Will we ever get on the property ladder???????

sugarpants_2

Sorry guys having a 'down' day.

Im 31 years old (DH is 30) and were currently saving deposit on a house. We live in rented (£895 pcm,3bed semi in Berkshire) and were fiding it so hard to save.
We manage to save £500 a month which we stash away in a savings account but then we end up using the credit card for food shopping and extras

So if we didnt save we could live comfortably. Were having to give up socailising, good food, sky, kids new clothes..

Is it really worth it? What will lenders give us on a joint salary of 28k?:( Can someone give me hope and tell me how much we would get and wht we could buy in the South? We really need a 3 bed house if possible.

not_loaded

Rather nice fixer-uppers over here (not far from you) are going for £200 - £220k. Typically a 3-bed semi with decent garden. Farnborough/Aldershot way you’d pay a bit less.

Have you been renting long? Rents have taken a dive in the last eighteen months, so maybe you could renegotiate with current LL or move to cheaper?

Hope this helps you a bit…

BitterAndTwisted

If you're using a credit-card for food-shopping I sincerely hope that you're paying the balance off in full every single month. There's an awful lot of things worse than being able to put away £500 a month when paying nearly £900 in rent alone. Being able to do that on a joint income of only £28k deserves our applause and our admiration! Well done you!

In my opinion, a three-bedroomed home is something to aspire to long-term and if you are a couple without any children I would dispute that you really NEED a three-bed at all.

There is no "property ladder" imo and at present it's more like a property snake.

StiflersMom

sugarpants wrote: »

Sorry guys having a 'down' day.

Im 31 years old (DH is 30) and were currently saving deposit on a house. We live in rented (£895 pcm,3bed semi in Berkshire) and were fiding it so hard to save.
We manage to save £500 a month which we stash away in a savings account but then we end up using the credit card for food shopping and extras

So if we didnt save we could live comfortably. Were having to give up socailising, good food, sky, kids new clothes..

Is it really worth it? What will lenders give us on a joint salary of 28k?:( Can someone give me hope and tell me how much we would get and wht we could buy in the South? We really need a 3 bed house if possible.

With house prices rising so rapidly in the South East, I know its difficult for you.

Do you really need a 3 bed? Would a 2 bed work?

princessamy86

StiflersMom wrote: »

With house prices rising so rapidly in the South East, I know its difficult for you.

Do you really need a 3 bed? Would a 2 bed work?

A 2 bed with the potential to extend when you have a bit more money?

lcharm

I can understand what you're going through and I think it's going to be ages before I get on the ladder myself.

However what the guys have said before about using cards to pay for bills, you need to be careful there as the accumulation of debt with the high rates on the cards can really screw you over in the long run.

Are you both working weekday 9-5 jobs? if so an optoin may be for one of you to take some evening/weekend part-time work to cover bills, food etc... You'll be adding to your sacrifices but it depends how much you want it.

DVardysShadow

sugarpants wrote: »

So if we didnt save we could live comfortably. Were having to give up socailising, good food, sky, kids new clothes..

Oh dear. It's hard down South. No Sky. You poor people. It must be like the 1970's.

I do hope you are clearing the card each month, rather than saving and accumulating a debt balance.

It is always hard to get the first place. I won't bore you with what I had to do, but you certainly have it easier than I did.

VIGILANT22

sugarpants wrote: »

Sorry guys having a 'down' day.

What will lenders give us on a joint salary of 28k?:( Can someone give me hope and tell me how much we would get and wht we could buy in the South? We really need a 3 bed house if possible.

The advice hasn't changed since the last time you asked...in the region of 80k..........wwhich will buy you nothing in Berks.

Milliewilly

DVardysShadow wrote: »

Oh dear. It's hard down South. No Sky. You poor people. It must be like the 1970's.

I do hope you are clearing the card each month, rather than saving and accumulating a debt balance.

It is always hard to get the first place. I won't bore you with what I had to do, but you certainly have it easier than I did.

You just have to start small eg a flat and work your way up if you're confident the market will rise. Or move somewhere where properties are cheaper - there is life north of Watford Gap

sugarpants_2

Hi again

Weve been renting since 2002

We have 2 children both under the age of 7. We are married.

We need a 3 bed as DH works from home 2 days a week so needs an office. Our kids share a bedroom (bunkbeds) but they are different sex and my son whos 7 (going on 13) hates sharing with his sister

So ideally we need a 4 bed..In my dreams!

2 bed wouldnt work not unless it had a office area downstairs?

Our property is cheap in rent.

I get annpoyed as ppl who find out how much we rent always tell me their mortgage payments are the same if not less that our rental payments and cant understand why noone will give us a mortgage if weve been paying £895 pcm for 7 years!!!!!!!!!!!!!!!!!!!!!!:mad: does annoy me too.

sugarpants_2

We both work I work 20 hours a week (during school hours so no need for childcare payments) and Dh works 45 hour weeks.

sugarpants wrote: »

Hi again

Weve been renting since 2002

We have 2 children both under the age of 7. We are married.

We need a 3 bed as DH works from home 2 days a week so needs an office. Our kids share a bedroom (bunkbeds) but they are different sex and my son whos 7 (going on 13) hates sharing with his sister

So ideally we need a 4 bed..In my dreams!

2 bed wouldnt work not unless it had a office area downstairs?

Our property is cheap in rent.

I get annpoyed as ppl who find out how much we rent always tell me their mortgage payments are the same if not less that our rental payments and cant understand why noone will give us a mortgage if weve been paying £895 pcm for 7 years!!!!!!!!!!!!!!!!!!!!!!:mad: does annoy me too.