Why is renting so expensive? :(

[x0emz0x]

Ive always said I would want to own a house before I have a LO. Me and OH were talking yesterday and he was saying that as much as he would want our own house before we have a LO, he doesnt want to wait the 5 years to TTC, which is what we'd have to do if we started to save for a mortgage deposit. I would like us to live together first anyway..the worst thing would be to get a mortgage together, split up and be stuck paying the mortgage on a house we dont want.


Renting is around £600-£700 for a decent 2 bed house, and I have worked out that paying half the rent each, plus bills, petrol, and just £150 spending money a month...I'd have hardly any money left-around £150 each month. It's so annoying

At the moment my OH only works 1 day a week and is claiming jobseekers while looking for a full time job. So as I understand it we'd be eligible for housing benefit? But I wont want us to move out until he has a stable full time job, so we probably wont get it then

Ugh its just so frustrating! Why does money have to rule everything

 

[Lawa]

Renting is expensive because your paying someones mortgage and all their bills!

You may get housing benefit depending on what you earn but once he is employed full time you wont be eligible.

It will be very hard to save a mortgage deposit ad rent trust me.

 

[Mindy_mini]

£150 spending money a week and having £150 left at the end of the month!!??!!! Flipping heck you're lucky. We have £300 a month for all food and spending money for two of is and This includes all baby stuff - nappies, wipes, formula etc

Renting is expensive at the moment as not man people can afford to buy so the demand for rented accommodation is driving prices up.

Personally I'd say £150 a week is q lot of spendies and if you cut that by half you'd still be able to have a life and save an extra £300 a month.

 

[x0emz0x]

Oops sorry..I meant £150 a month. I earn £980 a month after tax as an admin assistant..as as OH has no job related qualifications, he wont be earning much when he does eventually get a full time job xx

 

[Mindy_mini]

Oops sorry..I meant £150 a month. I earn £980 a month after tax as an admin assistant..as as OH has no job related qualifications, he wont be earning much when he does eventually get a full time job xx

That makes more sense!

 

[x0emz0x]

Tbh I think I'll stay living with my parents for a while. I really want a car (crashed mine in the snow last November). But if I just hold out for a car, I'll be able to manage to save around £800 a month. So in a year and a half I should have enough for a 10% deposit (if we're lucky enough to find a 90% mortgage). Tho I would like to put around 25% down atleast to try and get better rates..so maybe if OH helped me put money away we may be able to get a better mortgage rate..

Xx

 

[nickibrum]

Are you first time buyers? There are so many schemes at there to help first time buyers get on the property ladder. were about to go on a shared ownership scheme.
Your right it would be hard on your wage alone (as your OH is not working). I wouldnt even rent until he has a job. Are you both living with family? Could you start saving and see how much you could save?

Its amazing when you have a goal how much you can actually save!

 

[LM2104]

£600/£700 for a 2 bed is nothing! Here in Oxford my 2 bed is £850 a month which works out at £196.15 a WEEK! Now OH has a job we are probably going to pay full rent.

Its like we are being punished while everyone else around us gets a council house, which here works out about £100 per week for a 3 bedroom.

 

[x0emz0x]

Are you first time buyers? There are so many schemes at there to help first time buyers get on the property ladder. were about to go on a shared ownership scheme.
Your right it would be hard on your wage alone (as your OH is not working). I wouldnt even rent until he has a job. Are you both living with family? Could you start saving and see how much you could save?

Its amazing when you have a goal how much you can actually save!

Yea we're first time buyers. I was looking into the shared ownership scheme a while ago. I've also seen that Nationwide do a 5% deposit mortgage if you save with their 'Save To Buy' savings account..but just a bit worried to how much more the monthly payments will be. I was also looking at the Homebuy Direct (Firstbuy) deal. I thought that looked quite good.

We both live with our parents with no rent to pay. So we should be able to start saving. And I agree. If I have a goal it should be easier for me to save as I'm terrible with money xx

 

[x0emz0x]

£600/£700 for a 2 bed is nothing! Here in Oxford my 2 bed is £850 a month which works out at £196.15 a WEEK! Now OH has a job we are probably going to pay full rent.

Its like we are being punished while everyone else around us gets a council house, which here works out about £100 per week for a 3 bedroom.

OK maybe 600-700 isnt too expensive! I just think it would be on my wage I agree with you where everyone else gets a council house. I've told myself that isnt what I want. I dont want to raise my LO in a horrible council estate full of drugged and drunk people. Not nice xx

 

[Ruby x]

just cos you get a council place does not mean its a bad area!!! The thing is, if you did get a council place the rent is so much lower you could prob save towards a deposit at the same time, renting privatly its so hard to save as well.