One of my friends for years has said, that I should look into buying, because the mortgage she has paid over the years is much cheaper than I have been paying in rent. This friend has only about 6 years of her mortgage left and after mentioning it again, when I was chatting about places I had enquired renting wise, that were much cheaper to rent than where I currently live, to her, I am starting to wonder whether this should be the route I should start to look at.
After looking today at a few private properties for sale, the mortgage is hell of a lot cheaper than I pay. From using the mortgage calculators, it seems I could get a mortgage. But could I? I have thought about this option now more so, because I do not get help with my council tax and housing benefit is so low, I don’t even count this has part of my income, because I cannot rely on it. Last month housing benefit was under a fiver.
The reason why my housing and council tax benefits are affected, regardless that I work part-time, is because of my savings. So when I do overtime, the help gets lesser. I use just my income to get by and as you know, I am determined I won’t touch my savings, because if I still choose to rent privately, I still need my savings to get into that new private rented place, with me being only part-time work. I am still looking at getting another part-time job, which no doubt by then, all benefits will stop, if not before. The benefits won’t worry me of course when that happens, because it just means I can put even more into my ISA, without answering to them.
So with the savings I have, would I be wise sticking it out and try and get this second part-time job, then once this happens, look into buying? That way, I won’t have depleted my savings from moving to another private property, when I could save this for a deposit on a house.
Buying my own place has always been my dream and I would choose house any day over a car. Should I get a second job, being closer to buying my own place would feel more closer to happening, than just a dream, because of knowing what I could save.