do we have any hope?

mrginge

What area of experitise are your degrees in?

WantAnOrange

earnings* not warnings! typing on phone!

WantAnOrange

mine is Early Years Education and DH is business administration.

Thrugelmir

Living frugally and saving for a deposit is something you'll need to do. When I bought my first property years ago I faced the same issues you did. But with no children. There's was still rent to pay. On top of high travelling costs. Life a matter of choices.

Nebulous2

There is a way out, but it is not going to be easy. I'm convinced it is easier to progress in work than from unemployment.

It is surprising how quickly children grow up and large amounts of childcare will pass by in a few years, with you in a better position to keep more of your earnings if you are already on the career ladder.

People will never agree on what is wrong with the country, as that depends on your politics. One thing most people, including me, would agree on though is that we don't build enough houses.

WantAnOrange

living frugally is something we already do, like I said, childcare costs aren't high right now, and I already knew it would take some time to get a deposit together (and we may have some help on that front). I wasn't expecting to get a mortgage *now* but I do want to do whatever I need to make it possible.

GoldenShadow

WantAnOrange wrote: »

My main concern is having high enough warnings on paper to be offered a mortgage, enough to get a house that is suitable (i don't want anything grand). Our rent is very high. Out housing benefit has been laughable so we know we could afford repayments. If tax credits are taken into account it might make all the difference and we can use The Help To Buy Scheme I think.

What part of the country are you in?

You say OH is on zero hours, I think that restricts you an awful lot compared to if he had a 30 hour contract etc. It really does depend on where you are too, we are buying a 50's 3 bed end of terrace for 185K, but where I used to live you could get a beautiful victorian style 3 bed mid terrace for 100K. Other parts of the country you wouldn't get a 3 bed anything for under 300K.

WantAnOrange

we are in Torquay. 3 bed terrace house I was looking at was 157,500. He consistantly gets 35+ hours a week.

libf

Unfortunately its not just about having a degree, although it's often sold as the 'holy grail', it's about having a degree in a subject that allows you to access industries that pay higher wages. Early Education and Business Administration are not subjects which necessarily lead to high paid jobs, but on the other hand if you earn below loan thresholds then at least you don't have to take repayments into account for the mortgage when you're in a position to apply.

Would you be able to afford something smaller than a 3 bed? Kids can share rooms when they're younger and parents can sleep on a sofa bed in the living room, if owning your own place is what you really want. That way you can hopefully gain from house prices and use equity to move when the kids get older and near more space. There's a family with 3 children living in a 2 bed flat in my block, and I'm selling my one bed to a couple with a young baby. Have you looked into shared ownership?

Thrugelmir

WantAnOrange wrote: »

we are in Torquay. 3 bed terrace house I was looking at was 157,500. He consistantly gets 35+ hours a week.

You need to lower your expectations if you are to stand any chance. Most people start on the ladder with what they can afford. The dream house comes later. That's always been the way.