[Finance] I'm never going to buy my own house am I?

[Uncle Spielberg]

Santander will lend to age 75. Max mortgage is determined by income and deposit available

 

[DIFFBROOK]

The most important thing for you to realise is that you are providing for your family.

Roof over your head. Check.
Food on table. Check.
Loving family life. Check.

Renting or buying, really is just the means to have a roof over your head. Ok, renting might seem dead money, but selling your home for social care is too.

Buying a home down South, is near impossible and I dont know what the answer is.

I know you have said that you dont want to move north, but if buying a home is so important to you, then perhaps that is the only real option.

The figures you have mentioned would give a very decent home.

I dont know what you do for a living, but yes, wages are generally lower. But, by how much not sure.

Of course, dont forget about impact of family. I moved north aged 26. My parents were younger. Now, older it's not simple to just pop round to check they are ok.

Good friends will stay in touch. And it's not as if the North is Australia. They and you can arrange big occasional get togethers.

You will make new friends.

Your children will also be in a better position to get on property ladder.

I guess you need to decide whether buying is the be all and end all, or whether renting just as many people do will suffice.

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[clockend1983]

Yeah, my own one and also Uncle Spielberg. Just can't get the LTV based on earnings. Maximum term I can get is 27 years. Im running out of time here.

We could only borrow a max of £180k + £50k deposit.

Not enough to buy a run down house round here and I dont want to move up north away from all of my family and friends where houses are cheaper but I'll also earn less as well.

Hi mate
Sorry to hear about your dad and you housing stuff starting to
get to you.I’m sure you have thought about it but would
shared ownership be an option? or applying for social housing waiting a few years
keep saving and exercise your right to buy,if it’s still available when that time comes?
Whatever mate Good luck and don’t give up on your dream I was 48 when I bought my place

 

[Butch Willykins]

Try and buy a 2 bed flat, live in that for 2-3 years and then move up the ladder.

It might be a squeeze with the kids but remember you’ll be paying off your own mortgage and building equity, which equals a bigger deposit for the next move. Also, the fact you have demonstrated you can manage a mortgage, will help with your next mortgage application.

You’re doing all the right things, you’ve got yourself into a great position, look how far you have come, don’t give up now. It sounds like you need a bit of luck, but remember the harder you work the luckier you get. It’s going to work out well for you, just keep going.

 

[Wozza]

All Ive done is go ****ing backwards. Just seems like a complete waste of my time and money getting ****ing nowhere.

With the world as it is (screwed) MANY people are currently feeling like they're going backwards. Your task is to hang in there.

If I had life insurance I'd ****ing drive off Ditchling Beacon at full speed if the wife and kids got a decent payout from it. Because I don't seem to be able to find the ****ing answers.

Nope. They need you, not money.

 

[drew]

I dont think I want to go back the way I've been treated. If they're that quick to just **** me over then who's to say they won't do it again? I need security first.

I spent 5 years as a mature student working up to HNC on day release gaining top marks throughout from work whilst working 12hr days and raising my daughter from birth (she's now 6 and another 18 month is here as well) to create an opportunity for myself and move up in the world.

All Ive done is go ****ing backwards. Just seems like a complete waste of my time and money getting ****ing nowhere.

If I had life insurance I'd ****ing drive off Ditchling Beacon at full speed if the wife and kids got a decent payout from it. Because I don't seem to be able to find the ****ing answers.

The idea about keeping in touch with the firm that had to lay you off isn't a bad one. They are probably in a bit of a shit storm as well and showing a bit of interest might impress. As for houses in B/H their shortly going to be building 3.5k of them. Perhaps get in touch with the developers to get on a list for the affordable section of the development. Good luck.

 

[herecomesaregular]

If I had life insurance I'd ****ing drive off Ditchling Beacon at full speed if the wife and kids got a decent payout from it. Because I don't seem to be able to find the ****ing answers.

