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Thread: Renting? Buying? Living at home with the folks? or "D - other"?

  
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    Renting? Buying? Living at home with the folks? or "D - other"?

    How you living? Am interested to see how others manage it after a discussion with the gf.
    I was looking into tying up some of my ISA money in a long term ISA, but as we live at home with my folks, how much and how long impacts on when we move out etc.

    Conversation short, she went online & did one of those mortgage lender calculator things. Don't know how accurate it is. Anyway, calculator would lend us 60k. As of end of Jan this year, i had 26k in savings & the gf has about 3k. If you discount my overtime, then we both get 14-15k per year. Overtime can bump me by 3-4k. She was on 16.5k last tax year (all before tax).

    The shittiest terraced houses in one of the shittiest areas of this place go for about 100k. That's about as cheap as you're getting around here unless you go into this 50% ownership malarkey.

    So she mentions the prospects of renting - better house, nicer area, but then you're throwing your money on something that isn't really yours, then you retire & you don't own the roof over your head. Lovely.


    It's like a great big cloud over the head thinking about it when you should be looking forward to getting your own place. I know others manage it, but how? The example i gave means even if i gave ALL my savings as a deposit and ALL her savings, leaving us with not even 2pence to rub together, we'd still not afford the cheapest houses in the area.

    I know we've had some first time buyers on the forum recently, so unless you've won the lotto, you must be going through the same sort of thing.


    NB - it's only recently i've been looking into it, so i don't know the ins and outs of getting your own place tbh. I just know it's friggin expensive.


    Was supposed to feel positive after the conversation & looking forward to moving out. Now i feel like sh!t. lol

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    i should think most get help from family Kev, almost impossible otherwise. My daughters a teacher and unless I stump up £10k im going to be stuck with her at home for ever... Start annoying your parents and GF parents more.

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    60k is all they will lend you? Shit the bed.

    We own our house and at the time i was on 20k and she was on 24k and they offered us mortgage up to 175k iirc with 20% deposit.

    Have you been to a mortgage advisor? We went through Nationwide and found them really good.

    We were very lucky as my missus rents re-mortgaged there house, paid off all my loans (11ks worth, i am paying them back though) and 27k for deposit which is part of missus's inheritence.

    On top of that they payed for our 10k wedding last september.

    Like i said, we were VERY lucky!
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    Just bought a place and moving in next month.
    Rent in your situation seems pointless having such a big deposit saved up. You will be paying as much in rent as you would on your mortgage (at least you would round here)

    I put my money into a fixed one year ISA last October, but as it was only going to earn me £140 I wasn't bothered about it and just withdrew it early. Means I lost all the interest, but would rather that then waiting another 6 months to move out.

    you will be able to get more than 60k. We was offered 190k, and our joint wages aren't that much better than yours. 29k is a good deposit, you should have no trouble at all.

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    Stay at home with your parents, once you've moved out you'll wish you had. I'd move back to my parents in a split second and i'm 43, married wi' four kids. They would obviously get left behind.
    Why not rent, its only in the uk that buying is such a big deal, in Germany more people rent as its cheaper. Buy when it suits you not when you're expected to

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    Quote Originally Posted by sport-hatch150 View Post
    i should think most get help from family Kev, almost impossible otherwise. My daughters a teacher and unless I stump up £10k im going to be stuck with her at home for ever... Start annoying your parents and GF parents more.
    Parents are out of the question mate. My dad is retired, and my mum doesn't work due to disability

    I annoy the gf plenty - due to her spending on SHITE such as shoes, magazines (i'd go on, but you can see where that list is going can't you). She switches off though as i'm "nagging". She's the more vocal of us both regarding moving out, but i say actions speak louder than words - look at my bank account & that'll tell you my intentions. I want to make moving out as easy as possible & make the most of living at home with the folks (i.e. save hard).
    To be fair to her, she is doing better this year though, but that's largely to me damn near managing her entire money for her.
    Quote Originally Posted by iansimms2004 View Post
    60k is all they will lend you? Shit the bed.

    We own our house and at the time i was on 20k and she was on 24k and they offered us mortgage up to 175k iirc with 20% deposit.

    Have you been to a mortgage advisor? We went through Nationwide and found them really good.

    We were very lucky as my missus rents re-mortgaged there house, paid off all my loans (11ks worth, i am paying them back though) and 27k for deposit which is part of missus's inheritence.

