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    • scottvsaunders
    • By scottvsaunders 12th Jun 17, 9:22 PM
    • 6Posts
    • 3Thanks
    Am I really trapped in social housing?
    • #1
    • 12th Jun 17, 9:22 PM
    Am I really trapped in social housing? 12th Jun 17 at 9:22 PM

    I wanted to see if anyone could give me some advise as we seem to be in a bit of a grey area within the housing market.

    Basically we live in a Council property and are desperate to buy a new house, I have a full time job and have a very good job thanks to a lucrative commission structure and earn over £80K ever year. The issue we have is that my credit rating is pants thanks to defaults gained 4 years ago when times were not so good. These debts are now paid but still showing on my credit file and stopping me from getting a mortgage - even trying to do the "right to buy" is a dead duck again due to credit rating. 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.

    When the local council brings in loss of subsidised rents for high earners we will be paying alot more and have no where else to live.

    Am I missing something or is there really nothing we can do other than put up with it till the defaults start to drop off etc ?

Page 2
    • Mojisola
    • By Mojisola 13th Jun 17, 10:08 AM
    • 28,515 Posts
    • 72,650 Thanks
    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
    Originally posted by BrassicWoman
    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.
    • VintageHistorian
    • By VintageHistorian 13th Jun 17, 10:08 AM
    • 255 Posts
    • 1,623 Thanks
    Unless you have other savings that 15k deposit is more like 10k when you take in to account solicitors and surveyors fees and SDLT (unless you buy a property under the threshold, but if you need a "large" property then even buying up North may see you just edge in to the bracket) plus moving costs.

    When we applied for a DIP the mortgage advisor was very clear that we needed to either take a chunk out of our deposit or have a separate amount saved for these costs (we'd got separate savings).

    It sounds like you need to post an SOA on the Debt-Free Wannabe boards and get some advice on how to trim your outgoings so you can save more towards the deposit. Like the others on this thread have said, it's only two years until your credit rating will be significantly improved, and in that time you'll have built up a deposit, a separate costs account, and done some thorough research in to the house buying process and the areas you'd like to move to.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Make £3 a Day in September 2017 - £29.31/£90 (2017 total - £164.27) | Womble #03 - £4.32 | Overpayments in 2017 - £926.72
    • NelliePie
    • By NelliePie 13th Jun 17, 4:21 PM
    • 91 Posts
    • 303 Thanks
    Honestly, Speak to L&C. they were wonderful and took the time to go though exactly what our situation was and what we were aiming for (and all of my million FTB questions!) I am in no way affiliated with L&C I just had a really good experience.
    When life gives you lemons, find the tequila!
    MFW: FTB June 2017 £144k. Target 128k June 2019
    • leslieknope
    • By leslieknope 13th Jun 17, 5:21 PM
    • 303 Posts
    • 446 Thanks
    you could be saving a much bigger deposit.

    and be grateful you have social housing. a lot of people would love to be as 'trapped' as you.
    CCCC #33: £42/£240
    DFW: £4355/£4405
    • KiKi
    • By KiKi 13th Jun 17, 5:34 PM
    • 4,923 Posts
    • 7,998 Thanks
    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.
    Originally posted by fairy lights
    Whilst I agree £80k is a lot of money - and they could save easily on that salary - after tax and NI it's probably around £54k. Saving £40k a year is a huge stretch, esp with a large family. Maybe 20k.
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
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