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

[GT49er]

those houses didnt go anywhere, theres people living in them.

Oh that's alright then ...................

 

[spongy]

Hope things turn round for you, spongy. I can't relate to housing problems but I've been in terrible depression before where I had distressing thoughts about ways out of anguish and grief.

Stay strong pal.

I remember that thread on here. And it struck a chord with me as I've been there in the past. I also recognise that I'm perilously close to slipping back there. Hence why I started this thread, maybe it was just a rant, maybe it was a call for help or advice, to be honest I dont really know, all I know is that I needed to get something out before I acted on one of those thoughts. I just had no idea NSC would be that place.

 

[spongy]

And then if by magic a meme pops up on my Facebook...

 

[HastingsSeagull]

First off so sorry you're having such a dreadful time. I had similar 3 or 4 worst things in 38 years of life all happen at one time about 5 years ago and can tell you it does get better though might change you a little that like any experience can be for the good once time passes.

Couldn't read 13 pages but biggest house suggestion would be that getting on the ladder is the most important step or will always be chasing never catching up. You might have to take something tiny (like I did) or shitty for 4-5 years and as well as save, be paying off your own mortgage and building a little tiny bit of extra equity too before getting something you'd be more happy with and used to from renting.

The issue with that though is it can mess up your first time buyer status so you'd have to look into it but just a well intended idea and what I did 12 years or so ago.

 

[zefarelly]

Numerous governments since have had opportunity to stop people buying there council house

by 1997 1.7m council houses were sold off. thats over 7% of the total dwelling stock of England!



A report published in January 2013 by London Assembly member Tom Copley, From Right to Buy to Buy to Let showed that 36% of homes sold under Right to Buy in London (52,000 homes) were being rented by councils from private landlords, leading to criticisms that the scheme "represents incredibly poor value for money to taxpayers" since it "helped to fuel the increase in the housing benefit bill, heaped more pressure on local authority waiting lists and led to more Londoners being forced into the under-regulated private rented sector". A survey in 2013 showed around one third of Right to Buy houses were now owned by private landlords, while the son of the late Ian Gow (Thatcher's housing minister) owned some 40 houses.

It was, in principal not a bad idea, just poorly executed, whilst too many opportunities for sharks villians and MP';s to take advantage at the expense of the tax payer.

BoT, IF managed properly it could have helped Spongy and families in similar situations get a foot on the ladder and in return contribute more back .


lets say £100k land, £100k house build, sell £350 in Sussex . . . . lets say it was offered with a discount to Spongy, with a decent mortgage deal brokered by the governement @ £300k everyones a winner . . . . £200k to replace stock and SPongys mortgage payments go directly back to the state . . . . he has to live there a minimum of 5 or 10 years . . . in principal its a winner

where it went wrong was the owners were private speculators in some cases helping tenetnats to buy to be let back, stock dwindles massively and the private profiteering landlords over fuelled the rents.

 

[zefarelly]

I remember that thread on here. And it struck a chord with me as I've been there in the past. I also recognise that I'm perilously close to slipping back there. Hence why I started this thread, maybe it was just a rant, maybe it was a call for help or advice, to be honest I dont really know, all I know is that I needed to get something out before I acted on one of those thoughts. I just had no idea NSC would be that place.

Whilst we can be a bunch of infuriating fruit cakes, we do generally have some redeeming factors!

I guess NSC is currently as close to shooting the breeze in the pub with your mates as you can get.

 

[beorhthelm]

...
lets say £100k land, £100k house build, sell £350 in Sussex . . .

right there is the problem, not selling council homes. acre of agricultral grazing land is £5k. a slither of that acre with permission as you rightly note is ~£100k. we create artifical scarcity of land for development, then have a huge problem with cost of housing. if cost of land available for development was slashed to even 1/10th Spongy gets a new build for £150k, land owner made money, developer made money.

 

[zefarelly]

right there is the problem, not selling council homes. acre of agricultral grazing land is £5k. a slither of that acre with permission as you rightly note is ~£100k. we create artifical scarcity of land for development, then have a huge problem with cost of housing. if cost of land available for development was slashed to even 1/10th Spongy gets a new build for £150k, land owner made money, developer made money.

Agreed

We do need some land left to grow some food on though, and we need to start growing more of our own, quickly! thats for another discussion though.

