AIBU to think I will never own my home

(93 Posts)
Sadoldbag Mon 10-Feb-14 14:51:28

AIBUto think we will never own a home and most like have both kids living with us well into there 30s

I a little depressing to be Honest

Oh works full time even though I am SHAM realised that even if I went back to work my wage would only cover child care so no point

We have saved which seems like a huge amount however we are told by the bank we need 50k at least deposit

We then thought about moving out of London as oh job travels however when we rand the council in Birmingham we were pretty much told because of year group ds in is the only school he would get onto are the sink schools sad

If we can't afford a home and it's 50k deposit now I can't see ds affording to move out until at least 30 If at all

So what's the point we can't buy we don't have enough to help ds we can't move out of London it's just a load of cats bum

We have tried the key worker scheme which is also cats bum

HesterShaw Mon 10-Feb-14 14:54:57

Why do you need a 50% deposit? That's 10% of half a million quid! Where in London do you live? What about the Help to Buy scheme?

Is it the council's interpretation of "sink schools" hmm or yours?

Sadoldbag Mon 10-Feb-14 14:55:21

Oh yes just wanted to say dear Mr bank manger no one apart from a Russian businessman has 50k knocking about

Who the hell can buy in London

Letters on a postcard if you know

HesterShaw Mon 10-Feb-14 14:55:24

Sorry £50,000 not 50%.

squeakytoy Mon 10-Feb-14 14:56:44

What price of property are you trying to buy? If you need a 50k deposit then you are looking at very expensive places. I live in a London borough and a standard 3 bedroom semi is average 275k which would not require a 50k deposit.

Also if you were working then the amount of mortgage available would also increase as your wages would be taken into account.

Sadoldbag Mon 10-Feb-14 14:57:55

Hester shaw the help to buy Is grand but buy paying a really low deposit our mortgage repayments would be huge

The average 3 bed round here is 300k sad

My sister and her partner have just brought and there house was 299 it has no central heating or double glazing ffs

Sadoldbag Mon 10-Feb-14 14:59:58

Squeaky toy yes however my actual wage would not be available to help pay the mortgage

We happy to move out of London but found councils most unhelpful

My sisters home was 299 and they required 40k so I assume we would need a similar amount

HesterShaw Mon 10-Feb-14 15:00:28

It sounds as though you will have to move out of London if you want to own a house. Sorry.

How old is DS?
We are in a similar situation but we also had our house repossessed years ago. We had a 100% mortgage and then interest only mortgage.
Looking on the bright side with renting you can move next to the nicest school in the area. You are free to move around if you choose.

HesterShaw Mon 10-Feb-14 15:01:17

Oops, crossed post.

Sorry, why do you need the help of councils?

akachan Mon 10-Feb-14 15:01:39

If you were working, you would end up earning more though. It would outstrip childcare cost at some point surely?

Sadoldbag Mon 10-Feb-14 15:02:31

Squeaky toy the difference between 275 and 300 might as well be a million it's just to much

We can only afford 200 really so that leaves us living here and our kids for ever and ever Amen

JeanSeberg Mon 10-Feb-14 15:04:57

There's no way I could afford to buy in London whereas up north I have the same property for over �100K less. Realistically you're going to need to move and I would also look at returning to work.

How much deposit do you have saved up?

Retrofairy Mon 10-Feb-14 15:05:28

I think I know what year group you are talking about and it was a high intake for birmingham schools but honestly think its an exageration to say you would only get into a sink school. There is some movement and in the outer suburbs space. Dont want to out self but this comes up in my line of work.

Sadoldbag Mon 10-Feb-14 15:06:17

Hestershaw we need help with schools

Ds is in year 9 so buy they time we needed to move he would be in year 10 GCSE years if we moved he would need to move to a school that dose the same courses he doing only a handful of schools in Birmingham teach Spanish most teach French and Germans and most that teach Spanish he would not be able to get into due to very love movement in these year groups all they said is that there are some schools that no one wants to send there children to that always have spaces (and that's not going to happen)

HesterShaw Mon 10-Feb-14 15:08:06

Ah, I see.

NotSuchASmugMarriedNow Mon 10-Feb-14 15:10:02

How about moving AFTER the GSCE's?

Sadoldbag Mon 10-Feb-14 15:10:30

We would move tomorrow but we just can't seem to get past the school issue also we were told we couldn't apply to any school until we have and address in the area (confused)

What if we move and he doesn't get a school for a few months he's doing GCSES ffs I don't want out desire to buy mess us ds chances and he's doing very well at the moment.

We even looked at buying a two bed a building an annex out back for ds oh thinks that's crazy

Sadoldbag Mon 10-Feb-14 15:14:05

NotSuchASmugMarriedNow

Yes we did think of that however I have been told that they apply of things like collages and 6th form at the end of year 10 based on there mocks they then get a solid offer in year 11 when they get there results

He may be able to apply to 6th forms with out having address up there

Sadoldbag Mon 10-Feb-14 15:18:18

If any one has any knowledge of how we can do this I would be very grateful.

Oh thought we should just move lock stock and a school place will be found eventually and I think that is an idea for twats

MaryWestmacott Mon 10-Feb-14 15:19:22

Why do you assume your DS (and any DP he has in the future) will have the same earning potential as you? Or will have DCs at the same stage in life?

It is, quite frankly, crazy to build an annex now because you worry about a NT teenager will not be able to afford their own home, or to assume that if they can't buy they'll want to live with you, or even in the same city.

Are all your DCs secondary school age? If so, would you really need childcare? It can't be long until you don't need childcare for long, or move once DS has done GCSEs.

MrsOakenshield Mon 10-Feb-14 15:20:00

are you unhappy in your rented home - do you feel insecure, it's not a proper home, anything like that? Or is it simply the notion that you should own your own home? It's the norm in many European cities for people to rent long term - of course, the setup with regard to tenants' rights is very different, but what I'm saying is - if you are happy in your home and DS is happy at his school, then do you need to do anything now? Keep saving and once DS has flown the nest (and there's no real reason to suppose he'll stay) then look again when you're not so tied to schools?

Katnisscupcake Mon 10-Feb-14 15:21:40

What sort of areas (discounting Birmingham and London) would you be prepared to move to?

There are properties down in the South West (we're in Devon) that are around £200k for a nice 3 bed and you only need 5-10% deposit. A lot of the schools these days teach Spanish (certainly the 2 Comps in our town do) and they're all fairly good schools.

Or is this too much out of the way? If you name some places that you're interested in, I'm sure will be plenty of MNers who will jump in to offer you advice on schools/housing smile.

MaryWestmacott Mon 10-Feb-14 15:21:46

I think there's a lot to be said for deciding the area you like, calling the schools in question and asking them how likely it is they would have a place. Most should be able to tell you even if the council can't promise anything until after you've moved.

A school place would be found, it might not be your first choice, but you can weigh up the likelyhood of getting your first choice with a little chat with the school.

amicissimma Mon 10-Feb-14 15:22:13

Why do you want to buy? My Dad didn't buy until he was in his 50s. I was in my 30s when I first bought, but could only manage that because I had worked and saved like mad and delayed having children.

No being able to buy doesn't mean people have to live with their parents. I lived in shared places of various degrees of un/pleasantness, and my parents rented rooms.

I think that in many areas it's only particularly fortunate people who can afford to have children and buy property before they are well into their 30s or 40s.

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