    On top of that they payed for our 10k wedding last september.

    Like i said, we were VERY lucky!
    That's what she said the calculator said mate.
    Nah haven't been to any advisor - we don't know when we're moving out tbh. She needs to get some money behind her though (my words/decision) as 3k savings after living here for 5-6 years is appalling IMO. A real disappointment. By contrast, i think i had 5k saved when she moved here 5-6 years ago & in the 5-6 years i've spent a total of 53 weeks signed off work on SSP!!

    Our wedding will be next year, but i'm having it minimal - minimal cost, minimal guests.

    Quote Originally Posted by buckle View Post
    Just bought a place and moving in next month.
    Rent in your situation seems pointless having such a big deposit saved up. You will be paying as much in rent as you would on your mortgage (at least you would round here)

    I put my money into a fixed one year ISA last October, but as it was only going to earn me £140 I wasn't bothered about it and just withdrew it early. Means I lost all the interest, but would rather that then waiting another 6 months to move out.

    you will be able to get more than 60k. We was offered 190k, and our joint wages aren't that much better than yours. 29k is a good deposit, you should have no trouble at all.
    You're the fella i had in mind when i said others have gone through it recently actually, just wasn't sure whether it was you or not.
    1 year ISA's are pretty appalling (or at least they are NOW). With Lloyds Vantage, i can get 3.14net which is more than any 1 year FRISA i think. You'd have to start looking at 2years for 3.5% & beyond (but i was looking at 3-4 years).

    Anyway, we don't have 29k deposit really though do we. That's our savings. If we deposited 29k, that'd leave us with LITERALLY nothing. No money to buy furniture, no money to fuel the car, to buy food, pay bills etc.

    So really, i can only deposit a percentage of that.
    But no, we haven't seen an advisor yet - that'd come when we have more of an idea when we'll be moving out. She did say she wants it within 2 years though.

    Apologies for the lengthy posting. I just feel like shit after the reality of it all has hit home that it's going to be virtually impossible (or so it seems)

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    £100k, that's cheap, you're looking at £160-£180k for an old terraced 2 bed here with no garage, and the banks will still only lend me £60k too.

    Shared ownership is really the only way, pissing the money away paying someone elses mortgage off isn't an option most would want to take.

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    Dont worry bout it too much mate, it will happen!

    You dont need any money behind you after buying imo. We have no savings atall and managed to get by the last 2 or so years in our house, and we had hardly any furniture. As long as you have enough money to pay bills, run your car etc and have some spare left over then i wouldnt worry.

    Get a house for 100k, 20k down and then approx £500 i would say per month mortgage. Gives you 9k to fit house out or keep as savings if you like that security.

    I cant believe your only getting offered 60k mortgage though, if i was you id defineately book to see a advisor, just tell them its just to get advice. That is what they are there for.
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    Quote Originally Posted by dougal s View Post
    Stay at home with your parents, once you've moved out you'll wish you had. I'd move back to my parents in a split second and i'm 43, married wi' four kids. They would obviously get left behind.
    Why not rent, its only in the uk that buying is such a big deal, in Germany more people rent as its cheaper. Buy when it suits you not when you're expected to
    Living with the folks has 1 advantage (well, maybe more than 1).

    It's cheap! (£25/week board)
    I get [some] meals cooked for me
    My washing gets done
    We park on a car park that has a barrier & CCTV

    It has negatives though:

    My mother is a rediculous nag. Nothing is ever her fault. Everything is a whinge. If i don't wash the pots instantly it's a why. If i wash ours but not anyone elses it's a why. My brother & sister can get away with all of this though. If i don't shut the kitchen door i get nagged. If i shut it when she doesn't want it shut it's a nag. Nag nag nag constantly. Everyone has noticed it, but when you say anything, it's denial.
    That aside, i do get along well with my mother. It's just an irritating feature.
    I can't have folk around whenever - the house is packed already.
    It's not MY house
    I've got to fit all mine & the gf's stuff into a 1.5 room (don't ask) extension

    Also renting for the e.g. i gave - you retire & you don't own the house you live in. How shit is that? Maybe there's more to it than that (i did say i'd only just started looking in to it & know nothing about moving out really) but that's how it seems to me.

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    Kev - money spent on a wedding is gone and for the benefit of everyone else, spend it on your first house and there is more chance youll stay together. More couples argue about money than anything else (other than knocking off their sister / mate / mother etc)

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