How do you get on the property ladder?!

britbabe1979

Just wondered if anyone had any ideas how the heck FTBs are supposed to get on the property ladder!

Bit of background, Me and Hubby have 2 kids and 2 step kids (live with their Mum) and currently rent from social landlord. Hubby been on 3 day weeks since January, my Ex partner (my kids dad) was laid off beginning of December 2008 so as you can imagine we have taken a huge hit to our finances (£2.5k lost since New Year!) All our savings have had to be slowly used to keep our heads above water and they are now not worth counting.

We are desperate to move into our own home, as I want better for my kids than living in a council house, our current house is only 2 beds (with 2 kids and 2 step kids who stay over, this is not fun! The council wont consider moving us till my eldest is 10 years old!!! So another 3 years) and we want something for them when we finally leave this earth.... but how the heck do we do it!?!?!?

You need approx 10%-15% deposit on house... and we need 3 beds so say 100k (nothing fancy, just 3 bedrooms and the usual will do us) so 10k -15k deposit then approx £5k for fees etc So we need 15-20k to get going... thats what my hubby earns P.A on a 5 day week!!! Between us (in good times) we earn £27k and although we get maintenance from my ex we dont count it as he's in and out of work all the time... How the heck can anyone manage to save 20k on an average wage and still live?!?!??!!?

Any ideas/comments appreciated

pizzagirl

Buy a ladder from a hardware store and lean it up against a wall. hey, you're on the property ladder.

chickmug

pizzagirl wrote: »

Buy a ladder from a hardware store and lean it up against a wall. hey, you're on the property ladder.

I for one don't find your comments in the slightest amusing and I do have a sense of humour. For goodness sake this poster wants help and I doubt they will be amused either.

britbabe1979

Think thats about as close as we are going to get anytime in the near future.

Bloody depressing..... want to make a better life for us and our kids and their just seems no blooming way!!

chickmug

britbabe1979 wrote: »

lol! Think thats about as close as we are going to get anytime in the near future.

Oooops so you are amused

britbabe1979

I was trying to be polite ( wasnt particularly amused but as a new poster didnt want to start a ruckus!) Anyway... back to the point in hand!

lostinrates

britbabe1979 wrote: »

Just wondered if anyone had any ideas how the heck FTBs are supposed to get on the property ladder!

Bit of background, Me and Hubby have 2 kids and 2 step kids (live with their Mum) and currently rent from social landlord. Presumably this is a secure tenancy with some safety of tenure into the future, even should things stay difficult for a while?

Hubby been on 3 day weeks since January, my Ex partner (my kids dad) was laid off beginning of December 2008 so as you can imagine we have taken a huge hit to our finances (£2.5k lost since New Year!) All our savings have had to be slowly used to keep our heads above water and they are now not worth counting.
That hit is horrid, you hve my sympathy. But imagine how much worse it could be if it wasn't just the svings but the repayments on your home youwere missing. At least in your social landlord rental you presumably have better security of tenure than if you couldn't pay a mortgage and risk reposesion?

We are desperate to move into our own home, as I want better for my kids than living in a council house, our current house is only 2 beds (with 2 kids and 2 step kids who stay over, this is not fun! The council wont consider moving us till my eldest is 10 years old!!! So another 3 years) and we want something for them when we finally leave this earth.... but how the heck do we do it!?!?!?
Your kids need securtity, food and love. Dedicatrion to their education and to be active and playful and supported through lifes ups and downs. You can do this in rented. What they don't need, I guess, is less financial stabilty and parents even more stressed and worried, and the worry of having lost ''your'' house. I think you can be a great parent in rented ..please don't worry about that too much.

Please don't think its a reflection on your parenting. Being a home owner is a nice aspirartion, being a good parent is something you can do NOW whereever you are. At the moment I guess the priority might be to be very frugal and keep looking for work. Be in a position where the ''now'' is easier before getting to stressed about he future. If you can save, then do it, but there are times when one can't.

chickmug

britbabe1979 wrote: »

I was trying to be polite ( wasnt particularly amused but as a new poster didnt want to start a ruckus!) Anyway... back to the point in hand!

You deserve better answers and I admire your being polite. I don't feel the need to be so polite as this forum is full of great people who offer real and useful advice. I have been in property all my working life and despair on behalf of poeple who want to aim to own their own home. There is no real answer so it is a question of sitting tight and hoping your circumstamces improve and the counrty gets itself together yet hoping prices don't start going up again too much.

It seems to be a split nation those who own and those who don't. Those who own seem oblivious to those who don't yet it is a disgrace that people are not more easily able to own a home. It does in my opinion give a huge amount of satisfaction.

Shared ownership used to be a good solution but due to the prices going up so much the figures now don not make sense but might again at some point in the future.

So aim to own and stick in there and hope others may have more usful pointers.

Wickedkitten

Can you afford to rent a bigger house privately?

pawpurrs

Its not easy, especially with so many kids to be responsible for (well they are not cheap are they)
If you live in a council property, then at least you have a secure tennancy and I guess a lowish rent, will you have the opportunity under the right to buy? If so save as much as you can, in order to have a deposit, then if you get a discount then that really is prob your best option, can you then perhaps extend?
Or are you not that keen on the house you are currently in?
House ownership isnt for everyone, if the mortgage will be higher than your current rent, plus you will have maintenance costs, would you still be happy to buy?

poppysarah

How will the finances work with two sets of bills and the same incomes? Does it leave you or them worse off?
Sometimes there's a lot to be said for not being on the property "ladder".

Ask about your own council house. There's nothing wrong with council housing and there are an awful lot of people who'd chew their left leg off for it.