Leaving the nest

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DanniBT
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Hi Everyone,
I’m an 18 year old collage student who is wanting to move away from home as soon as possible. As strange as it may sound I do not wish to go down the rent route. I have put 75% of my trust fund money straight into a lifetime isa and add to it monthly. As well as save on the side. I work full time and currently go to collage.
Most my earnings going into savings for car insurance however once that is paid off I’d like to save more towards getting a message mortgage for a flat nearer to a city. My parents haven’t been very supportive and aren’t offering me much advise or disagree with any of the decisions I have made or are considering. I know that I’ll need to save for my Atleast 10% deposit. Which is looking to be £8000. As the flats I have been looking at are around 80k.

I want to move away from where I currently live as I dislike the area and haven't had the most positive experiences here. I would like to move somewhere and start fresh. I have ideas in mind but know that moving somewhere fresh will be difficult as mortgages require job stability so I'd have to find a job and rent somewhere until I have gain that stability.

Does anyone have any advice or recommendations? I don't wish to live in luxury I just need somewhere to live.

Thank you Danni
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Whoanon
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Are you wanting help on where to move to?
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DanniBT
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Not necessarily just on advice in general. I know I want to move closer to a city. North Manchester has been a favourite recently. However I genuinely have no idea where I'd even begin. As I'd to leave everything behind here and move there but its next to impossible getting a mortgage without the stability of a jobs. I don't even know what exactly credit score is
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Whoanon
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It’s a difficult one, I had a friend that did it and he tried applying for jobs in the new area but got turned down a lot because he didn’t live close enough. Could you possibly try and get a job where you are now that has multiple stores/workplaces and transfer to the new area, it’s probably not your ideal choice but just while you get sorted? Or another way would be to find a job that you can work from home potentially
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DanniBT
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As of currently I'm working from a large scale bakery that have several shop it delivers to within my local area. I plan to work here until I have a suitable deposit and can drive. However because of the area i currently live it their arent many big chain stores that will allow a transfer. I have looked at jobs in and around areas i was interested in but even then its the unknowing of if ill even get a jib and i need that stability asap
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Whoanon
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That seems sensible, it’s kind of catch 22 I know it took a while for my friend to get a job sorted, but he did a similar thing to what you’re think of doing. I think in the end he got his mortgage sorted then moved and started reapplying in the area again, as understandable they didn’t want to talk someone on that lived hours away without somewhere closer to live at the time.
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DanniBT
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Thats understandable I'm hoping I can save enough to rent for a short period of time to sort my job opportunities out and get job.
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nexttime
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That will be a significant challenge. You've identified the main problems I think - mortgages are based on your permanent income. If you don't have a job, no mortgage, simple as that.

You'd also struggle to rent tbh - they tend to also want to see evidence that you can afford at least a year's rent, though you may be able to work something out there.

Is a car something you need right now? You seem to be trying to save for two huge purchases at once - obviously that will make things twice as hard!

Also remember that the deposit is not the only up front cost to a property purchase. You'll have legal fees, land registry fees, couple more things. Will you need to hire a van to move? All told that'll likely be a couple thousand I'd imagine?

Do you currently own furniture?

Also remember how long it typically takes to complete a property purchase. Even with no chain (i.e. the people you buy from are waiting on someone else to move out of their house, who are waiting on others etc...), it typically takes 3 months just for paperwork.

And the job market at the moment is clearly pretty atrocious for young people. Although you do have experience which is great. I guess what you'd have to do, is apply for jobs in the new area, then once you have one apply for a mortgage and find a place?

It'll be a long difficult process!
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DanniBT
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Mortgage I am aware will be a long process I'm currently in the saving for a deposit, basic furniture needs (fridge, washing machine), legal fees and either flat share or renting for atleast 6months.

I've definitely been considering flat share more than rent as its looking like a cheaper option as most flat shares utility bills are included into the over weekly cost of living there. By having that 6month money already saved up I'm giving myself the chance to find a job and start the mortgage process in those six months with out the stress of having to pay up. If I werent to find a job a for awhile then the mortgage process will be delayed.

I don't have much furniture just a bed and a couple of shelving units however things like TVs, sofas, chairs and pinning room tables arent an important aspect wheb I first move in. However can be some ing I purchases a with in the first few months.

I already have a car and the issue would be paying for the rest of my lessons and insurance. This is something I need as I need to driving myself to work as there are no public transport routes where I live. I live in a very rural area and plan to move hours away from where i live now.

I know the job market now especially is quite hard which is why i dont wish to rush anything and am hopefully staying in the job i currently have now until I have more then the appropriate fundings to help support me.

Realistically it might be 2-5 years before I can leave. However in that time frame I will turn 21 and will Theb be earning slightly more which will make a difference. The objective of this post was definitely to leaner more about moving out and you've definitely given me some things to think about and consider. Thank you
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Surnia
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As a home owner I've been posting this list for people to consider for expenses.

▪ Mortgage and fees.
▪ Monthly bills (gas, electricity, water, council tax)
▪ Home insurance, plus any other cover like gas, water, maintenance fees for a flat
▪ TV and licence? Stereo?
▪ Broadband
▪ Phone
▪Any additional furniture (sofa, dining table & chairs, bed, wardrobe and drawers, shelving, storage) or appliances like kettle, toaster, microwave, white goods (washing machine, cooker, fridge-freezer)
▪Bedding, towels, tea cloths, curtains, cushions
▪Crockery, cutlery, cookware, kitchen storage
▪Food
▪Toiletries
▪Cleaning and laundry products, inc Hoover, clothes horse or outdoor drying, iron, ironing board
▪Gardening tools
▪Clothes
▪Socialising (including travel, food, drinks) and holidays
▪Travel to work and visits to friends and family (including car insurance, fuel, tax, servicing, MOT if applicable)
▪Birthdays and Christmas

The list is not exhaustive, and will obviously vary as to individual needs, and what is a priority and what are ongoing expenses. You say you want to 'pay off' your car insurance, but that will never happen as long as you have a car...
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