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Will I be renting for the whole of my life?
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sacha28
Posts: 881 Forumite


Any knid of mortgage advisor out there, please feel free to chip in!!!
My situation is a strange one.....I'm 28 and take home approx £24,000 per year. My partner is 35 and takes home approx £20,000 per year. I was saddled with all kinds of things that weren't paid by by abusive ex, most of which are almost paid off. My partner is also saddled with debt from his ex as she's on all sorts of benefits and, being a worker not a shirker, he's been made liable for them all. My partner is also nearly there with his debts (we've worked hard together to get to this point!!).
For some reason, even though I haven't had any kind of credit since 2005, I applied for some a few weeks back and was told to !!!!!! off!!! Neither myself nor my partner feels we are very 'credit worthy' so have rented for the past 2 years, and to be honest the world of mortgages is alien to both of us so we haven't really looked into buying. Then a friend told us that mortgages are dealt with differently.......how true is this? What's the criteria for a mortgage? I'm a nurse in the NHS so I know that there are deals for keyworkers but what about deposits and things? I'm not a saver, never have been, as I don't believe in denying myself something I need/want for something that may not happen a few years down the line!
Your thoughts and advice are very much appreciated!!!!
My situation is a strange one.....I'm 28 and take home approx £24,000 per year. My partner is 35 and takes home approx £20,000 per year. I was saddled with all kinds of things that weren't paid by by abusive ex, most of which are almost paid off. My partner is also saddled with debt from his ex as she's on all sorts of benefits and, being a worker not a shirker, he's been made liable for them all. My partner is also nearly there with his debts (we've worked hard together to get to this point!!).
For some reason, even though I haven't had any kind of credit since 2005, I applied for some a few weeks back and was told to !!!!!! off!!! Neither myself nor my partner feels we are very 'credit worthy' so have rented for the past 2 years, and to be honest the world of mortgages is alien to both of us so we haven't really looked into buying. Then a friend told us that mortgages are dealt with differently.......how true is this? What's the criteria for a mortgage? I'm a nurse in the NHS so I know that there are deals for keyworkers but what about deposits and things? I'm not a saver, never have been, as I don't believe in denying myself something I need/want for something that may not happen a few years down the line!
Your thoughts and advice are very much appreciated!!!!

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I'm not a saver, never have been, as I don't believe in denying myself something I need/want for something that may not happen a few years down the line
If you want it enough, you'll manage it.
If you get the money together and then fate means home ownership isn't going to happen, your deposit is still there - ready to spend on something else!0 -
I know I need to change my attitude to saving but I'm an incredibly impulsive person and planning ahead is not in my way of thinking! Saying that tho, I have just opened a savings account, against my better judgment, but only because my partner has just propsed and I don't want to get saddled with debt that could last longer than married life ha ha!!
I guess that's just answered my question, 10-15% of the price of a house in south devon will take longer than forever to save.......0 -
You can make yourself become a saver by changing the way you look at things. Don't think of it as 'denying' yourself, think of it as building your future. If you set up Standing Orders for savings, you won't even notice they are gone. With a household income of £44,000 and your debts nearly paid off, you seem to be in an ideal situation to save. Go onto Debt Free Wannabee forums, post a Statement of Affairs and get help with budgeting.0
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Saving isn't so much about depriving yourself of things you want/need; it's more about cutting out the mindless frittering away.
On your salaries, you should be able to tailor your spending so you can be impulsive (within reason) but still have a long term view.:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0 -
... I guess that's just answered my question, 10-15% of the price of a house in south devon will take longer than forever to save.......
Now, some people always go on to get a house, no matter how adverse the conditions - and we have been here 3 times in the last 35 years. Those who make it are the ones who are not intimidated out of making the attempt to save for a deposit.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Your thoughts and advice are very much appreciated!!!!
Hi
Criteria for a mortgage are you need 10 - 15% deposit, then you'll normally be able to borrow approx 3 times your salary (or combined salary). The mortgage lender needs to see that you have a decent chance of paying the mortgage, which they will assess from your credit record, e.g. do you have a good record of keeping to commitments and paying bills on time.
Frankly, in today's climate, you will be renting all your life unless you have a major change of mindset and get in to the habit of being careful with money and saving. You are going to have to decide in life whether you want to live day to day, or whether you want to make an effort to save and have more security. Personally I prefer more security, but it does take a lot of sacrifice these days. Starting with a savings account is a great idea.
Hang out at these forums and educate yourself on mortgages and ways to save money. You'll thank yourself for doing it when you reach later life.
Best of luck.
Rgds0 -
At 28 I wouldn't sorry about it too much. The average age of a FTB is now 38.
At 28, I was living in a grotty unheated rented flat, had recently been made redundant and was broke.
Last year, at the ripe old age of 37, I bought my first house - a year ahead of the average!
The lesson is that there is no rush and circumstances do change0 -
personally I think you should wait as well. The trouble with mortgages is people think they are buying a future but if you take into account the interest you pay to the bank - it's just like renting (interest) but adding a bit to buy the house. You may as well get a good savings account with maybe a bit of risk like a shares fund or something.
As you have seen currently, the value of houses can go up as well as down so it's an investment like any other.
Mortgages make you less mobile - more trouble if you have to move for career reasons and so perhaps less ambitious. And they also involve maintenance - another thing you don't have to do if you don't own the house (in England at least).
Interesting as someone pointed out, Germans and French, who have the best economies in Europe, have the lowest home ownership. The UK, Ireland, Greece and Romania have the highest and apart from the UK, their economies are shot.
Also, when you rent in Germany (don't know about France), you rent the four walls and fixtures, rather like leasing a shop premises. However, you do all the maintenance, furnishing and decoration so it feels more like your own home. It's really quite difficult to rent an unfurnished house here.
Don't buy unless you really feel like you'll be there for the rest of your life and don't buy as an investment, buy a home.
WBBO/S Weight Loss 1.75/80
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