buying as a single parent- how can it be done?!?

kez1_2

with veiw to the possible ending of my relationship i have been looking v closely at what my options are.

rent privatley - this would be as much if not more as the monthly morgage payment in this area.

buy - with a generous share of the equity and a rough calculation of what i could borrow then i could buy a little place, nothing grand but each monthly payment would be another brick and as i say this is likely to be the same if not cheaper than renting!i have worked out that with maintenence etc i could afford the mothly payments etc and i have also listed all the other loving costs/bills etc and this is viable however i would then really struggle once support finishes one my child hits 16/18 as my income would drop quite a lot.i've looked at the option ogf possibly changing the mortgage to interest only at this point which although isnt as great as the repayment option would free up about £100 to spread into other living costs.


i do work full time but am not highly paid and i this isnt something that will dramaticallly change in my career.

i know its years away but i have to be responsible about this and renting or buying i need to know that i can afford to keep the roof over y head and pay the bills, thats priority over everything else.


these are my only 2 options or i stay put in a rellie that i'm not happy in. nightmare.

kez1_2

just had a look at the mortgage calculator i have been using as a guide (i know i need to see a broker, but at this point its all just pie in the sky) and this time i have put in my figure and NOT included tax credits, and what its come up with would still require a huge deposit which mught be possible if i could get more than a 50/50 equity split.

i know these days the banks will more or less throw money at you, so i am keeping my feet well & truly on the ground and thinking about what I KNOW i could afford to repay, not what the bank THINKS i could!

and i wont go into debt to get furniture etc, so long as the little one has what they need then if it means i have to 'camp' in the living room for a few months until i can afford more comfort then so be it!

me4bargains

I just wanted to wish you luck in whatever you do. Going it alone is a massive challenge, I should know because I did it ten years ago!!
I don't know the ins and outs of a mortgage (I'm in a HA property because the average pice of a 3-bed flat here is £260k:eek:), I hope another user can give you advice.

As for buying furniture etc try your local charity shops, some have dedicated outlets with really good pieces. Also try your local car boot and jumble sales. You'll be suprised at what you can pick up.
Also free cycle is suppose to be very good.

Good luck and stay strong.

kez1_2

just wanted to say thanks.

like i say its all still a bit pie in the sky and to a certain extent wishful thinking but i keep feeling this is way for years and at some point i just feel that i need to (very soon) stand on my wn to feet and sat enough is enough.

this site is great and has definatley helped me understand lots of issues relating to money so much more.

thankyou again :O)

Mrs_pbradley936

Since you are thinking of moving anyway could you perhaps strech to an extra room and rent it out? You will not have to pay tax and it could bring in as much as £425 a month. That should help with your mortgage.

catgil

I did exactly what you are thinking of doing about 6 years ago, and I have never regretted it. I'm not on a very high wage either so what I did was to work out everything before hand, so I didn't get any shocks. My youngest has just turned 18 this month and because he's at college I get to keep CB and FC till next year. What I am now thinking of doing is selling my 3 bed semi and buying something smaller.
Whatever you do though good luck and I hope everything goes as well for you as it has done for me. :j

kez1_2

thanx again for the further advice.

i know at least i am in a brighter position than alot of first time buyers (i.e i would hopefully have a big deposit to lay down) i dont know otherwise how i would even be able to consider thinking about all this.

thanks again