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Scared That I Will Never Own My Own Home Watch

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    Both of those state no couples.

    The OP presumably lives with a partner?
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    (Original post by Alfissti)
    Both of those state no couples.

    The OP presumably lives with a partner?
    Both of those were purely examples. I took all of 30 seconds to find places which halved the amount of rent discussed.

    If OP has a partner; even better. Thats another source of income. Or, Look further afield, I narrowed my search to single males in Hammersmith. It can be easily adjusted.
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    (Original post by Alfissti)
    Both of those state no couples.

    The OP presumably lives with a partner?
    Why presume a zero earning partner exists?
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    (Original post by DoctorInTraining)
    Why? I earn 22K and have London rent to pay
    I think youve diagnosed the problem

    Move to the North West or East or Scotland. Three bed place for 100k if you so wish.

    Will your F1 salary of 22k remain the same for the next 10 years?
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    (Original post by Quady)
    I think youve diagnosed the problem

    Move to the North West or East or Scotland. Three bed place for 100k if you so wish.

    Will your F1 salary of 22k remain the same for the next 10 years?
    I do have a partner but his job is fixed in London so relocating is not possible. I am happy to live outside of London as long as it's on a good train link so he can still get to work.

    My salary won't stay the same - it does go up but not enough to allow us to save a deposit for a property within the next 5-7 years. 10 years - maybe but that's assuming the property market doesn't get any more heated! The prices are rocketing in the South East and it is terrifying to think we might work our socks off and never get a home!
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    Fear not, life is a marathon rather than a race.

    Just wait for the next downturn in the market and then take advantage.
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    In this day and age who wants to be tied down for 25 years anyway.

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    (Original post by DoctorInTraining)
    I am truly scared that I will never own my own home.

    Whether it's a flat or a house - I really don't mind - but I just don't seem to be able to save any money whilst renting at the moment.

    Most banks want you to have at least 5% (normally 10%) saved as a deposit but I genuinely have reviewed my money and I'm still just breaking even every month And that's without luxuries like holidays or proper Christmas presents.

    I am fortunate to have a job but it's fixed geographically over 100 miles away from all my family so can't live at home with my parents.

    I am so worried about this and the fact I won't be able to have any children before I can't afford to look after them financially. I know money isn't everything but I want to have a roof over their heads and food on the table

    Does anyone feel the same fear? Or is it just me?
    So you need 5% deposit. Now, in Leeds you can get a house for around 80-100 grand. So you need 8 grand, for the sake of argument.

    You earn, I imagine, 16,000 or more? You can easily live in Leeds off £500 a month. Leaving you about £500 saved a month. That means it would take you 8 months to save up for the deposit on a house.

    Hope that makes you feel better.
    If you're in London your first move is to get a job elsewhere asap.
    Then harder to save from now on, you can live off a tenner a week for food, move into a shared house and pay 250 a month for rent and very little on bills. You'll have saved up in no time.
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    (Original post by DoctorInTraining)
    I do have a partner but his job is fixed in London so relocating is not possible.
    Relocating is always possible. Scary, yes, but possible. Perhaps that's not what you want to do, but if that's the case you will need to live with the property prices because they aren't going anywhere any time soon. Staying in London is a choice, not a necessity.
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    (Original post by DoctorInTraining)
    I do have a partner but his job is fixed in London so relocating is not possible. I am happy to live outside of London as long as it's on a good train link so he can still get to work.

    My salary won't stay the same - it does go up but not enough to allow us to save a deposit for a property within the next 5-7 years. 10 years - maybe but that's assuming the property market doesn't get any more heated! The prices are rocketing in the South East and it is terrifying to think we might work our socks off and never get a home!
    Yeah you're never going to be able to afford a house in London but that's life, you chose to live in London and are unwilling to relocate and that is a choice you must have made knowing full well the house prices here are totally unaffordable.

    Even if you did manage to save £500 a month which on your salary is virtually impossible without living in an utter ****hole it would take nearly five years to get the 10% deposit on a decent flat and the repayments may well be too much for you to manage even if you did somehow scrape together the money. I know people earning 30,000 that still only manage to save £100 a month.

