Inheritance not enough

System

shearer9206 wrote: »

I live in the south east, that's how.

Move somewhere cheaper?

NOVAMET21

Need to know your salary?

£60 K is a decent deposit but it depends on your salary whether you can afford to buy.

edgex

shearer9206 wrote: »

We have no savings as yet. We are in line to get £60k inheritance.

Ouch!

So you need to look at 'investing' the money;
any education/training that would be relevant for either of you
HtBISA/LISA https://www.moneysavingexpert.com/isas/


Do you have any debts at all?
Are you up to date on all bills?
Life insurance?
Pension?

sammyjammy

shearer9206 wrote: »

Exactly... How is £60k not enough for a deposit.
I live in the south east, that's how.

£60k is plenty for deposit, even in the South East, maybe its your income that is the problem.

Cakeguts

You have the ideal chance to move to a cheaper area of the country because you only have one person needing to change their job.



https://www.rightmove.co.uk/property-for-sale/property-83939942.html Here you go. Ex council house 3 beds. Commuter area for Manchester.

pinkshoes

shearer9206 wrote: »

Exactly... How is £60k not enough for a deposit.
I live in the south east, that's how.

You have options...

Your partner could work evenings or weekends.

You could move to a cheaper area and get a job there.

If you are only earning a rubbish wage, then you would be much better off moving to a cheaper part of the UK, as if your wife cannot work due to childcare costs, then clearly you do not have family in the area that help...

I live in the south East, and would love to sell up and move one day.

tacticalbanjo

Buy something smaller? I'm guessing the issue isn't that the amount of the deposit but that you don't earn enough to only put down 10% on what you want to buy. £60k would be enough for a 10% deposit on my 4 bed inside the M25 property plus solicitors fees but we needed 2 salaries to buy it. With one salary you are going to need to set your sights lower.

Waterlily24

Do you know how much you could get for a mortgage on your salary only?

need_an_answer

shearer9206 wrote: »

Exactly... How is £60k not enough for a deposit.
I live in the south east, that's how.

That's your choice and if you are looking to buy property you are not shackled to the SE there are plenty of places even within a reasonable commute that you could probably but something with a £60 k deposit.


I guess it all depends on what you want to buy but for a lot of people they would happily trade places with you and your inheritance and be very grateful

sal_III

daivid wrote: »

Not ideal but unless the current rental is a secure (council house type)
then I think their housing security will be better - yes liabilities for repairs, maintenance... ..but if the savings threshold of £6k was held back they would have a better crisis fund than many.

Even if renting privately if there is loss of income and can't pay the rent, just wait for the bailiffs and council must rehouse with a baby. Shouldn't come to that regardless with 60k savings.

If owning and can't pay the mortgage and lose income you can't sell and go to the council as this is voluntary homelessness. So only option is a debt spiral. This ignores any expected or not expense on home maintenance.

As other have said, this is perfect opportunity to move to a cheaper part of the country. Before you start thinking about schools etc. and only have to switch 1 job.