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Housing advice needed

Currently renting at 545 per month, outgrown our 1 bed flat as we now have a 3yr old daughter.We have saved 65k for a deposit, however not found a suitable house ( looking to 220 k ) due to various reasons and not sure what we should do. We currently get tax credits, but could be put on universal credits if we move. Do we:
1: stay put and keep saving
2: buy somewhere top of budget and use maximum savings as keeping over 16k in savings mean we would not be entitled to universal credit
3: buy somewhere mid budget, spend rest of savings
4: buy somewhere low budget, have large savings left but will not be entitled to universal credit
5:
«1

Comments

  • Cakeguts
    Cakeguts Posts: 7,627
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    Why do you have to have large savings can't you just put in a larger deposit and have a smaller mortgage?
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    Keep saving, put 50k in premium bonds if you don`t have any other investment ideas, and learn a bit about investment if you don`t already know, don`t burn 65k in a bursting property bubble.
  • TBagpuss
    TBagpuss Posts: 11,198
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    I think a lot depends on what you can find in the different budget ranges.

    I wouldn't buy a more expensive property simply to try to qualify for benefits, but if you find a property which you can afford and can have a smaller mortgage on by using most of the savings then do that.

    Maybe aim keep £4-5K in savings for emergencies
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    Better to keep 65k in liquid assets IMO rather than putting it somewhere you can`t get at it very easily and where it is liable to disappear. Why not aim for 100k savings, increase your income if possible, your rent is pretty reasonable, and watch interest rates rise and house prices drop?
  • Kayalana99
    Kayalana99 Posts: 3,626
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    You shouldn't be getting tax credits with 65k in the bank though, right?
    People don't know what they want until you show them.
  • AdrianC
    AdrianC Posts: 42,189
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    peppapig14 wrote: »
    ...however not found a suitable house ... due to various reasons
    That really does cover such a monumentally wide range as to make the questions a bit meaningless in isolation.

    What are those reasons?
    Does what you want simply not exist where you want it for what you want to pay for it? Something's got to give, then...
    Anybody who's ever watched a single episode of Phil and Kirsty knows that there's one thing that "I can't find it..." people have failed to do. Prioiritise the compromises.

    Help us to help you - a rough indication of area, requirements, and maybe some RM links with a description of where they've fallen short...?
  • Caz3121
    Caz3121 Posts: 15,533
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    Kayalana99 wrote: »
    You shouldn't be getting tax credits with 65k in the bank though, right?
    only the interest (>£300) on the money is included for tax credits
  • davemorton
    davemorton Posts: 29,066
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    Christ, I could only dream of saving up 65K, and im not entitled to any benefits :(
    Edit: off to check the .gov calculator..nope, still not getting anything :(
    “Quis custodiet ipsos custodes?”
    Juvenal, The Sixteen Satires
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    TBagpuss wrote: »
    I think a lot depends on what you can find in the different budget ranges.

    I wouldn't buy a more expensive property simply to try to qualify for benefits, but if you find a property which you can afford and can have a smaller mortgage on by using most of the savings then do that.

    Maybe aim keep £4-5K in savings for emergencies


    Not nearly enough if the boiler breaks and the roof blows off at the same time.
  • lol, OP, if you haven't already realised, Crashy adds entertainment value.
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