Struggling to find a mortgage as a single person

ACG

MikeL93 said:

ACG said:

There are pros and cons. I think I moved out at 25 around 11 years ago, back then I wasnt in any major rush to move out but now I would never move back. 

You will have more money each month now than you ever will when you get a mortgage and bills - a mortgage also comes with council tax, gas, electric, water, tv license, house insurance, a proper food bill, repairs etc. Think about what you are giving up. No harm moving out, but do it because you want to, not because you feel like you should. 

I do want to move out but at the same time I’m not sure if I’m entirely ready. I’ll be honest I’ve had a really tough year this year. I came out of a very long relationship, I had my dog put to sleep and my nan died all within the last 3 months so at the moment I just feel exhausted so the hassle of moving house is something I think I could do without at the moment.

Also I’m not entirely sure I’m confident enough to live on my own yet. Growing up I very often looked after the house whilst my parents and sister went away on holiday but then 18 months ago they went away and I was woken up in the early hours of the morning by the house alarm to find someone in the house! Ever since that day I’ve always been nervous about living on my own.

Stay home for another 12 months then. Sounds like you dont need the hassle of it all.

I used to live in a pub and the thing what made us sell up was 3 lads on the roof about the break in with crow bars and hammers in hand. If we had not seen them when we did, it could have been a very different story so I can sort of understand how you feel on that front. 

Maybe look at an apartment? Not quite the same as a house, but it would probably make you feel a bit safer? 

[Deleted User]

Deleted_User said:

MikeL93 said:

I do have a credit card but I owe nothing on it, as soon as the payment comes though on my online banking I pay it off straight away in full instead of waiting to get my credit card statement.

It's a small point, but try to break that habit.  Wait for the statement and clear in full.  Show lenders that you actually use and can manage credit.  

You may as well maximise your chances by building a decent history, expecially if you have such a thin file and at least one of your direct debits is actually a standing order.

It will make a negligible difference to lenders as it still show the monthly totals and as payment in full on the credit file. 

MikeL93

ACG said:

MikeL93 said:

ACG said:

There are pros and cons. I think I moved out at 25 around 11 years ago, back then I wasnt in any major rush to move out but now I would never move back. 

You will have more money each month now than you ever will when you get a mortgage and bills - a mortgage also comes with council tax, gas, electric, water, tv license, house insurance, a proper food bill, repairs etc. Think about what you are giving up. No harm moving out, but do it because you want to, not because you feel like you should. 

I do want to move out but at the same time I’m not sure if I’m entirely ready. I’ll be honest I’ve had a really tough year this year. I came out of a very long relationship, I had my dog put to sleep and my nan died all within the last 3 months so at the moment I just feel exhausted so the hassle of moving house is something I think I could do without at the moment.

Also I’m not entirely sure I’m confident enough to live on my own yet. Growing up I very often looked after the house whilst my parents and sister went away on holiday but then 18 months ago they went away and I was woken up in the early hours of the morning by the house alarm to find someone in the house! Ever since that day I’ve always been nervous about living on my own.

Stay home for another 12 months then. Sounds like you dont need the hassle of it all.

I used to live in a pub and the thing what made us sell up was 3 lads on the roof about the break in with crow bars and hammers in hand. If we had not seen them when we did, it could have been a very different story so I can sort of understand how you feel on that front. 

Maybe look at an apartment? Not quite the same as a house, but it would probably make you feel a bit safer? 

I have thought about living in a flat but after weighing up the pros and cons I decided against it. Whilst I could afford a nice one that I have seen that overlooks a golf course and a lake, my older sister moved out nearly 8 years ago into a flat and when it came to her time to move out she just couldn't sell it and has been renting it out ever since which has been more hassle than it's worth.

Salemicus

Please don't do things just because you feel everyone else is doing them. You need to make the decisions that are right for you. If your parents don't mind you living at home, then make the most of it - remember that the more you save, the bigger your deposit, the lower your LTV, the better the interest rate you can get. So it's not just saving money now, it's saving in the future too.

Buying a property is a huge decision, don't do it a second before you are ready. I didn't buy my first place until I was 34, it's not a problem. Buying a property is a long term investment, it makes great sense if you are going to live there a long time, it is a terrible decision if you need to keep chopping and changing. Take your time, don't rush, and then when you are ready - go for it!

Chilli6

I lived on my own for 9 years and found it hard to begin with. I'd say if you're not sure then stay put for now. Don't underestimate the benefits of saving while living with family.
I've been between houses for the past year and so living back with parents. My friends are struggling to afford the basics and I feel privileged to be saving alot. 
I'm completing on my new place in a week and found it easy to get a mortgage as a single person, same first time round. I earn less than you also.
When you do decide its the right time you should be able to get one fairly easily. 

