Stuck in a 1 bedroom flat - is there anything we can do?

clairehi

I really feel for the OP, it is a nightmare trying to have a family and get on the housing ladder. my OH earned a similar amount when we had our first but we were able to buy a 2 bed house for a lot less. even so I was back working fulltime after a year as we couldnt get by on one salary.

t really is disgusting the poor rates for pay for graduate scientists, at a time when the government is always going on about how we need more STEM skills in this country.

the OP and her other half clearly need to increase their income somehow and various people have made good suggestions. however I wonder whether he needs to consider a career change in order to earn enough to get by?

patchwork_cat

It isn't just scientists though it is frquently a problem for alsorts of graduates - and then they worry about the brain drain.

A lot of people do have to return to work after having children albeit part time. When I had my son I was only entitled to 6 months off and feel that I never got that time with him back even though it was only part time. I think that the govt moves to longer maternity leave is good and wish that it had happened 15 years ago.

Essexgirl81

patchwork_cat wrote: »

Well done for posting your SOA. As others have said your water does seem high we are metered and have a 4 bed with 4 people and our payment is £50 and I am not frugal with water, much as I wish, I love my baths and we do a LOT of washing ( I wish we didn't!). My electricity similarly is £50 too - although we do have gas heating, is yours storage heaters?

We've got a water meter too and the supplier is Anglian Water which has always seemed to be an expensive supplier compared to Thames or Essex & Suffolk. Not much can be done about it though can it? Imagine being able to switch water suppliers like we do with electricity & gas to get a better deal!

We're also quite lucky because we have gas central heating and not the electric storage heaters that are more common to get in flats.

neas

I think the long and short of it is, you've got to get really savvy with money really fast....

Cashback,
Ebay,
Reducing bills, shopping around
Using coupons perhaps for your shopping (see coupon thread in discount sectin)

Then both of you have to set a target of paying 500+ pounds off your mortgage each month, you need to start reducing your equity cause your flat most likely isnt going to be worth what you paid for it for 6+ years if not longer... so you need to take actions to reduce thed time you have to spend there.

Renting it out and living with mum and dad rent free would help too... as it would allow you to save more off mortgage... but dont forget to overpay every month and if not overpay save into another account so when you go onto SVR pay off a big chunk etc. then fix again

barnaby-bear

Essexgirl81 wrote: »

We've got a water meter too and the supplier is Anglian Water which has always seemed to be an expensive supplier compared to Thames or Essex & Suffolk. Not much can be done about it though can it? Imagine being able to switch water suppliers like we do with electricity & gas to get a better deal!

We're also quite lucky because we have gas central heating and not the electric storage heaters that are more common to get in flats.

Huh! ???? I'm on Anglian and it's around £20 a month on average (water meter too) and that includes the garden watering in summer/dishwasher. Probably worth monitoring as it doesn't sound right, are there arrears?

barnaby-bear

clairet707 wrote: »

Im only earning £23.5K as a chemistry postgrad and thats at GSK, so not sure where the jobs that pay more are...

Ive been looking round and I cant find many that pay more than that (Im currently a temp but am looking for perm work)

Hope Essexgirl finds / sorts something out soon, living like that must be hell :sad:

I've had students (inc. postgrads) have that kind of entry level salary but they've pretty soon been able to move on - the OP suggested this was after several years. If the jobs aren't permanent it's worth bearing in mind that academic (and we have problems keeping people because of the 2 year contracts) salaries have improved (and the 8+ weeks holidays plus pension and possibility of cheap accommodation) and are better
http://www.admin.cam.ac.uk/offices/hr/jobs/vacancies.cgi?listing=4
REsearch assistants (the lowest grade) get more than that now and the opportunity to boost income via teaching. Not permanent but better paid.

School teaching in a shortage subject like chemistry pays far better and private schools generally don't care about PGCEs.