 

[WATFORD zero]

Agreed

We do need some land left to grow some food on though, and we need to start growing more of our own, quickly! thats for another discussion though.

I would just like to point out that the loosening of planning rules has to be very carefully done. You wouldn't want developers building on flood plains, selling off the houses and walking away only for it to become the Owner's and Government's problem years later, but that wouldn't happen would it

A bit out of date, but from 2016

Despite warnings from the Environment Agency and the Committee on Climate Change (CCC) between 2001 and 2011, 200,000 new houses were built on the flood plain whilst at present there are almost 500,000 homes that have been given planning permission and are waiting to be built on the flood plain.

In 2011 the coalition government relaxed planning rules. Since then local planning authorities no longer had to report cases where they ignored EA advice and it has also become easier for them to approve planning applications in high-risk areas. Many homes in at risk-areas are being built with the EA’s approval because they are behind existing flood defences which are considered to provide adequate protection from flooding. Other homes may be being built without the EA’s oversight because they are in small developments of 10 units or fewer.

https://www.todaysconveyancer.co.uk/partner-news/building-flood-plain/#:~:text=Despite%20warnings%20from%20the%20Environment,built%20on%20the%20flood%20plain.

 

[zefarelly]

I would just like to point out that the loosening of planning rules has to be very carefully done. You wouldn't want developers building on flood plains, selling off the houses and walking away only for it to become the Government's problem years later, but that wouldn't happen would it

no no, never, nor a massive retail/commercial outlet on a flood plain which stands to make a huge priofit once its offset its backhander, sorry, 'investment'

out for a march with the hound I noticed thousands of gallons of water being pumped past Ricardos into the river. Now we know why they built the river wall up!
[MENTION=20792]spongy[/MENTION], If you look at Lancing, look North or West!

 

[zefarelly]

I would just like to point out that the loosening of planning rules has to be very carefully done. You wouldn't want developers building on flood plains, selling off the houses and walking away only for it to become the Owner's and Government's problem years later, but that wouldn't happen would it

A bit out of date, but from 2016

Despite warnings from the Environment Agency and the Committee on Climate Change (CCC) between 2001 and 2011, 200,000 new houses were built on the flood plain whilst at present there are almost 500,000 homes that have been given planning permission and are waiting to be built on the flood plain.

In 2011 the coalition government relaxed planning rules. Since then local planning authorities no longer had to report cases where they ignored EA advice and it has also become easier for them to approve planning applications in high-risk areas. Many homes in at risk-areas are being built with the EA’s approval because they are behind existing flood defences which are considered to provide adequate protection from flooding. Other homes may be being built without the EA’s oversight because they are in small developments of 10 units or fewer.

https://www.todaysconveyancer.co.uk/partner-news/building-flood-plain/#:~:text=Despite%20warnings%20from%20the%20Environment,built%20on%20the%20flood%20plain.

Ground floor . . . . behind a wall, below sea level, the drainage from the Meads (A clue in the name) runs through the Swiss Cottage lake and under this lot into the river.

https://www.rightmove.co.uk/properties/67137501#/

 

[Biscuit Barrel]

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.

This new government scheme may be of interest to you.

https://www.bbc.co.uk/news/uk-56218952

 

[The Grockle]

This new government scheme may be of interest to you.

https://www.bbc.co.uk/news/uk-56218952

I was just going to post this for the OP. Hopefully this helps bring him his first home.

 

[spongy]

This new government scheme may be of interest to you.

https://www.bbc.co.uk/news/uk-56218952

Thanks for posting this. I was aware of this new scheme but it doesn't really help us.

We are struggling with the LTV. We just can't borrow enough. The deposit is all ready to go and in theory we have a 16.5% on a £300k house.

The repayments would be about £50 a month more than what I've been paying in rent for the last 10 years.

But the lenders deem that unaffordable

I've been looking and looking at everything. Help to buy, part rent part buy, but we just can't get LTV.

I'm continually adjusting my aspirations downwards and looking at what I COULD afford. But the options are limited.

I'm currently looking at 2 bed houses but I cant see any with 2 bedrooms big enough. We need a double for us and a good decent sized double so we can put the kids in together in bunk beds but that's far from my ideals.

