money matters...help?

Can anyone please please help me? Me and OH are trying to buy a shared ownership house as it is the only place we can afford (just) but after working out council tax aswell on top as other bills it leaves us with not much to pay for elc, gas, water and petrol, let alone food and baby essentials.

I need some serious advice about the costings of running a home as we need to confirm we want to buy the place very soon

 

[Layla]

you have coverd the main costs, rent, council tax, gas, elecy, tv licence, phone, internet and tv channels, other than food i think thats about it.

then its small expensise like replaceing light blubs, plates when they get broken etc

just dont ever decorate!, we decided to and its ended up costing us 2 grand! lol its worth it tho, looksl ovely

 

[Kim]

Are you both working? You may be entitled to some benefits...

 

[Rachael]

Hiya Sami

Like Kim says, you may be entitled to some benefits, especially once you have the baby.

Heres some info entitlements for tax credits you might like to read through:

Tax Credits - for people in work or bringing up children
Child Tax Credit (CTC)
CTC is financial support for children paid to the main carer. Nine out of ten families with children will be eligible for this tax credit. It is paid to families both in and out of work. Extra CTC is paid to families with a child under the age of one.

Working Tax Credit (WTC)
WTC is financial support for lower paid workers paid through your wage packet. You do not have to have children to qualify for WTC,
 if you do not have children you must be aged at least 25 and work at least 30 hours a week
 if you do have children you can claim from the age of 16, and you must work at least 16 hours a week to qualify.
WTC can help with the costs of registered childcare. You will be treated as 'working' during ordinary maternity leave, as long as you were working at least 16 hours a week on average before you started your maternity leave.

How much help will I get through Tax Credits?
It depends what your family income is, how many children you have, how old they are, and whether you pay for registered childcare. If your gross annual income is less than £97 a week you get the maximum amount.
Any Child Benefit, Maternity Allowance or the first £100 a week of Statutory Maternity Pay you are receiving is ignored in working out your family income. Any child maintenance you receive is also ignored, so if you apply for Tax Credits you do not have to fill in forms for the Child Support Agency as you are asked to do with some benefits.

Do I get extra help if my income falls during maternity leave?
Tax credit awards are made for a year at a time but can be changed if your income rises or falls. You must notify the Inland Revenue within three months if your income changes or your childcare costs are reduced or stop. Check your award notice for income changes that could affect your award. Report any rise in annual income of more than £2,500 to avoid an overpayment at the end of the year.

Can I get help with childcare costs?
You may be able to get extra WTC to help with the cost of childcare if:
 you are a single parent working, or treated as working, at least 16 hours a week; you live in a couple where each of you works, or is treated as working, at least 16 hours a week; or one of you is disabled, and
 you pay for registered childcare (e.g. a childminder, nursery, playscheme or out-of-school club)
If you qualify you can get extra WTC which will pay for up to 70% of your childcare costs up to a maximum cost of £135 for one child or £200 for two or more children. This means that the childcare tax credit is worth up to £94.50 a week (one child) or £140 a week (two or more children).

How do I apply for tax credits?
Contact the Tax Credits helpline on 0845 300 3900 for more information or to ask for an application form

Hope this helps

 

We can get child tax credit i think but not working tax credit as OH's income is just above what they consider low - even though its stilll not enough.

had a big row over it tonight resulting in me being at my parents house now and we're not even gonna try and get a house now i dont think. It's all doing my head in. I hate money!!

 

[Layla]

me and my OH want to part buy a house, but even part buying is just way to expensive for us, so we have settled for renting.

I know alot think renting is throwing away your money, but its a hell of alot cheaper to rent that pay a morgage each month.

We have just spent a couple of grand doing this house up, my landlord is a friend of mine and she said we can buy the house of her when ever we are ready and that there is no rush, so we decided to do it all up the way we want, keep paying rent, only £485 a month, then buy if and when we are ready. if we are never ready, my landlord said thats not a prob either, we have the house for how ever long we want it

 

Renting isn't very secure in Milton Keynes and the price tag isn't cheap either - at least £500 pcm for 2 bed and not inc any bills - silly business place!I'll have to have a looka round I guess - thanks though hun - it's a good idea if we can get a secure tenancy for a while.

