It’s your move or more likely mine, week 35

This is the last post for this particular blog because on 4 December we exchanged and on 14 December we completed.

When I started this blog in January 2017, all I had was a small financial lifeline that went towards a 15% deposit. I was working in the gig-economy, at times holding down 5 different jobs and as the months rolled by my optimism dimmed.

We had been living in rented houses for 14 years, frequently having to move because the landlord wanted to sell the property. It wasn’t that we didn’t want to buy, the problem was no one would consider us for a mortgage. Despite paying well over £1,000/month in rent for many years, mortgage lenders refuse to accept rent payment as proof you can pay a mortgage.

You can read my first post here It’s your move, or more likely mine. Week 1

However, by the summer time I had secured a full-time job and suddenly I was a far more attractive prospect.

So here we are, homeowners at last. OK it’s not the house I imagined I would be living in by this time of my life, but it’s ours to do with as we please and because it hasn’t been touched pretty much since it was built just before World War II, it is a blank canvas.

But the point is, the only reason we were able to rejoin the home-owner club is because we managed to scrape together a deposit and I was able to find full-time employment; neither of which came easily.

There are thousands of people who through no fault of their own are either working in the gig economy and/or cannot accumulate enough money for a deposit, but they are paying often huge sums of money in rent; lining the pockets of wealthy landlords. We have changed from a nation of home-owners to a nation of those who have and those who have not. Generation home-owner has become generation rent and it’s time for lenders to recognise the need to change because before much longer there will be no one left to borrow.

Think about it; the population is already top-heavy with the over 70s and it’s going to get worse as the demographic changes. If the next generation are unable to borrow and the older generation have paid off their mortgage and become reliant on the state as they became too infirm to live independently, having also cashed in their pensions early, who will the banks lend to? Based on current lending rules, those who want a mortgage won’t be able to get one and those who have had a mortgage will be making their last payment, ergo, the need for banks will diminish. Maybe then they will sit up and take notice.

About Sophia Moseley

Freelance Copywriter, Feature Writer and Author. Looking for that illusive job that every working mother craves but surviving, just, on what I can find. My writing and poetry keeps my sane. Watch this space.
This entry was posted in The housing crisis, the mortgage maze and tagged , , , , , . Bookmark the permalink.

6 Responses to It’s your move or more likely mine, week 35

  1. Calmgrove says:

    It’s hard not to see this as symptomatic of the state this country has come to after mismanagement by successive governments (and particularly the current shade of political persuasion) and the blind prejudice of a substantial proportion of the electorate which can’t or won’t see what the consequences of a dog-eat-dog approach inevitably leads to.

    But I’m forgetting, huge congratulations are in order for having reached the end of a particularly rocky road despite the obstacles placed there. And in time of the festive season and a new year too! Along with your other readers (and no doubt friends and family) I’m truly pleased for you, Sophia! Happy New Year 😊

  2. natamagat says:

    Congratulations, I hope 2018 is a great year for you and your family in your new home. Interesting point about banking, numbers over people, it will be interesting to see how this is redressed.

  3. Lucy Corrander says:

    This is brilliant. Sorry it’s not perfection but there’s the advantage that the more one does for something the more one loves it so if you have a lot to do to your house I expect you will make great friends with it given time.
    But why does this mean you will end the blog?
    Have you already started another that I haven’t caught up with yet?
    And best wishes for 2018.

    • Hello Lucy, I am slowly starting to think about it in a different light and will soon be scouring the shops and online for suitable furnishings. I have my weekly blog on my website. This blog is used mostly for adhoc posts although I have used it over the past few months just for the house buying story. I will probably go back to using it for slightly more light-hearted posts!
      Wishing you a super 2018!

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