Thinking of buying one day!!

Isis_Black

Rockporkchop wrote: »

Don't take this the wrong way but please don't forget to live your lives as well as paying off the debt and saving for a house! Nights out don't have to cost a lot (you can get free cinema tickets on here for a start). Try to get a good balance so you don't look back and regret scrimping and staying in and not seeing the world during your twenties.

oh my god i soooooo agree there!!!
we bought when we were 27 after renting since we were 20, we were sooooo desperate to own and luckily my mother in law sold her house to us discounted so we didn`t have the worry of saving for the deposit, since then we have had nothing but stress, life was a lot easier renting even with 2 kids at the time we went out loads and did stuff but when we bought we found that with the cost of the mortgage, the mortgage insurance and payment protection we have ended up with hardly anything left to be able to do anything to the house or the garden, since then we have had a 3rd child who we had 1 year after buying.
We did get our mortgage time extended on advice form the bank that gave us some money to make some iporvements which we put a conservatory on (very good as it gave the kids more play space)
but i will admit that i have had enough of it to be honest i have fonud that owning isn`t the be all and end all to life, looknig around if we sell we can clear all our debt and rent a place much bigger for less than our house outgoings and still have loads to be able to do more and do more for and with the kids.
Its not helped with the prices of things increasing that has really left us with nothing spare, i did work for a while but i got ill from stress inside work and had to stop on advice from the doctor (for the 2nd time in my life !!!!!!!) so for us and me we are better off if i dont work as it was of course not helping my health or helping my kids as they were upset that i wasnt around as much as i used to be which also added towards my bad health.
But please before you buy make sure that you have loads of spare money after your bills and the mortgage and all the insurances that go along with buying, make sure you have enough spare if anything goes wrong (we did and it was eaten all up when the boiler went on New Years day a few years ago we have nothing left now) and also make sure you have enough money to have fun as well. Dont make yourselves miserable with owning its not worth it but if you find the right palce and the right cost then yes go for it.
Sorry to sound like it is a nightmare, for me yes it has been but for others its been wonderful

barnaby-bear

blondy24 wrote: »

Firefox - I am sorry, I have had a very bad day that's all, I didn't mean to get a bit ratty!

I just find it hard when I see people that seem to spend lots and still have the savings or house etc. Some people in the world just have it too easy.

We were so broke that we lived in separate shared houses Mrs. B-B was in a very cheap all girl one already and I got a place in a church run hostel (I think they thought they could convert me:rolleyes:) when we were 28. 3 beds and 2 dogs sounds very aspirational :-) We were doing grad degrees. Started work and stayed like that for a few years (involved lots of shared house moves - but a 1-bed flat here is £700+ and a really scummy room £300) to get a really good deposit together. I used to get jealous of people with 1-bed flats.

barnaby-bear

blondy24 wrote: »

Hi - thanks for the posts.

Pasturesnew - We don't get any tax credits even when b/f was unemployed for 6 months at the start of this year we were not entitled to any help from the council/gov etc. So we have paid for everything on our own, majority of which on my wage.

Firefox - I agree you have to make sacrifices to get to where you want to be but we have made a lot of sacrifices so far by not ever going out for a night, buying clothes, going shopping in the high street, going on holidays etc. Plus the dogs definitely need a garden otherwise we shouldn't have them if they can't have somewhere to play. Sorry I am not having a go, just in comparison to a lot of other people we do make sacrifices with our lifestyle. We definitely need to downsize tho I agree, unfortunately my idea about my b/f's dad having the dogs for 6 months went out the window so now looking for a place for us and the dogs!!! Oh what fun!

TB1105 - Thanks for your experiences so far very helpful to know that you can get there, I wish we lived closer to my parents and then we would probably all stay with them and save money, but not an option when they live a few hours drive Hope that you have a lovely wedding next week

I think you are being over-optimistic one earning below average income and one unemployed is not average income - it's the rainy day.

There are other compromises to the doggies - would you consider a flatmate or language school student or sharing a house with another couple - a personal space sacrifice but one that does make huge savings on not only rent but the bills.

before_hollywood

bethjones wrote: »

Hi, me any my boyfriend are also hoping to buy a house at some point lol - god knows when!

Im currently a student but he works full time, we pay 400 a month renting now!

He earns 9600 a year plus our tax credits etc takes it up to 16600 a year.
We were looking at a house for 49500 and looking at the repayments approx 280 a month we could afford it. But our bank said they would only lend us 9000 even if we had deposit!

Does anybody have any help or advice about any of this - i mean if we are paying more rent than a mortgage would be - we can afford one?!

Thanks, Beth.

thats odd, maybe they are counting tax credits as non guaranteed income and have really odd multiples

btw where are houses 50k? i'm on the outskirts of manc somewhere cheap and my place would sell for about 90k (there is a smaller one on the street valued at 95k with one less bedroom and nowhere near as much outside space)

before_hollywood

ok well i have been there and just started the independence route

i'll give a brief bit of my story

3 years ago i was one of those awfully surly customer service desk staff at asda, i left because i wanted a house i had seen on a street in the rough part of the town i worked in, it was a mistake in hindsight, northern rock offered me a 100% mortgage with an 5 x income multiple and no deposit :eek:

i left that job for a job at the local call centre, salary was 14k which i thought was the world on a plate every month, with my parents encouragement (or should that be earache) i managed to put away as much as i could every month (i managed the odd small treat which i got guilt trips for at purchase time), i drive a 7 year old car these days, same one i bought 5 years ago, would love something newer but cant afford it.

my purchase time came earlier this year, with deposit, legals and renovation i put in 12.5k and my parents helped me out with the labour and a few k towards the renovation.
i rent a room out to one of my friends, she is 2 years younger than me and one day wants her own place, i know more about budgeting apparently (she says it) as i am the one that has had 5 figures in savings and she has 4 figures of overdraft, but it works out, keep the faith and please dont feel guilty if you spend on yourself a tiny bit, i still do and its awful

Fire_Fox

blondy24 wrote: »

Firefox - I am sorry, I have had a very bad day that's all, I didn't mean to get a bit ratty!

I just find it hard when I see people that seem to spend lots and still have the savings or house etc. Some people in the world just have it too easy.

(((((hugs)))))

Most people don't have a lot of money to spend and a house, they have huge debts that they are hiding from you.

hostie1985

hi blondy

just wondering how you are getting on with the savings front.

hostie

xx

blondy24

Hi Hostie1985 - not getting on really well have started the sealed pot challenge and have started putting money in there and also starting to pay off the debts we have. My OH will get paid a full month this month first time this year so will help. Thanks for everyone's support.

hostie1985

once you oh gets paid - it would make a huge difference, and will be able to pay your debts alot quicker! and save alot quicker as well! all the best!

hostie