Want to be a FTB! How do we do it?

code-a-holic

Me and my husband and our 3 under 4's are currently renting. We are renting a 2 bedroom cottage in Pembrokeshire at £420 a month. My husband is working and recieving £20k a year. I am on Disability and incapacity, both higher rates. We want to buy....we want the security of knowing that there is no chance of a landlord giving us notice (not sure if it will happen but when we moved in landlord said they wer saving house for their grandkids...they are now in late tens and surely neding their own houses soon - eek!). Our eldest is starting primary school this year and it is one of the best school's in Wales (i also went there!) so we dont want to move away from the 8 mile radius. We would ned a 3 bedroom house-or 2 bedroom will ability to extend. The average 2 bedroom in Pembrokeshire is £140k. We have absoloutly no savings and we manage to spend most of our money each month. Will we ever be able to jump on the famous ladder? I spoke to a mortgage advisor and he said we could probably borow £90k max. That would probably get a 1 bedroom flat in pembrokeshire...there arnt even flats in the area we want to stay in!!! Rental in the area is very scarce. Over the last 2 years there has been 1 property come up. £420 a month is very low rent too. ( A ex council house 10 miles away, 2 bedrooms is being advertised at £700 a month. LNG plant opend up so lots of people coming to the county looking for houses).

Turned in to a long one - will stop now. Anyone with experience or advice? Please!

mummytofour

I wonder if you could contact your local council? what about home buy? where the council or H/A will give you up to 25% of the cost of a house you purchase? you sound over crowded so you may gain more points in that case, thats if you have home buy in wales?

code-a-holic

Unfortunatly there are no schemes like that with the local council....there are no council houses (for renting) in the area either.
It looks more and more unlikely that we could not buy a house in this area...but then any other area in the county has the same prices if not higher anyway so no better of in that respect. We ned to find a nice big deposit from somewhere!
Husband job is a very good one and we are expecting a good rise in April - which will help matters. He only started in the company a year ago and is making his way up the ranks quickly....another few years and maybe we would be able to get on this ladder. We are in early 20's so plenty of time for buying houses - just hope our house will not be taken from beneath us in the meantime!

tanith

not sure which area of Pembroke you are in but on the local authority website they have over 6000 properties for rent.... as I say maybe not where you want to be...

But there would be no harm in putting yourselves on the waiting list , or maybe ask the local council to nominate you to a local housing association... while you are trying to save for your deposit..... Overcrowding is one of the categories where you gain preference for council housing... it might be worth looking into anyway.

https://www.pembrokeshire.gov.uk and then put council housing in the search box

Good luck

scheming_gypsy

If you're an FTB look for shared ownership on new build properties, it's not usually your local council that offers the schemes.
My house is a 3 bedroomed mid mews on a brand new estate and was £128,000. I got a 60% / 40% shared ownership on it where i mortgaged for £73,800 on my 60% and pay £51.22 rent on the remaining 40% until i decide to buy more. The rent also covers building insurance

code-a-holic

Thanks for the info - that shared ownership sounds intersting. Will do more reasearch tonight.
I have rented from the council before in a differnt area - the waiting lists are quite short....but its the area's these houses are in. We are curently in a lovely old cotage in a village of about 20 houses surounded by simmilar villages....we really dont want to leave this lifestyle! Not surprisingly most of the people in the area retire to here from away....prices are not FTB friendly - but then you pay for the lifestyle.
My husband refuses the idea of moving to a teraced/flat/largely populated type of home - which makes it even harder. Our wish list does not make things easy for us at all! It may be prooving difficult at the moment but we will appreciate our home evn more when we finally get it.

dellamirandola

Sounds like at the moment it makes sense to try and save money for a deposit and forget about buying for a few years. Not ideal, I realise

ftbworried

:eek: Quote: My husband refuses the idea of moving to a teraced/flat/largely populated type of home - which makes it even harder. :eek:

..and you have only 90k to spend?!?!?! The phrase "beggars can't be choosers" comes to mind. Your husband needs to realise that if he wants his own home he is going to have to compromise. What's more important to him- not living in a house that's attached to others (a terraced) or providing a stable home for his children?

sanfrancisco

ftbworried wrote:

What's more important to him- not living in a house that's attached to others (a terraced) or providing a stable home for his children?

Why is renting not providing a stable home for his children? People are so negative about renting and how unstable it is. I'll tell you what is also unstable, not being able to pay your mortgage and the Bank asking you to leave.

To code-a-holic, don't worry about buying now, prices in Pembrokshire will return to normal levels soon and you and hubby will have more choice. I personally think it wold be a mistake for you to buy at any cost now, and end up in a tiny flat. IF prices were to fall you could be stuck for years. Better to keep out of the dangerous property game at the moment and keep to flexible renting.

However, one day you will be able to buy again and you want to be prepared. So, you will need a deposit and the bigger the deposit the less you will pay to the banks in interest. For every £1000 you save today, that is the equivalent of £2500 on a mortgage. So get saving. Maybe when littluns are at School you could get a job??? This is of course, just my opinion. God Luck.

ftbworried

" People are so negative about renting and how unstable it is."

The OP stated that her landlord will want to take the property back to give to their grandchildren (hence leaving the OP homeless!). Although it's not happening yet, it WILL happen so will have to find somewhere else to live.

"I'll tell you what is also unstable, not being able to pay your mortgage and the Bank asking you to leave."

As is not paying your rent and having the landlord asking you to leave!

Personally I think that for the sake of your children (and their guarenteed education at a good school) you need to at least consider a terraced (what's wrong with a terraced!) as a trade off for providing stability. I agree with sanfransisco in that the best way of improving your prospects of getting on the property ladder is by maybe getting a job when the kids go to school.

code-a-holic

Thanks for everyones advice.
Every route has its drawbacks it sems.

To clear up the terraced thing! My husband grew up in a terace and his family moved to pembrokeshire in his late tens to get away from 'eyes'!!! Just how he grew up and he is now firm that his kids shouldnt grow up like he did. I lived in a terrace for a few years (my parents first bought home) while i was in my first few years of school and never had a problem with it!

I would love to get a job to help the situation but at the moment my health wont allow it. Being treated for 2 damaged disks, fractured pelvis and damged right shoulder....typing this is painful! lol. My youngest is 3 mths - cause of fractured pelvis - i hope by the time she's in school, treatment will be complete and i can fulfil my dream to train as a midwife. Maybe we would be better waiting for my salary before the mortagage.
AArghh! so many what ifs, and maybe's!