How can we do it?

vickyj

Dont buy a house when you cant afford it. The heartache of looing it would be beyond belief.
There ane soo many people in your situation. but as someone else pointed out the other day the average first time buyer is 38 years old.
You are gonna hate hearing this bit though. Children get more and more expensive not less and less. I have three ages 7, 11 &12 and the financial tolls are amssive with school camps, scout subs footie subs and equipment ect. Have you thought about trying to retrain in some way to give yourself a better income ? What sort of childcare options do you have when your wife goes back to work?
VJ

GDB2222

desperate_desperado wrote: »

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!

Surely, at the very best, you'll end up paying the £500 to the mortgage provider instead of the landlord? That won't help your kids in any way, except that you will start to get some equity in the property IF house prices increase. You could also lose money if house prices decrease. If interest rates go up, you could find yourself suddenly having to pay a lot more than £500 interest.

You seem to resent paying money to your landlord, but it's not all bunce for him. He probably has a mortgage that he has to pay, and most landlords these days find that the rent barely covers the mortgage interest, once they have paid all the other outgoings, such as insurance and maintenance.

Leah26

desperate_desperado wrote: »

Hi,

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.

Thx in advance.

Have you looked at the new build incentives, they often pay your solicitors fees and deposit etc as long as your income is below a certain level. Or do shared ownership like Emmzi has suggested.

Keepmoat and Bett Homes are good for these.

pmlindyloo

If you are completely genuine about this and not just having a rant, then there are plenty of people on this site who are majorly brilliant at reducing outgoings and improving incomings.

Basically, the only way to be able to save is to increase your income and/or reduce your outgoings.

I am not pretending this is easy but if you are determined to save for a deposit then get started by
posting your SOA on the debt free board and let the good people suggest ways to reduce your outgoings.

Check you are getting all your benefits by putting your details into www.entitledto.com

Then spend some time looking at all Martin's articles and some of the other forums and start a whole new way of life.

If it's any comfort I don't think house prices are going to increase in the next few years.

It can be done but it takes tremendous will power, working long hours and going without to do it. I expect you think that you are going without now but if you read some of the stories on the forums you will be amazed at how moneysaving can be very addictive and to what lengths people will go.

Good luck!

The_Palmist

check homebuy uk

poppysarah

desperate_desperado wrote: »

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.

You want debt.

You can't afford debt.

Whilst you see it as a non investment - unless you can start to save money now you are not going to get a mortgage.

If you can't earn more then you need to spend less but I suspect you are just priced out.

ahall3519

We have recently purchased a home from keepmoat homes on their 1st time buyer scheme. We have a voucher for recommending people, where you get £500 off and we get £500 for recommending someone. If anyone is interested,pm me! :j

mikthe20

If you want to afford to buy your own place, you really need to thing about how to get your earnings up OP rather than how to get into a big pile of debt and get repossessed later on. Any chance of promotion at work, training, getting more qualifications?

bodmil

1. Get a better paying job
2. Stop having babies

CosmicDolphin_2

Change Job, earn more money.

Remember Martin's mantra that Loyalty doesn't pay - It applies almost as much to jobs as it utilities etc. your exisiting employer is unlikely to give you a chunky payrise so if you need more money to do what you want then look elsewhere.

My basic pay was around the same as yours 6yrs ago , so I got out of retail sales when they pulled the plug on sales commission and went into field sales, did well, stepped up the ladder by hopping to 3 different companies , more than doubled my basic pay plus all the bonuses and now have an area manager position.

The driver for me was my wife quit work to look after DS no.2 who has a heart condition, and we needed a bigger home than our 2 bed shoebox - so one wage had to do it all. If you have the need and the drive you can do it, and yes there were times we scrimped and had nothing, gave the kids stuff off freecycle for Xmas, had to go to releatives for meals due to lack of money so if we can do it anyone can.

CD