Your partner and children will never ever be better off without you (yet having some money from your death). In these dark times please try and remember that. I lost someone close through suicide who thought other people would be better off without them, this is never ever the case. They will always be better off with you here. Please take care.

 

[Uncle Spielberg]

5 x joint incomes is generally the maximum possible on an 80% ltv mortgage depending on personal circumstances, credit commitments, dependents, credit history

 

[Motogull]

Bliimey [MENTION=20792]spongy[/MENTION], you have had far more than your fair share of shite of late. You don't deserve that.

You are not alone in this but I know that will be of little consolation. I really feel for the families I know that cannot get a foot on the bottom rung of the property ladder.

It sounds like you might do better off putting moving plans on hold for a mo. I am sorry for not being able to offer any help with your original question. Hang on in there, something will fall into place.

 

[spongy]

The idea about keeping in touch with the firm that had to lay you off isn't a bad one.

I've already decided i wouldn't go back. Everything seemed above board and ok at interview stages and initial meetings, but I was wrong.

They're a bunch of charlatans who haven't got a clue, they just rely on govt grants and spunk the money up the wall on cars and houses.

They say they make world leading heating systems for big buildings.

When I saw the heaters themselves I quickly realised it was a 30 year old design. The science is there but their design is shite. I saw a few issues and asked a few questions about them asking how they actually worked and the reply I got was, and I kid you not....

"I've changed the laws of thermodynamics"

A few concerns sprung up in my mind right there and then. You can't change a scientific law, because its a ****ing law! That's the point of them

I've never seen such wasteful things done at a company before in my life. Its a dad and two sons who run it, they haven't got a ****ing clue what they're doing and none are qualified as an engineer in any way shape or form.

One was 'electrical director' who decided to make the wiring looms himself to save money. And no 2 looms were the same (used different colour wires for different things in what were supposed to be identical looms).

Each heater needed 3m of wire per loom. They were making 250 heaters, so he ordered 5km of wire as it was "cheaper". I asked several things....

1. Where the **** do you intend to store all this stuff in here?

2. Why is it all the same colour?

3. What made think its cheaper?

The response was it was cheaper per length the more you buy.

Technically true but not when you've ordered 5x more than you ****ing needed. In the wrong colour.

So he put it in his boot and took it to the scrappy to hide it from his dad and pocketed the money.

And I have many more reasons and stories to not work there despite only being there 2 weeks

I'm better off out, and who's to say they wouldn't think twice about bringing me back and binning me off again.

 

[Goldstone1976]

[MENTION=20792]spongy[/MENTION] - you have my number. Please call if you'd like to.

Happy to check in on a regular basis too, if that would be helpful.

I don't want to impose in any way, but know that I am here, ready to help in any way I can.

 

[amexer]

Fully appreciate your wish to buy but interesting in Germany a country we look up to, buying a property is not the be and end all. In fact in region of 50% rent. When we get round to 2/3/5 year rent periods am sure renting will become more acceptable here

 

[Perkino]

Yeah, my own one and also Uncle Spielberg. Just can't get the LTV based on earnings. Maximum term I can get is 27 years. Im running out of time here.

We could only borrow a max of £180k + £50k deposit.

Not enough to buy a run down house round here and I dont want to move up north away from all of my family and friends where houses are cheaper but I'll also earn less as well.

I was in a similar position in 2014, I had £45K deposit and wanted to purchase in Burgess Hill. Finally found a property valued at £210K and I couldn't find any lender who would offer the £165K I needed on my basic of £30K annually. We found two very helpful friends who were willing to offer up their savings which we paid back within the year. I had the same property valued in 2020 and it had risen to £300K and we had only decorated and fitted a new kitchen.

My best advice is to keep looking and don't do anything drastic with your savings in terms of giving up. an opportunity will come your way

 

[Tom Hark Preston Park]

I'm 42 sodding years old.

I've come to the conclusion that I should just ****ing give up on the whole dream.

As some of you know I've been saving for the best part of 10 years for a deposit for a house and have a sizeable deposit so it was time to start looking and applying for mortgages.

