Im confused if im in with a chance or not?

lookstraightahead

Sometimes buying a house can be a chain around your neck. Having a house certainly was for me years ago when I got divorced, it was what led me to debt.

Can you change your life - move, change jobs, invest in something else?

Sometimes people buy, save, then either spend the equity on care (not saying that's wrong) or give it to their kids anyway.

Look at alternatives - house owning isn't everything.

There's lots of life events that happen which mean you haven't got lots of savings. I had so much debt (all clear now) because stuff happened. Don't beat yourself up about it x

Doozergirl

Save.

No one needs to judge you when they don't know how you got to where you did.

Save for your deposit and see what happens. At the worst, you'll have a pot of money that will still help to secure your future.

Of course you can be cautiously optimistic. What would you choose to feel? Worrying doesn't change things, so it's a million times better to feel optimistic and positive - that will help you meet your goal.

Mnd

I think you are right to consider if possible buying a home. I would, like you , be concern about renting at the level of rent you are paying out now.
However, the answers you have so far are correct. You need to sort your debt out, and save a deposit first before you take the leap into home ownership.
Good luck

hazyjo

Bubbles2012 wrote: »

We currently pay £800 a month on rent and £300 on the car which ends in 8 months so would be able to afford up to £1100 on mortgages repayments.

If you are in debt now, I really don't see that spending that money on something else would help - plus, as others have said, you would have property maintenance on top. You need to be using that £1100 to clear your debt. Would there be any chance of staying with parents or elsewhere even for a year? I know it's not ideal. It would probably still only clear half of your debt

Bubbles2012

Thank you.

No chance of staying with family. There is no room at any inns.

Ive been talking to alot of people today, family, work colleagues, most of then, having owning a house, dont have 10K sitting in there account for 'just in case i loose my job'. They have some savings for the boiler going up it etc....
I cant see how living in a rented property, that is only going to go higher in rent is better than having our own house.
It's not something im taking lightly. I cant anyway as we are still saving but one thing that isnt an option, is to pay the debt off first as the my husband will be too old for us to afford the repayments.
I could get a fix term interest rate for the 1st 5years until our debt is paid off...
Or the other alternative is SO.
I spoke to a few more brokers today.. again mixed messages, got some calling me tomorrow too.

Cakeguts

Bubbles2012 wrote: »

Thank you.

No chance of staying with family. There is no room at any inns.

Ive been talking to alot of people today, family, work colleagues, most of then, having owning a house, dont have 10K sitting in there account for 'just in case i loose my job'. They have some savings for the boiler going up it etc....
I cant see how living in a rented property, that is only going to go higher in rent is better than having our own house.
It's not something im taking lightly. I cant anyway as we are still saving but one thing that isnt an option, is to pay the debt off first as the my husband will be too old for us to afford the repayments.
I could get a fix term interest rate for the 1st 5years until our debt is paid off...
Or the other alternative is SO.
I spoke to a few more brokers today.. again mixed messages, got some calling me tomorrow too.

The people who don't have £10k in savings in case they lose their job are at risk of losing their home if something goes wrong in their lives and they can't work. Lenders do repossess homes if the mortgage is not paid. It is a huge risk of becoming homeless if you can't pay the mortgage for some reason. There are no benefits to cover this.

Mutton_Geoff

Bubbles2012 wrote: »

I cant see how living in a rented property, that is only going to go higher in rent is better than having our own house.

Don't forget that mortgage interest rates have been up to 15% in the past (I've been there). Home ownership is not the panacea many think it is. You need to be financially secure and astute before you go there.


I appreciate many don't practise it but having 3 months outgoings as savings is a basic prerequisite to ownership because you will get clobbered with boiler replacement, a roof that leaks, a drain that is blocked etc.

Thrugelmir

Bubbles2012 wrote: »

The bank also said they could (in principal) give us a mortgage. She said she couldnt see my DMP on my file at all but doesnt mean they wont find it if they choose to dig.

Why you apply for the mortgage the DMP will need to be declared. Failure to do is paramount to fraud. The finance houses you defaulted on may well choose not to conduct any further business with you either.

Tackle your debts head-on. You are in control your own destiny. There's no such thing as a free lunch. Time does heal.

Bubbles2012

I think ive messed it all up if im honest and after researching alot since 3 this morning... i think we royally messed it all up.

What do i do now? Is Shared Ownership in just my name an option (if i pay off DMP)

csgohan4

Don't rush into things, SO has it's own problems


https://forums.moneysavingexpert.com/discussion/5969284/shared-ownership-housing-association-are-poor-landlords


https://forums.moneysavingexpert.com/discussion/5928753/shared-ownership-question


https://forums.moneysavingexpert.com/discussion/5901060/costs-of-shared-ownership