First-time Buyer Woes - Light at the Ed of the Tunnel?

chelseablue

Is a second job a possibility?


When I was saving for my deposit I had my main full time job + a part time job 2 evenings a week and weekends.


I saved £47,000 for the deposit and fees


I bought my flat when I was single, also in the South East

GoldenShadow

Not the SE but in a home county. OH and I bought a house in Sept (FTBs). If we had been sole applicants, we would not have been able to afford it. OH had more deposit than I did as I was only one year out of uni, but without my income added to his he couldn't have bought either.

Some people do shared ownership. I do feel very lucky to be on the ladder already, neither of us would be without the other. Re £895 rent, is there anyway you can share with a friend for a while etc?

looknohands

Lala2015 wrote: »

Thanks looknohands!
I currently have outgoings of £1,300.00 all in all for rent, utilities and food/petrol so I know it can be done.
It's so frustrating when people are willing to charge thousands per month in rent but when you want to actually buy your first home (which is usually cheaper in terms of the monthly expenses), you can't get onto the ladder

I hear you, our rent is fairly reasonable but still difficult saving between two of us, can't begin to think what it's like paying all that rent on your own. I worry about affordability and I made £44k last year (self employed) added to girlfriends £15k a year, still a bit worried about the £650 a month for a £155k mortgage we've just applied for! I guess self employed will always make you more cautious with money, a secure job like you have on a reasonable salary offers a bit more security in a lenders eyes.

Lala2015

chelseablue wrote: »

Is a second job a possibility?


When I was saving for my deposit I had my main full time job + a part time job 2 evenings a week and weekends.


I saved £47,000 for the deposit and fees


I bought my flat when I was single, also in the South East

Chelseablue, that's amazing! How long did it take you to save that amount of money? What type of work was your second job?

I have looked into it, but I'm nervous. This new job means being 'on-call' to my manager, so I need to be available at the drop of a hat, which doesn't really fit around a second job...

GoldenShadow wrote: »

Not the SE but in a home county. OH and I bought a house in Sept (FTBs). If we had been sole applicants, we would not have been able to afford it. OH had more deposit than I did as I was only one year out of uni, but without my income added to his he couldn't have bought either.

Some people do shared ownership. I do feel very lucky to be on the ladder already, neither of us would be without the other. Re £895 rent, is there anyway you can share with a friend for a while etc?

Hi GoldenShadow, unfortunatly not - all, and I mean ALL of my friends are living with thier boyfriends/girlfriends. The ones that aren't. I love to pieces, but I wouldn't trust them with my money and/or credit rating!
I've worked so hard to have a good financial background, I don't really trust anyone else with it if that makes sense?

looknohands wrote: »

I hear you, our rent is fairly reasonable but still difficult saving between two of us, can't begin to think what it's like paying all that rent on your own. I worry about affordability and I made £44k last year (self employed) added to girlfriends £15k a year, still a bit worried about the £650 a month for a £155k mortgage we've just applied for! I guess self employed will always make you more cautious with money, a secure job like you have on a reasonable salary offers a bit more security in a lenders eyes.

Looknohands, I know - I just wish the banks would offer me a bit of benefit!

chelseablue

Lala2015 wrote: »

Chelseablue, that's amazing! How long did it take you to save that amount of money? What type of work was your second job?

I have looked into it, but I'm nervous. This new job means being 'on-call' to my manager, so I need to be available at the drop of a hat, which doesn't really fit around a second job...

It took me about 3-4 years, but I did live at home paying £150 a month housekeeping


My second job was working on the checkout in a supermarket (not sure if Im allowed to name companies but it was the green one that tap their back pockets in the advert ;-) )


I carried on with the 2 jobs after I bought my flat, in fact I only left this year so did 2 jobs for almost 9 years :-O