This was back in March just before the world decided to shit itself to death with Covid19.

Ever since then its just been let down after let down or problem after problem.

The Mrs was due to go back to work part time on April 1st 2020 after her maternity leave had finished so I was desperate to get one before that happened as in doing so her income dropped by £8k a year severely affecting our LTV figures.

Over the next few months all my overtime disappeared as the company I worked for began to struggle costing me over £8k in yearly o/t earnings. Basically the £16k a year we are down has hit us really hard and put paid to any chance of being able to borrow enough to buy anywhere.

So I got a new job in December that involved a big rise in my basic pay and we thought we could be back in the game and be looking at houses now.

I went back to work after Christmas feeling positive and hopeful for the future on the 4th Jan.

On the morning of 5th Jan my car broke down driving to work (£450 for a new alternator). At 10am the MD of the company called me into his office to say they were shutting down due to Lockdown 3 being announced the previous evening and furloughing all staff.

Because I only started in December I couldn't be furloughed so they terminated my employment (I was on 3 month probationary period) so there was **** all I could do but go home and tell the wife.

That afternoon I had an emotional call from my mum to say that Dad (who had been in hospital over christmas) wasn't doing well as they'd had a meeting with Oncology at RSCH and that there was nothing more they could do about his brain tumours and that The Martletts would be taking over palliative care moving forward.

I say luckily in a very ironic way that I've worked quick despite this year being worse than 2020 already that I've managed to find another job so am back into work but its a 30 mile round trip in the car compared to a short bike ride or 3 mile round trip to the last job.

Because of my increased commuting costs I'm actually in a worse off place than I was before I left my other job to take a chance to buy my own place. Now I'm having to use the deposit money to live temporarily and top up our earnings just to keep this rented place over my familys head and pay to get to work.

I've been renting for 10 years and spent over £120,000 paying off other peoples ****ing mortgages instead of my own and its really dragging me down to the depths of despair and depression.

Just how do you do it?

I have a deposit, no loans, credit cards, HP or PCP on cars, we are debt free, we both have good credit ratings and still can't get someone to lend us enough to buy a house as we just don't earn enough money.

It makes me feel physically sick to the pit of my stomach knowing I'm doing a shit job of providing my family with a stable life.

Now things are seriously deteoriating with Dad I just don't know what to ****ing do any more.

Only I could take a shot at doing the best for my family and ending up in a ****ing worse position than when I started.

I've started going down a very dark hole in my mind lately that I can't seem to find a way out of yet and I'm starting to have some intrusive thoughts creep in.

Sounds like a horrible horrible piling-on of shit on all fronts mate. Really feel for you. All I'd say is try and divide stuff and conquer each individually. Or at least that stuff which you have at least some control over. Your location says Burgess Hill. If your dream of being a property owner is paramount to you, do you need to live in Burgess Hill? Other more affordable towns and indeed countries exist. You say that you've got a sizeable deposit. That's good. Tho as others have said, home ownership isn't the b all and end all of having a home in many countries, including some with cities that have strict laws on rent control. And do you really need a car? Bottomless pit of money and random hits on your cash reserves. Can you work in the town in which you live? Sounds like you've got an awful lot of things going on in your life, but to an outsider looking in, you've also got an awful lot of things working in your favour. Please also bear in mind that the endless gloomy days of January are always depressing, even without the challenges of living through a global pandemic. But things WILL get better. Sunny days ahead. Take care mate

 

[Paulie Gualtieri]

I sold a two bedroom house in Burgess Hill 5 years ago for £253,000 so would be surprised if it’s valued more than 300,000 now.

Most banks offer typically up to 4.5 time’s the income but are allowed 10% of their total book to be beyond 4.5 up to 5 times.

Just had a look at BH and seems 3 beds are going at 300k so looking at about £1,000 a month on a 27 year term With a 45k deposit.


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[Live by the sea]

The single most important thing in providing a stable family life is you being there for them. The time you now spend with your wife and children is something that no amount of money, bricks or anything else can replace.

