OK-I'm never going to be able to buy a house. Other options?

Comstock

itch_for_a_glitch wrote: »

http://www.rightmove.co.uk/property-for-sale/property-35381510.html?backListLink=%2Fproperty-for-sale%2Fmap.html%2Fsvr%2F1710%3Bjsessionid%3D85F9419D875B7DDD321F54CE423AC7CC%3FlocationIdentifier%3DREGION%255E94028%26sortType%3D1%26maxPrice%3D175000%26minBedrooms%3D2%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26radius%3D1.0%26propFeature%3DParking%23_includeSSTC%3Don%26auction%3Dfalse%26lastPersistLocId%3DREGION%255E94028%26locationIdentifier%3DREGION%255E256%26maxPrice%3D60000%26minBedrooms%3D2%26oldDisplayPropertyType%3Dhouses%26previousSearchLocation%3DBurton-Upon-Trent%26propFeature%3DParking%26radius%3D1.0%26searchLocation%3DBurton-Upon-Trent%26searchType%3DSALE%26sortType%3D1%26topMatchPersistRegIds%3D256%26useLocationIdentifier%3Dfalse%26box%3D-1.76190%2C-1.53187%2C52.76250%2C52.85382%26popupPropertyId%3D35381510%26mapType%3DMap&fromMap=true

Depends where you work really, the one above is handy for churches and Mosques

Thanks for the link. That is for a 50% equity share. What that doesn't tell me is three things

1) How much rent would I pay on the other 50%
2) How much deposit would I need?
3) How much would I need to be earning to do a deal like this? I'm guessing they would laugh in the face of my salary, although it might be worth finding out.

I'm not expecting someone just to give me those answers (although if anyone knows them feel free!), but I would be clueless as to where to find them/who to ask.


Yes, I've got a lot to learn, and I still feel as though I've left it too late

lessonlearned

Comstock wrote: »

Yes, I've got a lot to learn, and I still feel as though I've left it too late

We all had to learn, none of us were born knowing this stuff,

Re the rent required on a shared equity property. The EA selling the property should have all this info at their finger tips. They will also be able to tell you about maintenance charges, council tax banding etc.

Re how much you can borrow on your current salary. You can google various mortgage calculators. Try Halifax Mortgage Intermediaries.

Basically you just need to google your way round the internet to find out the basics. Then either come on here and ask specific questions or ask the Estate Agents.

If you feel you are ready to start house hunting in earnest then I would recommend you arrange a meeting with a mortgage broker and get independent good quality advice specific to your particular circumstances.

Too old at 38??? Of course not. You are not even half way through your lifespan yet. You are just a young thing yet - in your prime;).

You have years ahead of you.

There is really no need to panic or throw in the towel. Just make up your mind what you actually want and then go for it - one step at a time.

itch_for_a_glitch

Comstock wrote: »

Thanks for the link. That is for a 50% equity share. What that doesn't tell me is three things

1) How much rent would I pay on the other 50%
2) How much deposit would I need?
3) How much would I need to be earning to do a deal like this? I'm guessing they would laugh in the face of my salary, although it might be worth finding out.

I'm not expecting someone just to give me those answers (although if anyone knows them feel free!), but I would be clueless as to where to find them/who to ask.


Yes, I've got a lot to learn, and I still feel as though I've left it too late

1) I guess around £250pcm
2)20% ie £8k
sorry I hadnt noticed the 50% share, so I now wouldnt recommend that.
If you are "handy" or have useful mates you should be able to find a doer up property for £50k or less, I guess a wage of £16k pa, might be doable, but easier to have a lodger for a few years to help with the bills.
A mate bought a three bed terrace in Winshill last year(£67k), it was liveable straight away, the market for those types of property is pretty static, Swad is cheaper still if you can learn the language.

lessonlearned

itch_for_a_glitch wrote: »

1) Swad is cheaper still if you can learn the language.

:rotfl::rotfl::rotfl:

Personally I wouldn't recommend Shared Equity either, I think you generally pay over the odds for them and resale might be a bit more difficult.

In our neck of the woods - it just isn't necessary - properties are really still very affordable. A 10% deposit on a £50K property isn't too bad, say another £2K for buying expenses.

As Glitch has pointed there are plenty of reasonably priced terraced properties within the £50 K to £60K range.

They might need a little "refreshing" but they will be perfectly habitable and mortgageable.

GDB2222

paulineb wrote: »

Its all very well saying emigrate, but a lot of countries wont let people in unless they have a job and savings

I have friends who are now in Australia and they had to have a job and £30000 in the bank before they were accepted.

Australia is particularly picky about whom they'll let in. Quite frankly, so are most countries you'd want to get into. The question is what can you bring to those countries that they want? It might be worth re-qualifying to obtain a skill that's in demand.

Comstock

Emigrating is of no interest to me, although obviously it might appeal to younger people reading this thread....

sulkisu

It is definitely worth applying to your LA, just in case. For one thing, hard to let properties are not always the 'dives' that people think of. It could be hard to let because it is a studio flat, it does not have central heating, over commercial premises etc. I worked in housing for 4 years and was frequently surprised at some of the properties that they had difficulty renting out. One was a large two bed in Battersea which was turned down several times (at least 6 refusals) because it was on the third floor of a huge Victorian house with 48 stairs to the flat door - no lift. Also, many housing associations take tenants from LA lists.
You could also try approaching HA's and housing charities separately, especially the smaller ones. Some do occasionally hold waiting lists. Google HA and see what comes up - you have nothing to lose .

You could also become a live in guardian - people who occupy empty properties. One of the main companies that do this is called Camelot but there are others.

sugarwalsh

Just a thought - and I am not sure whether it would work - but is there someone you can buy a house with? A friend, colleague, family member? There might even be someone who wants to own half a house but not live in it?
Especially if you can get one for around £50/60 K?

Bigmoney2

Comstock wrote: »

Thanks to a whole combination of circumstances, many my fault, some not, I'm still renting at 38, with no prospect of being able to save for a house. As a single man with no children and not disabled I'm not going to qualify for social housing, unless there is suddenly a mass council house building boom. Fine. I've got to live with that. That's not what I'm asking about.

What I *am* asking is 'what are my options', other than endless private renting. I believe a local housing association do some properties on a purely commercial basis, where anyone who can afford the rent can apply. Has any here got any experience of that sort of thing? Do you get the same security of tenure social housing tenants enjoy?

Any other life long renters on here? How have you got on

Also what happens when you reach pension age, assuming there is still such a thing in 30 years time. Do you get housing benefit?

You haven't mentioned work at all.

If you are an employee you will maybe be limited to area as you will need to be within easy commuting distance.

If you are self employed you may have a bit more leeway, but getting a mortgage may be trickier.

If unemployed then no chance of a mortgage.

Have you considered a live in position, housekeeper, gardener, carer. This would however give you a problem when you come to retire and doesn't give security of tenure.

Generally housing is cheaper where there is no work and expensive where there is (e.g. London).

As others have suggested get on the local social housing website, you never know you might get something
http://www.derbyhomefinder.org/Data/ASPPages/1/2.aspx

If you are on benefits or a low income you may be entitled to some help with rent and/or council tax.