I'm 38, married and have 2 small kids, I've just found out I'm pregnant with my third. I work public sector, permanent job, 74k a year. I've been in the job over 11 years. I bought a house on my own in 2007. I'm possibly out of negative equity but would barely scrape even if I sold. We have no car loans and for the last 7 months I've saved 1000 into a savings account every month. Also continually save the children's allowance (280/month). My husband went back to college and graduated a year ago but has struggled to find steady work. He has just found out he is not being kept on after his probation. He will likely get another job easily but it may take a while before he finds his permanent niche as he is still learning his trade. He earned 39k in his last job, I expect he will get a new job for around 30k but will need to complete another probation which will take over 6 months.
6 years ago I got a promotion at work which meant moving offices to a county we both wanted to move to, so we have been renting out the house. We have great tenants and I'm reluctant to put the house on the market until it builds up more equity plus I'd have to pump what I current save into the mortgage if they moved out while I'm selling it. The house is not in Dublin and may not sell quickly.
We pay 900 in creche fees a month currently (eldest is 3 and in ecce).
We pay rent of 1000 a month and this comes out of my husband's account. My husband pays for the rent so I'll cover that etc now he is out of work for as long as that lasts, but I have a few grand in my current account which should mean I can still keep the 1k a month savings record going for a while
We have savings of around 55k including the children's allowance. (All saved over the years, none of it gifted and I have a decent savings history bar when I went on maternity leave and took 4 months unpaid leave on both kids)
I really want to buy a house locally and would appreciate some advice on what to do, as I feel like we are caught in a renters cycle. My eldest will be starting school is a year and a half and I'd love to be settled in a house by then. This pregnancy is a (lovely) surprise but turned our house buying plans upside down. I'll be paid for 6 months but then will take the extra 16 weeks unpaid which means my savings history will take a serious hit. Im not willing to negotiate on this although i know it makes little financial sense.
Plus a third child may mean that we do not quality for a mortgage even if my husband had a permanent job? And we will also have to pay more on childcare as I will have to go back to work as I have the better permanent job at the moment.
On 74k with two kids and my husband out of work would I be wise to act now and try to get a mortgage on the strength of my salary alone, before we have had the third child? If we did this based on my salary we could afford a grand house that would do us for 10 years, during which time we could sell the other house as there won't be as much pressure to save money on paper? Or do we wait for say 3 years until hopefully my husband has a decent steady job. But at that stage we will have wasted 36k min on rent and be living with the uncertainty that renting brings?
Apologies for the essay but I'd really appreciate some savy advice
6 years ago I got a promotion at work which meant moving offices to a county we both wanted to move to, so we have been renting out the house. We have great tenants and I'm reluctant to put the house on the market until it builds up more equity plus I'd have to pump what I current save into the mortgage if they moved out while I'm selling it. The house is not in Dublin and may not sell quickly.
We pay 900 in creche fees a month currently (eldest is 3 and in ecce).
We pay rent of 1000 a month and this comes out of my husband's account. My husband pays for the rent so I'll cover that etc now he is out of work for as long as that lasts, but I have a few grand in my current account which should mean I can still keep the 1k a month savings record going for a while
We have savings of around 55k including the children's allowance. (All saved over the years, none of it gifted and I have a decent savings history bar when I went on maternity leave and took 4 months unpaid leave on both kids)
I really want to buy a house locally and would appreciate some advice on what to do, as I feel like we are caught in a renters cycle. My eldest will be starting school is a year and a half and I'd love to be settled in a house by then. This pregnancy is a (lovely) surprise but turned our house buying plans upside down. I'll be paid for 6 months but then will take the extra 16 weeks unpaid which means my savings history will take a serious hit. Im not willing to negotiate on this although i know it makes little financial sense.
Plus a third child may mean that we do not quality for a mortgage even if my husband had a permanent job? And we will also have to pay more on childcare as I will have to go back to work as I have the better permanent job at the moment.
On 74k with two kids and my husband out of work would I be wise to act now and try to get a mortgage on the strength of my salary alone, before we have had the third child? If we did this based on my salary we could afford a grand house that would do us for 10 years, during which time we could sell the other house as there won't be as much pressure to save money on paper? Or do we wait for say 3 years until hopefully my husband has a decent steady job. But at that stage we will have wasted 36k min on rent and be living with the uncertainty that renting brings?
Apologies for the essay but I'd really appreciate some savy advice