mid twenties looking to buy first home with gf

FirstTimeBuyer_3-2

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maninthestreet

Why isnt saving an option? You have a joint income of 45K, so should have plenty available to save.

suisidevw

What sort of property are you after? a £70k flat or a £200k semi?

Saving for a deposit for a £70k flat is more than reasonable

suisidevw

Use these next 2 year to re-build your 'history'?

How is it so bad?

How much savings do you have?

What property price areyou looking at etc?

Fire_Fox

Sounds like you are trying to run before you can walk! Once you close the defaulted accounts you have another six years until they fall off your credit history. If you can't save for a decent deposit you can't afford a mortgage and all the costs of owning property (service charges, repairs etc.).

Complete and post on the DFW board for help on your defaults and reducing your outgoings:
http://www.makesenseofcards.com/soacalc.html

Also join the 'make £10 a day challenge' and read 'live on £4k for a year' for ideas on how to save up the 25% deposit quickly. It's perfectly possible, just needs some dedication.

sarah_elton

I'm confused as to how a couple earning £45k would be on the list for social housing.

I would say rent together while you save a deposit (regardless of how long that takes). Any rental through a letting agency will involve a credit check. I rented for 18 months direct from a landlord and he never bothered doing one. That may be the only way to go, but obviously some landlords will do their own checks. One way around it may be to offer the landlord six months rent up front, but there are risks to this (e.g. house gets repossessed if landlord is behind on mortgage).

Jowo_2

Added after the OP deleted all their posts:-

To those who missed the original post, plus its responses, the OP and his girlfriend, both graduates living separately with their parents, and who have a joint annual income of 45k, asked for advice on his options for buying property because he hadn't been the social housing list for very long and knew he was unlikely to secure a tenancy, plus had 4 judgements against his credit record, and they were planning to start his second family together.

Over the course of the thread, where many positive suggestions were made on his housing options and rejected, sometimes mocked (example "I hope living like paupers, and sacrificing any sort of standard of living makes you feel better.. enjoy your lentil soup tonight"), , he revealed an entitlement to social housing because of the taxes he'd paid over the last 10 years, most of which he spent as a student.

In his own words, he was aware how to "play the system" in order to secure priority definition for housing.

He expressed certainty at gettng social housing when his girlfriend presents herself as pregnant and homeless in a year or so.

Therefore, any comments you see posted in response to his plans, should be seen in the context of his argument as to why graduates on a 45k joint income deserve social housing.

FirstTimeBuyer wrote: »

With private renting,I think we'll struggle putting away enough to get the deposit in the next 6/7 years, let alone 2 to be honest.

With regards being on the list for social housing, I dont recall it specifying a top earning limit for registration? New one on me if it is I thought it was for everyone?

There are few restrictions on who can apply for social housing and I am not aware that income is a factor. Allocation is based on need which is why 2 healthy adults without children and with a healthy salary belong to the least likeliest group to be granted it. Here's the criteria for council housing.

What are points?


The law states that in allocating housing 'reasonable preference' must be given to certain categories of persons. These categories are:

• people who are homeless
• people living in insanitary, overcrowded or unsatisfactory housing
• people who need to move on medical or welfare grounds
• people who need to move to a particular locality in the district of the authority, where failure to meet that need would cause hardship to themselves or to others

You sound like good candidates for other social housing schemes, the affordable purchase type, and here's a handy link to them.

http://www.direct.gov.uk/en/HomeAndCommunity/SocialHousingAndCareHomes/index.htm

gemstars

Social housing is available to everyone but those more in need come first so you might find you're waiting a long time.

What sort of price range are you looking at for a house?
How much are you expecting to save a month?

FirstTimeBuyer_3-2

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maninthestreet

FirstTimeBuyer wrote: »

With private renting,I think we'll struggle putting away enough to get the deposit in the next 6/7 years, let alone 2 to be honest.

With regards being on the list for social housing, I dont recall it specifying a top earning limit for registration? New one on me if it is I thought it was for everyone?

You have a joint income of 45K - you only need a one bedroom flat to rent. How much is the monthly rent for a one bed flat in your area?

Out,_Vile_Jelly

As a couple you're in a much stronger position to save than singletons- how do you think we manage? Why should "just saving" not be an option for you?