    On the plus side, in Lewisham the house prices seem much more reasonable than elsewhere and its nowhere near the ****hole people make it out to be so if you do consider buying I'd start around here.
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    (Original post by Jebedee)
    In this day and age who wants to be tied down for 25 years anyway.

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    Peopel who want to be free of rent in retirement (when earnings are lower), but can't afford to buy their house in under 10 years?
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    With regards to OP and the difference in the cost of living/housing I wonder if he can't commute to London. It's a real pain but Nottingham, Birmingham and Bristol are big cities that are relatively cheap to live in with relatively good links to London (albeit an expensive train ride for 1-2 hours each way).

    (Original post by Jebedee)
    In this day and age who wants to be tied down for 25 years anyway.

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    Exactly. I fully intend to get a 10 year mortgage myself so long as I can afford it (and not in London).
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    (Original post by Rakas21)
    With regards to OP and the difference in the cost of living/housing I wonder if he can't commute to London. It's a real pain but Nottingham, Birmingham and Bristol are big cities that are relatively cheap to live in with relatively good links to London (albeit an expensive train ride for 1-2 hours each way).



    Exactly. I fully intend to get a 10 year mortgage myself so long as I can afford it (and not in London).
    How much will you be borrowing?
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    (Original post by ubi1)
    How much will you be borrowing?
    I borrowed £95k earlier in the year and fully expect it to be paid off in 10 years.

    I've offet £40k of savings which helps.
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    (Original post by Quady)
    I borrowed £95k earlier in the year and fully expect it to be paid off in 10 years.

    I've offet £40k of savings which helps.
    How much you paying off monthly? 95k is alot would take 4 good years to earn that much.
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    (Original post by ubi1)
    How much you paying off monthly? 95k is alot would take 4 good years to earn that much.
    £519 are the monthly repayments at todays interest rates. I'm paying off about £400/month after the interest.

    But I'm saving £500/month into an ISA.

    £95k is about two and half times my take home pay.
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    (Original post by ubi1)
    How much will you be borrowing?
    Right now i'm not. But if we assume a salary of ~£30k so I can afford the average mortgage repayment then i'd be buying an apartment in Leeds City Center for about £100k and a house in the suburbs for about £200k. Over 10 years I could comfortably borrow pretty much all of the £100k (perhaps pay a 10-20% deposit since interest would be added), for the house i'd need a much larger deposit but it's possible I could borrow against the apartment. Either way, within 30 years i'd have a city center apartment and a house in the suburbs fairly reasonably.

    I would add that potentially I may be able to use my parents right to buy for the current house. It's ~£110k but they get full discount. Do some building work on it for £50k (loft conversion, conservatory, utility room, open plan living/diner/kitchen) and I have a 3 bedroom house with a massive garden in a desirable area (motorway corridor, located within 10 miles of Leeds, Bradford and Huddersfield) for which lesser houses are going for close to £200k and i'd get it for about 50% of that.
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    (Original post by Rakas21)
    Right now i'm not. But if we assume a salary of ~£30k so I can afford the average mortgage repayment then i'd be buying an apartment in Leeds City Center for about £100k and a house in the suburbs for about £200k. Over 10 years I could comfortably borrow pretty much all of the £100k (perhaps pay a 10-20% deposit since interest would be added), for the house i'd need a much larger deposit but it's possible I could borrow against the apartment. Either way, within 30 years i'd have a city center apartment and a house in the suburbs fairly reasonably.

    I would add that potentially I may be able to use my parents right to buy for the current house. It's ~£110k but they get full discount. Do some building work on it for £50k (loft conversion, conservatory, utility room, open plan living/diner/kitchen) and I have a 3 bedroom house with a massive garden in a desirable area (motorway corridor, located within 10 miles of Leeds, Bradford and Huddersfield) for which lesser houses are going for close to £200k and i'd get it for about 50% of that.
    Seems good to me, around my area there is a nice house on for £120k, 3 bed room I want to buy it but no enough money.
 
 
 
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