How does anyone get onto the property market??

GDB2222

gembaxter wrote: »

I am just totally fed up with paying someone else's mortgage in our rented property. I want my own place now.

Forgive me, please, but I looked at that, and then immediately below it were the details of the total mess you got into over debts for things you wanted 'now'. OTOH, you've done extraordinarily well paying off so much so quickly. If you hadn't started from minus £30k, you'd have over £20k saved by now, and that home wouldn't look so distant.

e-nid

If you want a house you start saving as soon as you start earning......as said above don't fritter money on rubbish.

My son bought a 3 bedroomed house when he was 21 and single, similar prices to you mentioned. He just saved up....and he still had fun along the way !

bristol_pilot

Here's how people do it:

1. move up north where houses are cheaper
2. save for 5, 10, 15+ years
3. get a better job / climb the career ladder

or any combination of the above, of which you appear to be willing to do none. Personally, I did all three of the above before I was in a position to buy a 3-bed. Got it now, but it took application and effort over a sustained period of time.

Scully38

I got m first house 18 years ago, and managed to get the deposit by working in a refugee camp during war time and worked two jobs. I started off small and worked my way up from there. My first house wasn't in a great area, but it as quiet enough. Your best bet is to start off small and work your way up, especially as you are struggling to find something in your budget. Start off with a two bed, put the kids in bunk beds until you have enough equity in your home. Also look at areas just outside the town area, they are usually cheaper, so you get more house for your money. The compromise may be that you have to travel further into work/take the kids to nursery/school Once you've paid off your debts, keep saving that money that you pay off your debts with. Put it in a high interest account and you'll soon get your deposit.

If you really want a house bad enough you'll find a way to save the money.

Matt1977

BitterAndTwisted wrote: »

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.

The OP's children aren't going to remain small for very long. I'm sure OP is thinking of a long term purchase - a place to live for the next 20 - 30 years. Although a 2 bedroom flat will suit them now, the children will become teenagers before they know it and they will want their own bedrooms.

Thrugelmir

Matt1977 wrote: »

The OP's children aren't going to remain small for very long. I'm sure OP is thinking of a long term purchase - a place to live for the next 20 - 30 years. Although a 2 bedroom flat will suit them now, the children will become teenagers before they know it and they will want their own bedrooms.

Therein lies an issue. Everybody wants. Wants have to be earnt not given.

wastedtalent

I worked through university and maybe missed out on some of the 'fun' because of this, but I have my entire student loan in the bank, and now it's forming the majority of my deposit.

The number of FTB's I've seen/spoken too are very limited on deposit but driving around in brand new flash cars, I guess its a matter of priorities and life is full of compromises.

I've always wanted to own my own place, and now I can afford to, but in doing so, I've never lived the playboy lifestyle, I never go out and buy flashy jewellery (for me or the missus, much to her disappointment no doubt), or spend fortunes on expensive branded clothes/shoes, I've never had a flashy car, I actually bought a car specifically due to the cheap insurance and tax bands, yes at times I've seen other people with nicer things, but I know in the end I'll be the one with a house and they'll be the ones renting, and with rental costs going up, it could be more and more difficult for them to ever get anywhere.

I guess prudence pays.

spadoosh

Jack_Johnson_the_acorn wrote: »

Harsh but true, We have chosen not to have children as we realised that we couldn't enjoy the lifestyle that we both enjoy and bring up children. We're happy that life is full of compromises and we can't have everything at once.

Yeh think this is the best way for FTB to get a house. That and living up north.

It massively helped us and were 24 + 26. Got a 3 bed house with potential to expand. to be fair the house only cost 105k and is in a fairly good area. Probably start to think about kids in a couple of years, unfortunately there going to have old(er) parents in school... o well!

wastedtalent

spadoosh wrote: »

Yeh think this is the best way for FTB to get a house. That and living up north.

It massively helped us and were 24 + 26. Got a 3 bed house with potential to expand. to be fair the house only cost 105k and is in a fairly good area. Probably start to think about kids in a couple of years, unfortunately there going to have old(er) parents in school... o well!

If you're only 24+26 now, I doubt you'd be considered older parents (except compared to the irresponsible teens) unless you wait another 10 years or more.

Starbrite

I think a huge amount of faith, hope and saving will get me onto the property ladder, Most properties around my way go for 150+ and I can only borrow 105 going by my single salary...

So less moaning and save save save I will get there I will achevie the unacheiveable even if I buy a shoebox in a crap area I don't/won't care because it will be mine a garden to grow my starwberries, tomato plants etc would be nice but that's asking for the cake and eating it and I can aways grow things in my parents garden or rent an allotment....