When can i afford to move out

[jibjab]

i am 23 on 13k a year and my gf is 20 with no job and not even dole. Would we not be able to buy a house because of this??? Or, if we could, would it be a rotten house??? lol

I am just thinking, because we are both at the age when we are ready to move out but cant see a way of doing so

[morg_monster]

Mortgage lenders will usually lend you up to four times your salary, so this only leaves you with houses at the very lowest end of the market, and unless you live in a cheap area, there will probably be very very little going.

You would also need a deposit to put down, do you have any savings? If you are desperate to move out then maybe think about renting, but again on your salary and your GF not earning, you may be unlikely to afford much, again depending on your area.

Are your parents charging you rent? If they aren't, and they aren't bugging you to move out, then maybe stay put for now and concentrate on saving as much as possible. This will put you in a better position with either buying or renting in the future. It seems to me at least, unlikely that you could afford a place of your own at the moment. I don't know the ins and outs of the council housing system but maybe you could put your name on the list for that, if you are desperate.

[spaced]

dont forget that you will need 10% of the cost of the house/flat for a deposit and around �3-�4K for solicitor fees.

So for a �150k house you would need a �15k deposit.

[lady_p_gold]

Is there a good reason why your girlfriend does not have a job ??? That would certainly help matters. Other options are a shared ownership scheme but they are few and far between, where you buy some of the house and pay rent for the rest.

[WendyS]

I think the realistic answer is that at the moment you have little chance of being able to purchase a property unless you live in a very cheap area of the country - (are there any of these left in the UK?) and have some savings to put down at 10% deposit, plus paying solicitors' & other legal expenses. Your girlfriend would need to get a job to boost your savings and your income rating. I realise it's very hard to get the first step on the property ladder so it's a matter of hard saving, focusing on your long term goal and being prepared to live as cheaply as possible to put the money together. The only other alternative would be to see what options are available in your local area for shared equity (co-ownership) housing when you buy part of the property and a housing trust is part ownr..

[msemma]

rent the cheapest place you can afford that is as comfortable as possible. live together for a few months or even years before deciding if you want to buy a place together, then make the bigger decisions. having a girlfriend / boyfriend is one thing, living with them is a completely different set up all together.

[spaced]

msemma, the only prob with renting is that it is very difficult to pay rent and to save for a house, especially when one party is unemployed.

[Hermia]

Is your gf intending to get a job? Even if you could buy a house (a bit unlikely IMO, I know people on �25k who have no hope of buying property) could you afford a mortgage on your salary? And wouldn't you feel resentful having to pay for everything? If you can't work because of health problems etc she should be applying for benefits.