I'm sure you'll get lots of good advice on here, but the time with them is, in my experience, the most important and enjoyable thing you can ever have, and something no amount of money can buy.

Keep Safe

Agree - just try to keep as calm as possible - wait for covid to be sorted ( hopefully by August with the vaccine) and then revisit your finances . I agree help to buy maybe an option for you .

 

[spongy]

Sounds like a horrible horrible piling-on of shit on all fronts mate. Really feel for you. All I'd say is try and divide stuff and conquer each individually. Or at least that stuff which you have at least some control over. Your location says Burgess Hill. If your dream of being a property owner is paramount to you, do you need to live in Burgess Hill? Other more affordable towns and indeed countries exist. You say that you've got a sizeable deposit. That's good. Tho as others have said, home ownership isn't the b all and end all of having a home in many countries, including some with cities that have strict laws on rent control. And do you really need a car? Bottomless pit of money and random hits on your cash reserves. Can you work in the town in which you live? Sounds like you've got an awful lot of things going on in your life, but to an outsider looking in, you've also got an awful lot of things working in your favour. Please also bear in mind that the endless gloomy days of January are always depressing, even without the challenges of living through a global pandemic. But things WILL get better. Sunny days ahead. Take care mate

Well, I'm from Brighton but 10 years ago me and the girlfriend (now wife) couldn't afford to rent in Brighton so had to move up here to BUG to afford a 1 bed maisonette.

Got pregnant and found a great deal on a 2 bed flat in Hassocks to rent.

Spent 4 years there and loved it then in Jan 2018 the landlord told us he was selling so we had to move out just as we had confirmation that our daughter had got into Hassocks Infants.

So we moved back up to BUG as we could no longer afford to live in Hassocks and kept our girl in Hassocks with the intention of moving back.

Its been 3 years now and another baby fell out 18 months ago.

I've worked in BUG for 10 years and used to mainly ride to work on my bike so 0 commuting costs. After this last "set back" I've found a job in Horsham. So a car is indeed necessary and the wife needs hers as she works in Shoreham. So now I have commuting costs to deal with.

With our daughter still in school in Hassocks. We really need to pull her out into a school in BUG as she is due to go up to Junior school in September and our 18 month old cant follow her as we live outside the catchment area.

But we can't choose a school up here as we don't know where we will be living.

Its just ****ing shit.

I've already been forced from my home twice further and further north away from family and friends, and with my kids grandad dying of cancer I dont really want to go further away.

 

[HalfaSeatOn]

My experience on property has been to start small and build up. It’s hard work (paint brush, sand paper etc are your best friends) and you have to be committed. Buy, develop and sell well frequently. It’s a long term game. Factoring in moving costs aim to make minimum 10% to reinvest in your next property and so on. Market conditions and personal circumstances eg kids etc are obviously key factors!

 

[Husty]

Move away from the south east. Plenty of cheap housing in the north. Its really not that far away in the grand scheme of things!

 

[WATFORD zero]

With all the hits you've had recently, in your position I would just concentrate on your new job, your Dad and your family just now. There's still an awful lot of things up in the air at the moment (for you and nationally) and maybe by the end of summer when things both personally and nationally have settled a little, you'll be more settled in your job, your daughter will have moved schools, your wife will be back at work.

I do think this focus on property ownership is a strangely British thing and as said by others, the situation re renting in Europe is completely different. I think you may be putting pressure on yourself that you don't need to. Your daughters have no idea whether the walls around them are mortgaged or rented, and neither should they, as long as you and your wife are there.

I recently dissuaded my son from buying a flat (albeit in London) and got him to continue renting for another year to wait and see what happens because, despite all the estate agent reports to the contrary, rental prices have gone through the floor there and, sadly I think a lot of people's situations are going to change hugely in the next year

Good luck with whatever you decide to do, but it sounds like you are doing an excellent job in trying circumstances, so stop beating yourself up