mid twenties looking to buy first home with gf

Idiophreak

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.

I was in exacty your posistion a couple of months back, facing a choice - stay at home for another 3 or 4 years, saving everything I could, to scrape together a decent deposit. Alternatively, I could rent with the gf and face *years* of saving whilst paying silly rental costs. People who advocate this "stay at home, save" approach don't seem to realise how upsetting it is to be in your mid-twenties, living apart from the person you want to be with, living on a shoe-string for years, etc.

Anyway, we went down the shared equity route in the end. (didn't fancy shared ownership tbh). We got a nice flat, took a 25% deposit loan for a max of 10 years. Mortgage repayments are 660/month, vs private rental of around 900 in the same area. If we save the £240/month difference each month, we'll be well over halfway to repaying the loan by the end of the ten years - oh..and we'll be 10 years in to paying off our mortgage, too.

Anyway, just food for thought, I'll stick the usual caveats - this worked for us, might not work for you, schemes shouldn't be entered into blindly etc etc etc - anyway, I'll sit back and wait for the flaming to start

Idiophreak

FirstTimeBuyer wrote: »

Idiophreak, thanks for your response nice to hear from someone in the same boat!

Was the deposit loan with the co op scheme thing? do you have good credit?

We went through a private scheme with the builder (new build) in the end - most builders offer them these days.

Fortunately I have (well, had ) a pretty much perfect credit record...not sure how hard it would have been to get an agreement with a poorer score (although, that said, we took < 3x multiplier, so weren't stretching ourselves, anyway)

Idiophreak

FirstTimeBuyer wrote: »

again, forgive my ignorance on this - by builder you mean like whatever homes ltd. when they put the boards up, you went direct to them? I think there is a development like that near me we were looking at.

Another thing I wanted to ask, IF my bad credit was an issue, considering my gf is well paid and could afford the place on her own, can she get it in her own right and me be down as a 'lodger', for all intents and purposes?

Yeah, we went round plenty of new developments, pretty standard set of questions..."Hi, we're interested in a 2 bed flat - do you have any left? Do you offer any schemes to assist FTBs? can we have a look?"

Your GF getting the mortgage on her own shouldn't be an issue at all - but just think carefully about that...Need to work out how you'll be effected if you split up, things like that - know it's not nice to think about, but you have to when you're talking about buying a home together.

Might be worth seeing an IFA and getting them to talk over your credit history - they'll be much better placed to advise as to whether to try together or solo.

Jowo_2

FirstTimeBuyer wrote: »

just reviewing the social housing requirements - I have a 6 year old who I see regularly etc, also my girlfriend for all intents and purposes lives with me at my Mums house, as there isnt a room for her at her house anymore - is it worth declaring all this to the council and hoping we get bumped up the list? Reading that criteria it seems to be more than relevant!

Only issue is that I can't see my childs mother giving a written statement as to the current contact arrangement....

Generally social housing providers ignore visiting children who are only counted at the place of their primary residence - if your girlfriend has housing problems at her current place, perhaps the council will assist her.

And feeling that you are overcrowded versus actually being overcrowded for the purposes of scoring extra points for your housing application are two separate things and only an assessment of your needs and the household will determine this.

When someone who is earning good income presents themselves as potentially homeless (if they have been asked to leave a relatives house for example) is generally given housing advice by the council on to how to secure private accommodation than given a council flat, unless your local area is blessed with lots of social housing or where they offer hard to let estates to those with few points because no one else will go there.

You and your girlfriend both gross approx £3750 per calendar month (and should be clearing about £2,800 per month after tax) are extremely unlikely to qualify as tenants in social housing where the rent levels are likely to be a mere 10% of your income....

I analysed the choice based letting statistics for my local council where people bid for properties (not all local councils operate CBL but it at least shows you the odds against getting a flat). The smallest number of bids was 20, the highest was bid for by 350 people. Those in the lower bands of priority virtually never secured any accommodation as the majority of properties were nearly always given to priority 1 applicants (homeless, overcrowded, in medical need).

By all means, contact your council housing department about your problems to see if it catapults you up the list in the way that you hope and follow up your applications with local housing associations.

Pee

I'm assuming that as you are thinking about children this is a commited relationship. In which case the property should be in both names, although look at agreements between you as to how you hold in in case you do split up.

What would happen if you did have a child? Would your gf want to be at home with it for a certain period? How would your finances work out then? Look at entitled to. Would buying still be an option with only your wage?

I do think if you want to buy a house or have a baby that either can be your major financial commitment but trying to do both at the same time seems like additional pressure and / or impossible to me.

If you need to borrow additional money i did so with the Credit Union.

FirstTimeBuyer_3-2

Jowo wrote: »

Generally social housing providers ignore visiting children who are only counted at the place of their primary residence - if your girlfriend has housing problems at her current place, perhaps the council will assist her.

And feeling that you are overcrowded versus actually being overcrowded for the purposes of scoring extra points for your housing application are two separate things and only an assessment of your needs and the household will determine this.

When someone who is earning good income presents themselves as potentially homeless (if they have been asked to leave a relatives house for example) is generally given housing advice by the council on to how to secure private accommodation than given a council flat, unless your local area is blessed with lots of social housing or where they offer hard to let estates to those with few points because no one else will go there.

You and your girlfriend both gross approx £3750 per calendar month (and should be clearing about £2,800 per month after tax) are extremely unlikely to qualify as tenants in social housing where the rent levels are likely to be a mere 10% of your income....

I analysed the choice based letting statistics for my local council where people bid for properties (not all local councils operate CBL but it at least shows you the odds against getting a flat). The smallest number of bids was 20, the highest was bid for by 350 people. Those in the lower bands of priority virtually never secured any accommodation as the majority of properties were nearly always given to priority 1 applicants (homeless, overcrowded, in medical need).

By all means, contact your council housing department about your problems to see if it catapults you up the list in the way that you hope and follow up your applications with local housing associations.

according to the guidelines of our local council, non-resident children and one room shared between two same sex siblings over 16 would make a difference to our application - granted we might not go to top priority but certainly more so than we are already.

Social housing would be our best bet, but realistically of course its unlikely we'll get somewhere anytime soon. Idiophreak thanks again for your input, I think thats our next move certainly to speak to some of the builders directly, and see what they have to offer.

Jowo_2

FirstTimeBuyer wrote: »

according to the guidelines of our local council, non-resident children and one room shared between two same sex siblings over 16 would make a difference to our application - granted we might not go to top priority but certainly more so than we are already.
.

Then you are lucky that your council will count non-resident children as mine clearly say that children of separated parents will be classed as having one main residence unless there are substantial social or medical factors why they are split across two homes, saying that they need to be proved along with child care arrangements.

carefullycautious

Im amazed that you would even be considered with your income. I know our local authority want to know all about your income savings etc and would be pointint you toward private rental. You must be in an area where there is surplas stock/not big waiting lists. Great if you could get one as you would then have the right to buy.

FirstTimeBuyer_3-2

carefullycautious wrote: »

Im amazed that you would even be considered with your income. I know our local authority want to know all about your income savings etc and would be pointint you toward private rental. You must be in an area where there is surplas stock/not big waiting lists. Great if you could get one as you would then have the right to buy.

why? your income is irrelevant with social housing?

poppysarah

Can't save or won't save. Clear your debt. Save a deposit. Be harsh on your spending and you'll be done before you know it. Live like a king and you can't save.