Mortgages and benefits in 2009

PixieLex

Although self-employed my business is struggling and I receive a variety of benefits.

We are currently live in rented accommodation with a young baby and four year old, and have two month's notice to leave, as the landlady wants to move back in, despite wanting to be here for a number of years.

We don't want this to keep happening as we want to settle with our family and always moving won't be good for them. So how do we go about getting our own place?

Any ideas or advice gratefully accepted. Thanks.

caracal_77

Do you have any savings for a deposit? You'll need at least 10% of the value of property you'd like to buy.

cocktail

PixieLex wrote: »

Although self-employed my business is struggling and I receive a variety of benefits.

We are currently live in rented accommodation with a young baby and four year old, and have two month's notice to leave, as the landlady wants to move back in, despite wanting to be here for a number of years.

We don't want this to keep happening as we want to settle with our family and always moving won't be good for them. So how do we go about getting our own place?

Any ideas or advice gratefully accepted. Thanks.

depends on how your income is poised for the future. if you have at least a 10% deposit then perhaps you should attempt to get a mortgage in principle. then you should look for a good locality and go for the smallest property there that you can afford. perhaps you should rent for atleast another 6 months and then hunt for such a property and these things can take atleast 2-3 months(house hunt, viewings,mortgage approval,etc)

PixieLex

caracal_77 wrote: »

Do you have any savings for a deposit? You'll need at least 10% of the value of property you'd like to buy.

No I'm afraid not - no savings.

PixieLex

cocktail wrote: »

depends on how your income is poised for the future. if you have at least a 10% deposit then perhaps you should attempt to get a mortgage in principle. then you should look for a good locality and go for the smallest property there that you can afford. perhaps you should rent for atleast another 6 months and then hunt for such a property and these things can take atleast 2-3 months(house hunt, viewings,mortgage approval,etc)

Happy to rent in short term to get organised but no savings for a deposit and no likelihood of getting a significant amount together in the next two years.

cocktail

oops! have u considered housing associations to rent /part mortgage from. with them its unlikely you will be asked to move on a frequent basis.
unfortunately, i dont know the ins and out of it, but might be worthwhile considering, given the circumstances

silvercar

No savings, no deposit, struggling business means you are better off staying renting. At least that way you don't have to fund the maintenance of a home.

Much less stressful to organise a home move with 2 months notice than be repossessed with baliffs at your door, nowhere to move to and a blotted credit record.

PixieLex

cocktail wrote: »

oops! have u considered housing associations to rent /part mortgage from. with them its unlikely you will be asked to move on a frequent basis.
unfortunately, i dont know the ins and out of it, but might be worthwhile considering, given the circumstances

I know crappy situation. I had thought of that will be calling them tomorrow. Thanks everyone.