Saving for a house - move in with family?

robynlouise

Has anyone ever moved in with family whilst saving for a house? Currently living in husbands house, he has an NRAM mortgage which costs us a fortune and is interest only so we're not building equity. Wondering about moving in with his mum for 6-12 months - yes it will be a squeeze but we will save £1000+ a month towards a deposit! The staff mortgage rate where I work has only been confirmed until the end of next year so if we did this we could definitely afford to move before then. Is it a no brainer?

Pixie5740

Can you not overpay the mortgage or remortgage to another lender?

Is his mum happy for you both to live with her in a tight squeeze?

Seanymph

Only you know if it would drive you potty. I have a daughter at home saving though, it speeds up the process.

robynlouise

She would love to have us. I don't think it would drive any of us potty, we get on great. Just space would be an issue.

Can't remortgage as not enough equity unfortunately.

warby68

Plenty of people stay or return home while saving or planning the next stage of their lives.

Noone can really tell you if it will be OK for you and MIL - very personal. How much or little space you can live with for a short time.

Presume you are selling the current property and that won't be a problem and mortgage will be cleared? This could make your timescale stretch rather more than 6-12m.

Hoploz

If you've no kids to consider then do it.

You'll still have to sell the house though presumably, which could also take 6-12 months anyway till you get the readies.

wjr4

I've had to do this - didn't really want to but it has only been for about 5 months luckily - just saved like crazy/have no life for a few months! Well worth it!

Yue

I think it's a good idea. I lived with my parents for four years after leaving uni, while working full time, so I saved up a huge deposit. Had no trouble buying a flat after that and now I'm paying half what my neighbour pays in rent every month. It was definitely worth it in my case. But it certainly helps that my parents and I are all best friends, I know not everyone will be in that situation.

fairy_lights

robynlouise wrote: »

She would love to have us. I don't think it would drive any of us potty, we get on great. Just space would be an issue.

It sounds like a no-brainer then, just put your furniture in to storage and take the essentials with you.

smile88egc

Yes if you've got that option then go for it. Get hubbys house up for sale and set a time limit that you'd be willing to stay at his mum's for, less chance of upset of expectations are set from the beginning e.g. plan to stay for 6-9 months with an absolute limit of 12 months.
A small price to pay to get the house you really want in the end!

kp0510

Me and my husband have moved in with his grandmother to save for a deposit on our first home. We save between £1200 and £1600 a month and have seen our savings go up so quickly! On Saturday we will have been living there for 11 months. It has gone really quickly, and although it can be tricky not having as much of your own space, it has been totally worth it. We were renting before and would never have been able to save our deposit otherwise. We are hoping to have enough to buy by early 2017. The time is going so quickly. So I say go for it, it's so worth doing!