Drowning in the rental market!

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This topic contains 1 reply, has 2 voices, and was last updated by  Sherima 2 months, 3 weeks ago.

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  • #24248 Report

    Crush
    Participant

    Hi all,

    My name is Charlotte, lone parent (from birth) to a 6 yr old boy..

    I’m having a very wobbly weekend so please bear with me..

    I’ve just calculated that I have spent roughly £66k in rent over the past 6 years, and as a lone parent I am unable to get a mortgage to buy a place (due to my not insignificant salary, my age and local house prices). This has literally made me feel sick to my stomach. Does anyone out there have any knowledge about the mortgage market and if there are any ways around this?

    Ive looked into schemes where you buy a percentage of a property and rent the rest, but even if I had £100k deposit I still wouldn’t qualify.

    I am so disheartened and literally feel like I am drowning and see no way out of this. First world problems, I know, but If anyone has any advice it will be gratefully received..

    C. x

    #24249 Report

    Sherima
    Participant

    Hello Charlotte that is a lot to be shelling out for rent . After I was made redundant I took a drop of £20k in salary because it was much better company to work for . I’ve been there 10 years now and I’m now part time . I found a broker and was able to secure a mortgage but I did have a lump sum even though I’m only working 21 hours so go online and see if you can find a mortgage broker . I know someone who took out buy to let but actually lives in the property .look at cheaper areas if you can . Good luck

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