Serious question - need to make a lot of money

edited 10 March at 2:02PM in Boost Your Income
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sunshine81sunshine81 Forumite
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edited 10 March at 2:02PM in Boost Your Income
All I want is to buy a house for me and my children. 
As a single parent buyer though, you're kind of like the poo on someone's shoe when it comes to getting a mortgage. Prices are rising and I'm on the edge of being drowned.
I work full time for the NHS and am trying to work up the ladder to increase my income but my manager telling me it'd be too difficult as a single parent battered my confidence. 
Mortgage lenders only want to lend me half of what I'm paying in rent... good enough to pay someone else's big mortgage but not my own. 
My mental health is really about to give up with all this. I've never felt so much like scum in all my life. 
So my question is, apart from all the obvious I am already doing (Etsy, selling stuff on Ebay, photographing receipts, some survey sites, matched betting/low risk casino (struggling with those as been gubbed by some), reducing my spend down to the very bare essentials) what else can I do to get money in to save for this deposit. 
I even looked up sex texting this morning because I am now that desperate to raise a ridiculously large deposit. I have 16k already but that probably needs tripling. 
There are no shared ownership schemes here and new builds are over 250k taking out any Help2Buy options (though probably not eligible anyway, as I owned a house 20 years ago and I won't have the affordability).  
Please no one comment that there's nothing wrong with renting, you may tip me over the edge. 
Thank you.  
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  • edited 10 March at 4:57PM
    frugalandsavefrugalandsave Forumite
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    edited 10 March at 4:57PM
    Im sorry to hear about your situation. Although I do not work for the NHS, we have  single mothers who with in our company are Managers. So dont let a comment from somebody senior knock your confidence. There are a lot of successful single mums out there. May it be an option to look for another Job, perhaps at a different location  but still part of the NHS?

    Also it would be a good thing to speak to an independent mortgage advisor to see what options you have available.
     As it sounds like you do qualify for the H2B for new builds, so i would suggest you have a look at this, it might be worth also writing into the mortgage forum as there are  knowledgeable people in there. 
    On MSE: https://www.moneysavingexpert.com/mortgages/help-to-buy-equity-loans/
    If you havent already, could you utilize the Lifetime ISA? You could open one now and put £4k in there before 5th of March and the Gov will top it up by £1000. Then next year you do the same, add £4000 and the government will add another £1000. You need to have the account held for at least 12 months to be able to use the Government Bonus. So that means that you could after 5th April 2022 add another £4k and get £1000 from the government. That way in about 1 year, you could add £3000 to your total deposit. 
    LISA Accounts: https://www.moneysavingexpert.com/savings/lifetime-isas/ 

    Keep your head up, your are doing well and keep going. 
  • sunshine81sunshine81 Forumite
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    Thanks that's really kind. I know that comment should not have shaken me as much as it did. 

    I have a LISA but to use for retirement, I'll have to check but am of the understanding I can't use it to buy a house because I have owned a home before (albeit a long time ago) and also the prices of new builds here are above the cap (£186k in the north west I think?). But I will read it all properly to double check that is the case. I did speak to a few mortgage advisors and while independents were better than the one high street lender I spoke to, the one that got my anywhere near the mortgage I need charged a couple of thousand in fees that I don't really have. 
  • edited 10 March at 5:20PM
    greensaladgreensalad Forumite
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    edited 10 March at 5:20PM
    Could you move to a different area with a lower cost of living? If it's really the house you're desperate for you may find some beautiful areas of the country in which to raise your children where the house prices and generally cost are a lot lower and therefore more achievable.

    Alternatively could you retrain into something that you'd be able to do from home? Not ideal I know, but I currently WFH (and will probably for a while for the future) and make good money as a developer. There are remote roles out there!

