Do i have any options?

littlemissbliss

Hello everyone,

I am not sure if I have reached the correct part of the forum - but I have a bit of a problem and I am not sure what to do as there doesn't seem to be many options for those in my situation.

I originally come from up north where my family is currently based but I have lived in Surrey renting for the past 17 years. Now that I am 38 I am looking to buy a property. My partner left me 3 years ago with nothing and we were saving for a home together. When he left - so did the money as he had the high paying job. I was hoping to buy a property up north and let it out to help me get on the ladder down here - but I cannot afford the 25% deport. I cannot afford to buy in Surrey either (even if it is sheared ownership as the property value is increasing the deposit). I could afford to residentially buy a house up north, but I am not there to live in it as my career doesn't exist there and obviously leaving it empty will cost a fortune. So I feel a little trapped and frustrated that I have no options available to me. There is no way I can save up 20,000 any time soon with bills and rent being a single female.

So I was hoping there were any suggestions as to what i could do, or if anyone has been in the same situation?

foxy-stoat

See if there are any help to buy schemes near you, but you would need 5% plus fees minimum.

Its the same story everything, you need to earn more or live in a "cheaper" area.....have you found someone to "replace" the ex?

Buying up North would help you get on the ladder down here, so not sure how that was going to work out for you if you did. It may of done the opposite.

hazyjo

Did you not take back what you put into those savings? Presuming you didn't have kids with the ex. Could you retrain and get a 'high paying job' yourself?


If you can't afford to buy (many can't), there's no shame in continuing to rent. What size place do you currently rent? Could you downsize or stay elsewhere to save some money? How much are you earning?

littlemissbliss

My job is paying 37k so it's not terrible pay, my rent is £750 a month (so not the highest) and my bills are as low as I can get them. But even putting away £300 a month is taking awhile. I currently have 5k.
We were together 20 years - but not married so I had no legal position. He left for another woman and bought a house with her. But either way, as nice as a partner to help would be nice I don't want to sit and wait for that. No crime in renting but its more expensive and you have nothing to show for it.

foxy-stoat

It will take a while at £300 a month, but its good that you are saving as a lot of people are not in a position to even do that.

Renting is not all dead money and home ownership can be very expensive if things happen one after the other so keep saving.

If your thinking about HTB and new builds maybe start up an HTB isa.

Good lucks

Comms69

littlemissbliss wrote: »

Hello everyone,

I am not sure if I have reached the correct part of the forum - but I have a bit of a problem and I am not sure what to do as there doesn't seem to be many options for those in my situation.

I originally come from up north where my family is currently based but I have lived in Surrey renting for the past 17 years. Now that I am 38 I am looking to buy a property. My partner left me 3 years ago with nothing and we were saving for a home together. When he left - so did the money as he had the high paying job. I was hoping to buy a property up north and let it out to help me get on the ladder down here - but I cannot afford the 25% deport. I cannot afford to buy in Surrey either (even if it is sheared ownership as the property value is increasing the deposit). I could afford to residentially buy a house up north, but I am not there to live in it as my career doesn't exist there and obviously leaving it empty will cost a fortune. So I feel a little trapped and frustrated that I have no options available to me. There is no way I can save up 20,000 any time soon with bills and rent being a single female.

So I was hoping there were any suggestions as to what i could do, or if anyone has been in the same situation?

Move to shared accommodation to save up?

billymadbiker

If you are only saving 300 a month that's 2000 you are spending on 'stuff' after the tent has come out.

On pay of 37k, if you could get promotion or ask for a pay raise to 40,600 you could keep spending the same and double the amount you are saving.

Or make some cutbacks.
If you could cut spending by 25% you could save an extra 6000 a year.

Do this for 2 years and you should be able to look at places advertised for 200k or so.

comeandgo

I agree with billy. If you are only saving £300 a month what are you spending your money on. You could go cold turkey for a year or two, stop spending and take on a weekend or evening job. A thousand pounds a month for two years, 24k.

TBagpuss

Are Surrey or the North the only options? What about other areas in the South or Midlands.

What about looking into other options short term to maximise your savings - for instance, moving into a shared property rather than renting a place or your own, or getting a lodger if your current property and lease allow it.

Also - review your spending to see what you are spending money on , in order to consider where you might be able to cut down - have a look at the debt free and old style money saving boards for ideas and advice.

Durban

Does you firm have any offices in cheaper areas that you might be able to transfer to?

Not a fan of Help to Buy but in your case it might be a good thing.

Unfortunately , Surrey is one of the most expensive places to buy outside of London.

Where do you actually work? I'm guessing maybe London? If that is the case , instead of trying to buy in Surrey , how about a cheaper area in Herts like Stevenage or even Dartford in Kent.

I know others are saying house share and you might have to , but I couldn't think of anything worse at age 38.

Can you work condensed hours at all? Like work 3 or 4 12 hour days , even work at home some of the week? Maybe then you could buy a house up North and lodge or house share the days you work , although that could work out too expensive

ThePants999

billymadbiker wrote: »

If you are only saving 300 a month that's 2000 you are spending on 'stuff' after the tent has come out.

£37K gross wage is under £2400 monthly net pay. £1650 after rent. Easy enough for it to be "only" £1K disposable income after bills, insurances, commuting costs. 'Course, that's still well in excess of £300 so point taken.