do we have any hope?

GoldenShadow

WantAnOrange wrote: »

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

I think it matters that the contract is zero hours though. If his contract says 35 hours its guaranteed work, if it is zero then it could literally be that. I think lenders will account for it differently, so it would probably be better if he was on a 35 hour contract etc.

If you were going to do help to buy with 5% deposit, then you'd need over 149K mortgage. If doing equity loan of say, 20%, so 25% deposit, you'd need over 118K. But then you have to be able to afford to pay the 20% at the end of the five years or absorb it into the mortgage else it could backfire on you further down the line. The only house matching your budget in Torquay does look lovely, but you might have to go for one of the cheaper ones if you can't increase salaries by enough. The house we are buying we really like, but its definitely not the dream house. Its the 'we could live in it forever, but ideally we'd rather leave in 5-10 years' house.

My OH and I were offered about 4.5 x joint salary, but if we had dependents that would be less. I think they say a maximum of about 5 x usually. We didn't feel comfortable borrowing that much, so are going for just over 3 x joint income. We aren't big spenders but I would rather save more and chuck it at overpayments than stretch ourselves a bit too thin.

WantAnOrange

Well in a 3 bed house the girls would already be sharing. Our son is several years older so not appropriate for him to share. I am 26 years old so I am not expecting to be able to by next month! But like I said, we are both qualified and working full.time so I feel it should be reasonable to have this as a goal.

unfortunately, wehn we chose our degrees, they were the 'right' subjects but things changed. We also have to do what we are interested in and care about. I love my job!

like you day. It is sold to young people that getting and education is the most important thing and while I gained a great deal personally from doing it, I have suffered financially.

WantAnOrange

I apologise for my many typos. on a phone!

WantAnOrange

I didnt know a modest, 3 bed terrace in a slightly dodgey area of town was a dream house to be honest. I want security and the basics is all, and I want to put my money into providing that rather that the over inflated rent prices here.

enginesuck

Early years education and business administration arent degrees which are going to lead automatically to jobs earning higher than average.

There are many none degree jobs which will pay higher.

The its not fair i have a degree argument holds little water - you must have been aware that early years education would not lead to a well paid job ?

Three kids as well - wow

WantAnOrange

i don't want 'higher than average'. I want modest. As I have said, several times.

We both, and have since we left school, worked. We fit our studies around it. I wont apologise for trying to the best thing and I wont apologise for wanting to earn a fair wage.

I'm not entirely sure what you are getting at?

beecher2

Are you really only going to get £16k to manage a nursery? I find that shocking - Early Years officers requiring an HNC get £23,000 locally with Early Years workers requiring only SVQ level 2 receiving £17k. I don't know that I'd take on a managerial position for £16k.

WantAnOrange

yep. Its term time only as that is what all the new funded childcare is. That obviously has massive benefits in terms.of being a parent and our own childcare costs but is low pay for the responsibility level.

It is something that will be very good on my CV and I would be keen to move away from Torquay one day! Then find something better paid. Its the best option I have right now. Currently I am a childminder which isn't turning out so family friendly , or I could loom at a TA job or nursery nursing but round here that is looking at 9-12k tops.

my salary will be reassessed in April so I have to do a bloody good job!

beecher2

Ah, the wages I've quoted would have to be calculated on a pro rata basis too, which I didn't do. Means to an end I suppose, but they really are ripping you off for that level of responsibility. Maybe tying yourself down to a mortgage wouldn't be a good move if you're planning to move area in the future.

WantAnOrange

oh I know! I think some posters have assumed I want a mortgage tomorrow on this wage alone. I only wanted to make a plan so we could get there at some point and this is where I am at. I feel like I've been sneered at a bit and this thread hasn't turned out to be very helpful. I feel pretty low so I am.going to flounce! Thankyou to those who have tried to offer genuine advice.