First time buyer dreams.. can we do it?!

fessen

username_user wrote: »

I am employed and self employed. More hours travelling to employment = less hours to spend on self employment

Rather than try to dream being an entrepreneur.

Why don't you work harder at work, try to get promotions, more hours, overtime, show them what you can do and earn more that way?

AdrianC

fessen wrote: »

Petrol - £125 - £125 on petrol? And your partner already has a coach pass? That must mean you are doing ALOT of miles.

830 miles/month at 15p/mile, which is about 35mpg at current prices. If we assume the car's only used for commuting, then that's about 18 miles each way. Doesn't sound OTT to me.

Cakeguts

The answer to the original question is "yes you can do it." However you will have to stop dreaming about it and start making some lifestyle changes to achieve it.

Elfbert

To buy my first flat I first got a job in London which I commuted four hours a day to get to/from, leaving home at 5am and not getting home until nearly 8pm, and saved every penny for four years.

Then I was in a position to buy.

Was worth every minute of the commute. Just now moving to a 2 bed, four years on, with a hefty chunk of equity behind me.

melanzana

26k of gross income between you seems quite low to me.

What is each of you earning separately, apart from the business/self employment?

Even if you are earning the same that is only 13k per annum, and if one is earning more than that, well the other job must be just at minimum wage is it?

There has to be scope to change jobs and earn some more. It is hardly worth paying for the commute for that.

I don't mean to offend you, but at the ages you are, I would expect a bit more take home pay for FULL TIME WORK at this stage of your lives!

But there maybe things that I don't know about re your work.

goodwithsaving

username_user wrote: »

He is job hunting and has been for a few months and has been trying to push for a promotion at work but so far no luck. It is highly annoying but not much more he can do at the moment.

username_user wrote: »

As i said, house prices have risen hugely here, his mortgage will be nowhere near £180k.

At the risk of sounding rude, you're putting a lot of the onus to earn more on him, yet you refer to it as 'we will be buying'. Not my business, you could be the higher earner, I'm just observing.

I commute for 2 hours each way to be able to do a job I enjoy and live somewhere I can afford and like. If you want something badly enough, suck it up.

You'd need more left each month to own. If your mortgage even matched your rent, you need to factor in things your rent covers e.g. maintenance.

skint_chick

Do a realistic SOA of all your household expenses including one offs like Christmas at http://www.stoozing.com/calculator/soa.php and post it here so people can comment on where savings can be made. Your food bill could be cut by at least £50 by eating less meat, downshifting your brands. Can OH cycle part of the way to work to get a cheaper bus? Get the bus that doesn't go all the way and cycle the rest of the way by finding somewhere near the bus stop to leave the bike overnight?

Also ways to increase your income - OH could get a evening/weekend Christmas job if he's quick, a supermarket or retail store that is open late nights and weekends.

steampowered

Personally, I think your expenses look reasonable.

I'm sure they could be pushed down in theory but I'm not sure how much impact that would have realistically on the amount saved for a deposit.

It sounds like what you are doing in searching for higher paid jobs is likely to be the key in your particular situation.

wjr4

Quick note regarding food shopping: have you got an aldi near you?! We spend about £75 a month in Aldi and then buy ad-hoc bits which comes to about £25.. that's for two people, including buying bits to make lunch for the week, and toiletries/household items.. we done our first 'big' shop for the new house for £100.. best shop ever!

ap1985

username_user wrote: »

I don't know how anyone affords to live in London!
This is why we are looking at a cheaper area further away from. My partner already commutes an hour to work and it will be farther. But we are currently job hunting.

This is why I moved to the Midlands!