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Am I really trapped in social housing?

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  • Unless you have other savings that 15k deposit is more like 10k when you take in to account solicitors and surveyors fees and SDLT (unless you buy a property under the threshold, but if you need a "large" property then even buying up North may see you just edge in to the bracket) plus moving costs.

    When we applied for a DIP the mortgage advisor was very clear that we needed to either take a chunk out of our deposit or have a separate amount saved for these costs (we'd got separate savings).

    It sounds like you need to post an SOA on the Debt-Free Wannabe boards and get some advice on how to trim your outgoings so you can save more towards the deposit. Like the others on this thread have said, it's only two years until your credit rating will be significantly improved, and in that time you'll have built up a deposit, a separate costs account, and done some thorough research in to the house buying process and the areas you'd like to move to.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Always try to be nice, but never fail to be kind - Doctor Who

    Total mortgage overpayments 2017 - 2024 - £8945.62!
  • NelliePie
    NelliePie Posts: 280 Forumite
    Fourth Anniversary 100 Posts
    Honestly, Speak to L&C. they were wonderful and took the time to go though exactly what our situation was and what we were aiming for (and all of my million FTB questions!) I am in no way affiliated with L&C I just had a really good experience.
    Little One born 19/12/18
    5/5/18 I became Mrs Pie
    FTB June '17 - £144k mortgage, £134k remaining
  • leslieknope
    leslieknope Posts: 334 Forumite
    you could be saving a much bigger deposit.

    and be grateful you have social housing. a lot of people would love to be as 'trapped' as you.
    CCCC #33: £42/£240
    DFW: £4355/£4405
  • KiKi
    KiKi Posts: 5,381 Forumite
    Part of the Furniture 1,000 Posts
    Who are 'we'? I'm guessing you have a partner/spouse who will also be buying with you, what's their credit record like?
    I find it hard to believe that on a salary of 80k you're 'trapped' in social housing.
    You should be able to save a lot more than 15k for a deposit, you could save 40k a year and still live comfortably.

    Whilst I agree £80k is a lot of money - and they could save easily on that salary - after tax and NI it's probably around £54k. Saving £40k a year is a huge stretch, esp with a large family. Maybe 20k.
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
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