 

[Layla]

I know its not as good as buying your own place, but if you can find a nice place with a long term tenancy then you have better chances of staying there and buying it from the landlord when you are able too.

£500 a month isnt not bad mind! mine is a 3 bed and i pay £485 not including council tax or any bills, south wales is a lot cheaper than your way, but £500 is quite good i think!

worth having a look and see whats about for you

good luck with it
xx

 

Had a look and I'll be lucky to get a 2 bed for £500 without bills! That is scary - OH don't get twice as that in his salary. Back the drawing board !

 

[Layla]

what about the council, do they have a houseing list? or a houseing assiosation?

sorry, my spelling is terrible lol

so do you live with your parents at the mo then?

 

I am on the counil list but they don't seem to really care that I'm pregnant and my mum has requested I leave by the time the baby is born and that our only option (not tht the council know this) is to stay with marks parents. Even so - I am still at best 12th on the list for a house on EACH estate in Milton Keynes, which means with the rate they actually give them out I won't have a house/flat/cardboard box for at least 2 years. I'll get a few more points when the baby is born and if I am then considered homeless I'll get a place but that could still take 6 weeks at least. My council is useless And they might not house my OH - because he isnt registered at the same address as me so they don't see him as needing to be housed with me! What kind of crap is that?

 

[Layla]

yeah thats bad!

what about a houseing assoiasion? any of them around?

only other thing is you could private rent and see if you can get houseing benifit, once the baby is born, if your OH is on a low wage you might be able to get help from them for the rent.
or, if he doesnt "officaly" live with you, then you will get most of your rent paid

 

They go through the council aswell unfortunately Don't have much luck round here!

yeh I was thinking that - but I thought if you elected to privately rent then you couldnt get benifit - good point though and I shall look into it - cheers! xx

 

[Layla]

wow no, you get houseing and council tax benifit if you private rent, thats what i do.

you have to come up with the deposit money then the benfits kick in.

my rent is £485 a month, and houseing benifit pay pretty much all of it, i pay a top up of £15 a week!!!

my OH is on a 6 week trial at his new job, as soon as he gets it confermed we will be coming off benfits as he will be earning to much and they wont pay, but i know they do help out with some cost if there is a low income in the house, or if your a single mum living on your own *wink wink* lol

check it out hun!

 

Ah that's worth bearing in mind then thank you very much hun - I am so glad I have friends like you on here help me out in 'dodgy' situations

 

Layla - did you get the house your renting before you got benifit? or did you get it whilst trying to claim it?

 

[Layla]

I piad the depoist, moved then, then aplioed for houseing and council tax benifit, coz i knew already haveing two kids that i would get it.

Im not sure wether you will have to wait till you have the baby before you can get it.

but then saying that, i know some people who get it and they have no kids, so best thing to do, is phone up, explain your suitation and see what they say.

either way you will defo get it, just depends when and how much

 

[Rosieroo]

Don't have much experience of this, but just wanted to say good luck Sami

It's always hard when you first move in together. Our bills are....

£654 a month mortgage
£101 a month council tax (though you will get help towards this)
£40 a month for gas and electricity (our hot water and hob is gas and I have a lot of baths)
£11 a month TV license
£45 month phone bill - though this includes £25 for broadband which is our luxury
£7.50 a month life insurance
£36 a month water rates
£20 a month for my mobile (which will be going when my contract ends)
£19.50 a month for Sky (will be getting freeview soon)

We budget approx £40 a week for food and £25 a week petrol.

Then you have money for other bits, which does add up. The odd magazine, takeaway, cute little baby outfit - and then things that need paying yearly - car tax, MOT, car insurance, household insurance.

Anything left over goes towards our credit cards.

 

Could I get housing benifit if we bought a house and c.tax benifit? I'm trying to get through to the benifits people now through council - on hold - still lol

Thanks for that rosieroo - still more than our budget but it does help when trying to work out what we will have to pay each month! Thank you x

 

Was holding for 12minutes so gave up - left a message and hopefully they will call me back. I know we would get quite a bit of tax benifit when we come to claim when baby arrives - but at the moment I don't think we qualify for any of that.