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Tips for a single person to get a mortgage on minimum wage?
I've already asked this question but re-asking as I waffled and then had to repeat myself to those who answered.
I'm 24, studying part time and earning minimum wage (£823pcm after tax). I've no free money until I'm 26 as my brother's 16th is in June, and I've a holiday next year. I want to move out of my parent's flat eventually.
The whole purpose of moving is to be on my own. I absolutely don't want a flat share. I don't date, have no plans to marry/have kids, so only need a small flat. Housing Association rent is £300 min pcm and the waiting list is 8 years. Private rent starts at £500. I can afford neither. The only cheaper rent is bedsits in areas where violent crimes is rife. Mortgage would be cheaper as (for a £50,000 flat based on £20,000 savings over 30 years) it's £150 pcm.
I do not want to lease a year at a time as when I leave, my parents won't be able to afford the flat, and will move to a 2bed flat. If I was unable to find anywhere else, I would be homeless. None of my friends have spare rooms I could rent as most of them now have children.
Please don't leave nasty comments if you don't have any advice. Please don't comment with 'It's not possible' - that would be clear if noone replied. I'm really hoping someone out there has done what I'm looking to do or has info of some type of official government help I could apply for. As I work full time and study with the OU, SAAS say I am not eligible for help with housing.
I am saving £200 a month for my holiday and the party. Once those are over, that money can go towards a deposit. At that rate however, it would take me 8 years to save a deposit, and another year to save the purchasing costs. This means I would be 35 before having enough for a deposit, assuming I can still save £200 pcm and flat prices don't recover.
I know 37 is the average age of a first time buyer. However, with the costs of council tax, food, gas & electricity, mortgage/rent, life & home insurance, and things like factor's bills, uni fees and travel, I cannot see how I could afford a mortgage even on £150 pcm, on £823. My wage rises each year are approx £20 pcm.
The advice I have had has been 'get a boyfriend and move in' or 'get your parents to give you money'. My parents have no money to give and I don't date. I've also been told to get flatmates; I do not want to live with anyone else, it would be cheaper in that case to stay with my parents.
I have been looking for better paying jobs; however the only ones I can find are irregular shop shifts (which I cannot do because of uni, and they work out to less hours and the same money), other minimum wage jobs, or temporary contracts.
@ Emma - I can't seem to find direct details about the First Buy Scheme in Scotland, but I will keep looking, thank you.
@ Sunshine - I would have 30-40% deposit towards total purchase price.
@ Please - Thanks, it's an idea I will look into. 16.5% is horrific!
@ Linkus - I'm asking for info I may not be aware of that might help (like the First Buy Scheme); your attitude was not necessary. When my parents die the flat must be sold to pay their debts so I'd have to leave. Anything left will be split between 3 of us. I would be homeless until the estate was dealt with and I could use my third towards a deposit. I wish to avoid homelessness, just like everyone else in the country.
@ Don't - I remember everything you said before. As before, I was looking for info I don't have. Also as before, I am not planning to move out until I have the deposit at 34. I study part time and my degree does not finish until 2017. As before, I do not date ergo I do not have a partner to buy with. All of my friends have mortgages or live with partners already. My brother has nothing and is given nothing; I want him to have a nice 16th as it will likely be his only party. I understand reality fine and acknowledge I'll likely not get what I want. I'm looking for any undiscovered info to see if it's possible. I want to go on one holiday before I settle down to full bills, and this is the first time I am paying for a whole birthday. It's not my common practice. I want to get an education while I work so that I CAN get a better job later if possible. I don't necessarily want a 'nice house', just a small 1-bed flat. I was not
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How do I claim my free meerkat from compare the market.com?
I purchased my home insurance from compare the market, and want my free teddy (yea, I'm a huge kid), it says go to meercovo.com but when I did, it went somewhere completely different :/
Can anyone help? :)
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