I’m a paralegal on 26k and desperate to buy a house, but I can’t afford it without my partner’s help. What should I do?

Welcome to Money Matters: GLAMOUR’s weekly dive into the world of finance. We’re chatting all things personal finance, from contracting rights in the workplace to expert mortgage advice and saving for your first home, to ISAs and dealing with debt, to help empower you to make better choices. Now more than ever it’s important to understand our money, but so many of us feel as if we don’t have a handle on it – or worse, feel anxious and scared about money. 

So each week, a woman in a unique situation will give us an honest breakdown of her finances, and our expert will tell her easy tips on exactly how to tackle it. So, take a seat, and let’s talk about money…

Siobhan is a 32-year-old paralegal for a law firm in Leeds. She lives with her partner in a one-bedroom flat, which they rent together. 

She earns around 26k a year and has managed to boost her savings by splitting the rent on the apartment with her partner. However, Siobhan is keen to buy her own property, which she describes as a “terrifying thought.”

She’s had a look at house prices in Leeds and doesn’t think she can afford to apply for a mortgage without her partner’s assistance. Neither Siobhan nor her partner is particularly interested in getting married and the main thing stopping them from looking into buying a house is the fear that they might split up. 

Here, she shares her money diary…

MY ACCOUNTS

Current account: £2345
Savings account: £5466

MY INCOMINGS

Annual salary pre-tax: £26,000
Annual salary post-tax: £21,178
Monthly wage pre-tax: £2166.66
Monthly wage post-tax: £1764.83
Other incoming payments: N/A

MY OUTGOINGS

Rent/mortgage: £500 per month (I pay £250)
Bills: £200 (I pay £100)
Splurges: I spend about £60 on takeaways per week.
Other: N/A
Any student loan/credit cards/overdrafts etc: My outstanding student loan balance is £31,000.

MY MONEY THOUGHTS

My worst money habit: Ordering takeout instead of cooking the food I’ve already bought!
My biggest money worry: Not having the financial stability to buy a house on my own.
My financial hopes for the future: Not having to worry about how I’m going to afford a house.
Current money mood: ????????????

You don’t have to buy

It feels almost shocking to say, but you don’t have to buy a house. The idea that home ownership, a hugely expensive financial commitment, has been sold to us as ‘the next natural step’ is extremely unhelpful. Yes, it can be a really great way to build equity in something and reduce the amount you pay on rent, but if your rent is quite low and you’re not sure whether your partner is the right person to buy with, then I wouldn’t rush this decision.

If you’re not sure…