  • sunshine81sunshine81 Forumite
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    The cost of living is not expensive here at all (Bolton!)  But I do need to remain here for my only support network which is my parents who do so much for me and the boys. Plus the boys school and their dad are local too. 
    I maybe need to look at the career bit. The frustrating bit though is being reliant on tax credits means if my wages go up the tax credits will come down which is obviously understandable but does not help my affordability. 
  • lincroft1710lincroft1710 Forumite
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    Do you think your manager meant that the next rung on the employment ladder might not be so conducive to your childcare arrangements rather than being a somewhat discriminatory comment?
  • edited 12 March at 11:07PM
    sunshine81sunshine81 Forumite
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    edited 12 March at 11:07PM
    Do you think your manager meant that the next rung on the employment ladder might not be so conducive to your childcare arrangements rather than being a somewhat discriminatory comment?
    My childcare arrangements have never been an issue previously so I'm not sure why it's for them to judge?
    By her reckoning my best friend would be an ideal candidate for promotion purely because she has a husband... despite the fact her husband runs his own business and therefore often works away and when at home works 50-60 hour weeks and is not responsible for any childcare. 
    So no, I don't.

    Honestly single mums get slagged off so much, are told to get a job, stop relying on benefits etc and then when they try and do so they come up against things like this. Can't win. 
  • Grumpy_chapGrumpy_chap Forumite
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    I know the OP is not suffering from a debt crisis, but the aim is similar.  Could the OP use the SoA tool that the DFW board uses as a means of evaluating an opportunity to release more towards deposit savings?
  • p00p00 Forumite
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    Simple answer is there is no quick way to make a lot of money. Unless you win it of course.
    The rush to buy a house is a bit worrying and it may be worth thinking about why you feel desperate. Talk to some one. This pandemic hasnt helped anyone who already feels trapped.
    Remember also that all income could be taxable, you may be working extra hours for little extra income. There is no quick fix and I think the option of possibly moving to a cheaper area is the only viable one. House prices are rising taking the affordability away for most people. Mistakes can easily be made when feeling as you do at this time so possibly this just has to be put on the back burner until you do have enough money then make your decisions.
    p00 x
  • JamoLewJamoLew Forumite
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    Do you think your manager meant that the next rung on the employment ladder might not be so conducive to your childcare arrangements rather than being a somewhat discriminatory comment?
    My childcare arrangements have never been an issue previously so I'm not sure why it's for them to judge?
    By her reckoning my best friend would be an ideal candidate for promotion purely because she has a husband... despite the fact her husband runs his own business and therefore often works away and when at home works 50-60 hour weeks and is not responsible for any childcare. 
    So no, I don't.

    Honestly single mums get slagged off so much, are told to get a job, stop relying on benefits etc and then when they try and do so they come up against things like this. Can't win. 
    Hard to comment without knowing what profession/band you are.

    As you progress up the scales and grades the expectations and demands on your time may increase - hence the comments from your manager.
    It may be a case or well meaning but poorly worded.
    I think @Grumpy_chap made a good suggestion. Take it slow and steady rather than putting undue pressure on yourself
  • bluenose1bluenose1 Forumite
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    Hi sunshine 81, sorry no solutions but just wanted to say hope it works out for you.
    I was a single parent for years and it never affected my ability to do my job, child care tends to fall to the woman anyway, so think your managers comments are naive at best. I also have several single parent friends who have been promoted to senior positions and done excellent jobs.
    I would be tempted to say to your manager that I have been reflecting on what they  said and feel upset that they don’t think you are suitable for promotion purely because you are a single parent. You have a strong family network which is worth it’s weight in gold, as I know from past experience. You don’t have to be confrontational but their comments have obviously really upset you and as I have got older I have been more determined to say what I think when I feel  I have been treated unfairly.  At worst at least you will have said what you think to them, and you never know they may reflect on their comments. 

    I assume you have worked out the maximum mortgage you can afford and there is nothing in your price range, even if it means getting a house that needs work, smaller than what you would like etc.
    You have done brilliant to raise £16k deposit. It really is a catch 22 predicament as you have proven your ability to repay rent at higher amounts than a mortgage. 
    Good luck. 


    Money SPENDING Expert

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