How does anyone get onto the property market??

LilacPixie

Not everyone is able to buy their own house. At the moment your income and saving mean you can't buy. You have a few options, either try earn more and continue to save deposit hoping that prices will fall or stagnent and the amount availible for you to borrow increases so you can buy. Or, you could look at a different area. Or you could just try save as much as you can and e prepared to maybe have 5+ years of doing so before you will be in a position to buy.

Thrugelmir

FTBFun wrote: »

This may sound a little harsh, but not racking up £30k of debt might have been a good start.

That £30k plus the interest you'll repay on it would have been your deposit. The hard fact is that's how other people have achieved it.
They haven't been partying away with an attitude of pay tomorrow.

Its everyone's own choice how they spend their money.

beckythemadcow

puddy wrote: »

http://www.rightmove.co.uk/property-for-sale/property-17503677.html

this is nice, road looks pretty but i have no idea of the area

I used to live the other side of St James Park, very nice there. Lots of council flats along Church St, I used to think it was a bit rough until I moved to Birmingham!

Not a bad area to bring up a young family, near the park and the High st with a good selection of shops.

moneypuddle

i got together our £27k deposit by rennovating another property, making profit and selling it on. can you buy somewhere cheaper that needs work and get a bigger place that way?

poppy10_2

You've done invredibly well to pay off £22,000 in debt in just two years. If you carry on at that pace for another 2-3 years you will have built up a hefty deposit, and your earnings may be higher if your kids start school and you can return to full time work. At 27/28 years old you will still be much younger than the average first time buyer. I appreciate you want to have it all right now but that's not a realistic possibility especially with the start you have had. There's no harm in waiting, house prices don't look like they will be shooting up any time soon.

shirlgirl2004

I think realistically you have made it much harder for yourselves by having children before buying. My DS has recently bought a property with his girlfriend. They are 21 and 22. It cost £185k. Neither have fantastic jobs (he is still training in the army) but they have saved hard to buy a small 3 bed place. In a few years when his salary increases they will be able to afford for his GF to give up work to look after a child (or 2). They don't have nights out and lovely cars but they do have a vision for where they want to be.

BitterAndTwisted

It's not going to be possible to save substantial amounts towards a deposit while you're paying off debts. I also don't understand why you think you NEED a three bedroomed house when you have a toddler and a newborn. Perhaps your ambition exceeds your ability to satisfy it. I think you're going to have to do what nearly everyone else does: make serious sacrifices for a long period of time. Fortunately you are both very young, so if you've got the stamina and can keep your energies focussed on the far horizon you should get there eventually.

TeamLowe

I'm sorry but i agree with the above, i'm 25, and desperate for children but i know that right now whilst i'm on a full wage is the best time to save for a house as we've got 1k to put in savings each month, hoping to have deposit and fees in 18 months, and being on 50k between us means we can afford a family home straight away in a rather cheap town- nice areas round here it's about 120-130k for a decent 3 bed
Once your children are in school you'll have a lot more spare each month too, so maybe not be a decade but more like five years? x x

claire16c

shirlgirl2004 wrote: »

I think realistically you have made it much harder for yourselves by having children before buying. My DS has recently bought a property with his girlfriend. They are 21 and 22. It cost £185k. Neither have fantastic jobs (he is still training in the army) but they have saved hard to buy a small 3 bed place. In a few years when his salary increases they will be able to afford for his GF to give up work to look after a child (or 2). They don't have nights out and lovely cars but they do have a vision for where they want to be.

True, but my DH used to be in the army, and they pay hardly anything to live in the barracks, so it cant be compared to a civvy paying rent each month. My DH saved a ton in the last year when he was in, for when he came out of the army, just to prepare for when he came out as knew it would be a shock.

So Im not sure if I agree or not. Where I live a 3 bed is going to cost me around £250k so Im not waiting til I can afford that to have kids or my fertility will have gone out the window

So we'll just live in rented and keep saving until then.

Mrs_Z

I'm with Jack Johnston on this one - took us 5 years to save for the deposit to get on to ladder and we had no other debts to start with. Equally, decided it's a 'no' for the children too.

Life is full of compromises.