as the leases are not long term and I have a large family meaning I am stuck in social housing.
    Private rental often start on the basis of a 6 months ast as standard just in case things are not what they seem at the start, but most will either become longer term fixed ast or roll on. I don't understand why you can't look for private rental for a few more years until your credit record improves and you've saved more towards the deposit.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    I suspect the OP has only seen a mortgage sales person at the bank rather than an independent mortgage broker and has therefore not exhausted all avenues to obtaining a mortgage.....yet. In the meantime the OP enjoys the kind of secure tenancy most tenants in the private sector would give their eyeteeth for so for all the OP uses emotive language such as "trapped" his housing situation is actually pretty good.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    "Am I really trapped in social housing?"

    No.
    Save up over the next two years (taking advantage of lower rent), building a decent deposit, and your defaults will have gone so you'll get a much better mortgage rate.

    I'd also seriously consider what benefits your "platinum" bank account is bringing, I suspect it's not worth the £24 a month by a long way.
  • Rosemary7391
    Rosemary7391 Posts: 2,879 Forumite
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    Spend the next 2 years saving - £15k isn't much of a deposit if you're wanting a large house for a large family. Unless you're very far north. What sort of purchase price are you looking at?
  • BrassicWoman
    BrassicWoman Posts: 3,202 Forumite
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    live on the UK average salary of around £28k for the next 3 - 4 years then buy outright with no mortgage; a flat to start if you have to, plenty families live in nice flats

    then 3 - 4years later upsize

    the problem seems to be that you need to stop spending as your deposit is tiny compared to your salary
    2021 GC £1365.71/ £2400
  • fairy_lights
    fairy_lights Posts: 9,220 Forumite
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    scottvsaunders wrote: »
    Basically we live in a Council property and are desperate to buy a new house
    Who are 'we'? I'm guessing you have a partner/spouse who will also be buying with you, what's their credit record like?
    I find it hard to believe that on a salary of 80k you're 'trapped' in social housing.
    You should be able to save a lot more than 15k for a deposit, you could save 40k a year and still live comfortably.
  • aneary
    aneary Posts: 921 Forumite
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    fairy_lights wrote: »
    Who are 'we'? I'm guessing you have a partner/spouse who will also be buying with you, what's their credit record like?
    I find it hard to believe that on a salary of 80k you're 'trapped' in social housing.
    You should be able to save a lot more than 15k for a deposit, you could save 40k a year and still live comfortably.

    The OP has a large family even at 80K if the family is large (large to me means more the 4 children) depending on the children's ages they may not be able to save half their salary.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
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    BrassicWoman wrote: »
    live on the UK average salary of around £28k for the next 3 - 4 years

    the problem seems to be that you need to stop spending as your deposit is tiny compared to your salary

    scottvsaunders - put a SOA up on the Debt-free Board and see if people can help you trim your spending.

    Every pound you don't spend can go straight into savings for a big deposit.
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