MikeL93

Salemicus said:

Please don't do things just because you feel everyone else is doing them. You need to make the decisions that are right for you. If your parents don't mind you living at home, then make the most of it - remember that the more you save, the bigger your deposit, the lower your LTV, the better the interest rate you can get. So it's not just saving money now, it's saving in the future too.

Buying a property is a huge decision, don't do it a second before you are ready. I didn't buy my first place until I was 34, it's not a problem. Buying a property is a long term investment, it makes great sense if you are going to live there a long time, it is a terrible decision if you need to keep chopping and changing. Take your time, don't rush, and then when you are ready - go for it!

Thanks for the advice. I think I’m just going to stay put for now, save as much as I can and then start seeing where I’m at in the Spring. 

Sncjw

Is there any houses for 130k in your area. You dont need to be fancy straight away. It will take time to get the house the way you want it anyways. 

Also my partner and I would have had budget of i think it was 140k but we went and bought a house for 83k. It means the mortgage payments are less and we could also reduce the term by 5 years as we are paying slightly more a month. It gives us the flexibility to thinknof the future and also to decorate the house. We bought it in April and only got three rooms done but alot due to covid.

Think of the future would you want to save money for other things.. Might be harder if your paying higher mortgage. 

MikeL93

Sncjw said:

Is there any houses for 130k in your area. You dont need to be fancy straight away. It will take time to get the house the way you want it anyways. 

Also my partner and I would have had budget of i think it was 140k but we went and bought a house for 83k. It means the mortgage payments are less and we could also reduce the term by 5 years as we are paying slightly more a month. It gives us the flexibility to thinknof the future and also to decorate the house. We bought it in April and only got three rooms done but alot due to covid.

Think of the future would you want to save money for other things.. Might be harder if your paying higher mortgage. 

I've looked but unfortunately there isn't, terraced houses start at around £145K and then semis start at around £160K. I have a number of friends who have bought terraced houses for their first home and they have all told me to avoid them.

MaxiRobriguez

MikeL93 said:

Sncjw said:

Is there any houses for 130k in your area. You dont need to be fancy straight away. It will take time to get the house the way you want it anyways. 

Also my partner and I would have had budget of i think it was 140k but we went and bought a house for 83k. It means the mortgage payments are less and we could also reduce the term by 5 years as we are paying slightly more a month. It gives us the flexibility to thinknof the future and also to decorate the house. We bought it in April and only got three rooms done but alot due to covid.

Think of the future would you want to save money for other things.. Might be harder if your paying higher mortgage. 

I've looked but unfortunately there isn't, terraced houses start at around £145K and then semis start at around £160K. I have a number of friends who have bought terraced houses for their first home and they have all told me to avoid them.

I lived in a terrace for 8 years in my first home. It wasn't luxury but it was fine, no regrets over picking it instead of the flats I also looked at. I now live in a semi which we've had to spent a fair chunk getting it to be nice, but whilst it is better, and bigger, the adjoining walls are thinner and we can hear our neighbours and their four kids throughout the day, so there are downsides too.

MikeL93

MaxiRobriguez said:

MikeL93 said:

Sncjw said:

Is there any houses for 130k in your area. You dont need to be fancy straight away. It will take time to get the house the way you want it anyways. 

Also my partner and I would have had budget of i think it was 140k but we went and bought a house for 83k. It means the mortgage payments are less and we could also reduce the term by 5 years as we are paying slightly more a month. It gives us the flexibility to thinknof the future and also to decorate the house. We bought it in April and only got three rooms done but alot due to covid.

Think of the future would you want to save money for other things.. Might be harder if your paying higher mortgage. 

I've looked but unfortunately there isn't, terraced houses start at around £145K and then semis start at around £160K. I have a number of friends who have bought terraced houses for their first home and they have all told me to avoid them.

I lived in a terrace for 8 years in my first home. It wasn't luxury but it was fine, no regrets over picking it instead of the flats I also looked at. I now live in a semi which we've had to spent a fair chunk getting it to be nice, but whilst it is better, and bigger, the adjoining walls are thinner and we can hear our neighbours and their four kids throughout the day, so there are downsides too.

I realise there are downsides to every property but I just don't see myself living in a flat or a terraced house. That's why I've decided that I'm just going to save really hard over the next few months and then in the spring see what my finances are like and then speak to a broker to see what mortgage I can get.