What are my options?

zazie_2

Hi, I'm looking for some advice while I try to work out what realistic options I have on getting on the property ladder, ever.

In my twenties I accumulated some credit card debts, all which I have now paid off and have for the past year started to save up some money. But I'm now 35, single, living and working in London.

My salary is £26k and I live in subsidized accommodation provided by my work (NHS). Due to some bad experiences with housesharing in the past I'm reluctant to share and my rent is not too bad (plus no travel costs). My studio is very small and really need more space, however renting privatly is too expensive and I wouldn't be able to save anything, but it would be worth staying a bit longer to be able to save.

Option 1 - Do I save up for a deposit to buy on open market, considering my salary - mortgage offers would be limited and saving a decent deposit seems impossible. I can if a stretch put away 4000-4500/year.

Option 2 - Go for Shared Ownership - although this is a risky option. I'm planning to stay around long term, this would allow me to get a larger place.

Option 3 - Keep saving and hope I meet someone who either has a place already or I can buy with. But I want to be realistic and plan for my future.

I would really appreciate some advice.

RAS

Or given that your salary would be very much the same where ever you work in the UK, move somewhere where the housing costs are much cheaper? You can get something quite decent (2 bed terrace) for £75K in many places in the UK. Use a lodger to get you over the first couple of years.

hamster2013

agreed with RAS
london prices are just not achievable with your salary unfortunately.
you are looking at being able to borrow at a max £100k, so even with a £20k deposit, you will have to find something for £120k in london???? a challenge on its own.