How can we do it?

desperate_desperado

Hi,

We want a mortgage. Best clear that up right now.

We are almost 30, and have a 7 yr old and a new baby.

We have no savings. My wage has not increased and at the time Mrs was due back to work, she fell pregnant.
vance
We pay £500 per month in rent, then £100 council tax and £100 power, add utilities and phone bills, my sub £1000 wage adds up to nothing, we rely on tax credits throughout the month.

Obviously, our biggest layout is the £500 rent. We've been doing this for years now. There is no way with the new baby we will ever be able to gather enough for a house deposit.

Does anyone know of a way we can funnel the rent into our kids instead of the graveyard that is the landlords pocket?

I want a mortgage!

Thx in advance.

theartfullodger

No chance since the financial problems. Sorry.

desperate_desperado

That doesn't seem fair, at all. I earn a low wage, and what I do earn is being halved via rent. I'm handicapped in that there is no chance of me saving a deposit until Mrs can get a full time job, but still, I have consistently paid out £500 pure rent monthly for years.

Is this right??

Landlord is getting rich while I tread water. Doesn't seem like the way things should be.

Morglin

There's no way anyone would advance you a mortgage, at the moment, and to be honest, I wouldn't have thought you could afford it anyway.

You mention you are disabled, so have you checked that you are getting all your entitlements? - not all are 'out of work' benefits, not all are means tested, and it may be that you could get some help with paying your rent and/or council tax, or exta money which would, at least, give you extra income.:

http://www.turn2us.org.uk/benefits_search.aspx

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Disabledpeople/DG_10018702

Lin

tenmah

I don't think the OP means he is disabled, I think he means he is held back by circumstances but used an unfortunate phrase to describe it

david29dpo

Doesn't seen fair? No one is "entitled" to anything. Get a better job to earn more money etc etc, stop having kids you can't afford to keep etc etc.

Emmzi

you could have a look at shared wondership, is not popular but suits some very specific circumstances, and is ony a plan if you aren't going to want to move for a long time (10 years I'd say),

BUT you still need a few grand for solicitors. Second job time...

abankerbutnotafatcat

This country is obsessed to a fault by the concept of home ownership. If you can afford it (and want to take on the responsibilities) then it can be great but it is just one aspect of life, not the be all and end all.

OP- you have a loving partner and young family. You have a job and you are providing for them and putting a roof over their heads regardless of whose name is on the title deeds of that roof. Count your blessings and enjoy your life - I bet there are a lot of lonely people rattling about in fancy homes that they own who would swap with you!!

Dave_6

This is partly the reason i've always said I'd rather have my own house before having kids.

I can only say the same as above, 2nd job or look to improve yours otherwise it's a wait till your partner can work unless parents can help with deposit

Southend1

abankerbutnotafatcat wrote: »

This country is obsessed to a fault by the concept of home ownership. If you can afford it (and want to take on the responsibilities) then it can be great but it is just one aspect of life, not the be all and end all.

The problem as I see it is that if you can't own your own home by a certain age they retirement is not an option. And I certainly don't want to be working til I drop.

myhouse_2

I agree - it's pretty unfair, though I don't think anyone should be allowed to buy a house without some sort of a deposit (obviously right now the level of deposit required is excessive).
It's also a temporary situation - prices will fall back to what people can afford and when that happens banks will be more relaxed about lending criteria.
You need to just do your best to save a deposit and wait for things to even out again. The massive gains made by householders in recent years have to be paid for by someone. Unfortunately it's the new generation that lose out for the moment.