The eldest just jumped on the sofa and completely ****ed the springs in it so it looks like our deposit is going to be a bit smaller now

 

[hoof hearted]

Ground floor . . . . behind a wall, below sea level, the drainage from the Meads (A clue in the name) runs through the Swiss Cottage lake and under this lot into the river.

https://www.rightmove.co.uk/properties/67137501#/

More homes for Londoners and such an eyesore along the river. I quite like the look of the apartments at the Ropetackle, but those new builds look terrible.

 

[Tom Hark Preston Park]

More homes for Londoners and such an eyesore along the river. I quite like the look of the apartments at the Ropetackle, but those new builds look terrible.

Not all that pleasing on the eye from the outside for sure. But look none too shabby on the inside judging from the link. And what a glorious view over the water! Smashing town, Shoreham. Reckon if I didn't live here, I'd love to live there

 

[LadySeagull]

Do you have someone in the family who could join as guarantor or a third borrower, to make the lenders see you all as a decent bet? Some lenders will accept third and fourth applicants if they are close family members.

Years ago I used to be a mortgage manager and it was only by knowing the possibilities to stretch income and by using a guarantor to tip the balance, that allowed us to get the family house I'm still sitting here in now.

Obviously the arrangement would be that you two actually make the payments, not the third person, and you'd have to choose someone very close to you because each borrower is jointly and severally liable for the whole mortgage.

 

[portlock seagull]

Thanks for posting this. I was aware of this new scheme but it doesn't really help us.

We are struggling with the LTV. We just can't borrow enough. The deposit is all ready to go and in theory we have a 16.5% on a £300k house.

The repayments would be about £50 a month more than what I've been paying in rent for the last 10 years.

But the lenders deem that unaffordable

I've been looking and looking at everything. Help to buy, part rent part buy, but we just can't get LTV.

I'm continually adjusting my aspirations downwards and looking at what I COULD afford. But the options are limited.

I'm currently looking at 2 bed houses but I cant see any with 2 bedrooms big enough. We need a double for us and a good decent sized double so we can put the kids in together in bunk beds but that's far from my ideals.

The eldest just jumped on the sofa and completely ****ed the springs in it so it looks like our deposit is going to be a bit smaller now

Don’t even think about buying a new sofa even on a good deal. There are thousands in charity up and down land perfectly good condition and free. Lots people giving away. I feel for you though Spongy and if I win big on the lottery there some serious cash coming your way. However, as my Dad said to me, if that’s plan a you’re probably going to need a plan b. Best of luck though. You will get there I’m sure. You sound like a real fighter to me.

 

[southstandandy]

The radical alternative depending upon the nature of your employment would be to move somewhere far cheaper, like Bradford, Burnley, Stoke etc if you could work from home. Houses in some places are far cheaper than you would imagine. Recently a single garage sold in Shoreham for £75k which is ridiculous (more than my first house) so moving could be a possibility.

Our son did the same 5 years ago and went to live in Leicester to get on the housing ladder and he's now got a home, some equity, and is ironically considering trying to move back south now he is on the ladder (albeit to somewhere considerbly smaller). He was lucky enought to run his own business and the location was not a factor, although moving up north did see him miss a lot of his friends.

All I'm saying is it can be done depending upon whether your lucky enough to be flexible.

 

[portlock seagull]

The radical alternative depending upon the nature of your employment would be to move somewhere far cheaper, like Bradford, Burnley, Stoke etc if you could work from home. Houses in some places are far cheaper than you would imagine. Recently a single garage sold in Shoreham for £75k which is ridiculous (more than my first house) so moving could be a possibility.

Our son did the same 5 years ago and went to live in Leicester to get on the housing ladder and he's now got a home, some equity, and is ironically considering trying to move back south now he is on the ladder (albeit to somewhere considerbly smaller). He was lucky enought to run his own business and the location was not a factor, although moving up north did see him miss a lot of his friends.

All I'm saying is it can be done depending upon whether your lucky enough to be flexible.

Different if young free and single I guess. When have kids, roots, family and friends it’s a lot harder. I’d like to move to somewhere live mortgage free, seriously considered doing so. The SE is ridiculously expensive even on the ladder. However family and friends keep you tied. Include the Albion in that. Should cut my losses years ago!!