Good graduates in logical scientific subjects can get more in teaching, retail, general managment, even working for the council etc... with opportunities for promotion - at some point if the employer isn't paying people with skills leave and if there is only one such employer who seems to offer little prospects in the area relocating/changing field (earlier - it gets harder as you get older) should be considered.

http://www.totaljobs.com/JobSeeking/Chemistry.html

Food manufacturers take general scientists including chemists and ok it's not cutting edge but it pays better. I was staggered by the salaries Cadbury's paid. Environmental health officers have much better pay scales and it's not exactly hard science taking swabs or reading a decimeter.

LittleCharlie

barnaby-bear wrote: »

Environmental health officers have much better pay scales and it's not exactly hard science taking swabs or reading a decimeter.

To be an EHO you generally need a degree in Environmental Health. My father is a local government EH manager, and won't employ staff without the degree. However, he does pay his EHO's £28 an hour. And they do an awful lot more than taking swabs and reading decimeter. Hell, he even managed to turn the water supply to an entire town pink when he was my age.

poppy10_2

Essexgirl81 wrote: »

After having a peek on Rightmove I was amazed (and a little bit upset) to find that the guy who lives upstairs has put his 1 bed on the market for only £105,000 which obviously undercuts us quite considerably.

Unfortunately his property actually looks a bit nicer than yours too, although that might just be the photos. Either way, leaving your flat on the market at £125k is just pointless. Couldn't you drop it to £115k, and accept any offer over £108k, which would be sufficient to pay off your mortgage? That way you could move into a cheaper rented property (you say similar properties rent for much less than you are paying for your mortgage) and cut down your outgoings.

Your only other would be, as people have suggested, to try to find decently paid work, although it's difficult with a young child once you take childcare costs into account. You're better off getting rid of the flat before you get stuck in negative equity.

Best of luck. I'd post your SoA in the debt-free wannabe board, you'll get a wider (and kinder!) response there.

Dick_here

neas wrote: »

I think the long and short of it is, you've got to get really savvy with money really fast....

Cashback,
Ebay,
Reducing bills, shopping around
Using coupons perhaps for your shopping (see coupon thread in discount sectin)

Then both of you have to set a target of paying 500+ pounds off your mortgage each month, you need to start reducing your equity cause your flat most likely isnt going to be worth what you paid for it for 6+ years if not longer... so you need to take actions to reduce thed time you have to spend there.

Renting it out and living with mum and dad rent free would help too... as it would allow you to save more off mortgage... but dont forget to overpay every month and if not overpay save into another account so when you go onto SVR pay off a big chunk etc. then fix again

This is the sort of post that you really need to pay attention to immediately, essex. Career changes etc are a long-term possibility but you need to do something now.

Have you any savings at all, anywhere ? Could hubby stop paying into his pension ? Anything and everything needs to be considered.

If you were able to sell the flat today, could you afford all the fees that go with selling and buying a bigger place, as well as a higher mortgage ?

Wen your fix comes to an end, how about going interest only ? The opposite of what I said previously I know, but it would save you a chunk each month - maybe more than your repayment capital balance will go down by each month at this stage ? If moving is your priority, that's the approach to take, perhaps.

If it were me, I'd look at renting the place out if either of you have parents who could accommodate you cheaply. Good luck !

patchwork_cat

BArnaby bear - most private schools will want some sort of post grad degree. They will ask for more qualifications than state rathr than less, although as you point out frequently are not bothered about PGCE. Also agree from what I know about Environmental Health officers once upon a time you could get into things like that without a specific qual. in EH, but not now. They typically earn 25-30K so not loads more than OP DH.
Essex girl - serriously your elec and water are very high for a 1 bed flat.We had a problem when we first moved here the meter reader was reading the wrong water meter . I have also heard of 1 flat paying the bill for other flats - check it out. As I say I am a SAHM and our Electricity is £50 pcm for a 4 bed house with 4 people and that includes a teenager who leaves his laptop on all day GRRR. ( I have told him next time I catch him I will charge him!!)