To worry I'll never be able to get a mortgage

(22 Posts)
lovebeingonthetrain Tue 26-Apr-16 19:19:38

Hey, just wonder if anyone is in the same situation, as I really know it could be worse but 2 of my friends have just bought beautiful big gorgeous homes and I'm jealous ... I don't think I'll ever be able to get a mortgage as work varied hours sad

EatShitDerek Tue 26-Apr-16 19:20:41

Message withdrawn at poster's request.

lovebeingonthetrain Tue 26-Apr-16 19:22:48

It's not secure if rented, but most important to me it's just not yours I don't know just feel sad.

HoneyDragon Tue 26-Apr-16 19:22:49

We're self employed and we managed. Find the right broker, get the right paperwork and it's possible. You won't know till you try.

lovebeingonthetrain Tue 26-Apr-16 19:23:28

I'd need a deposit honey that's encouraging though.

HoneyDragon Tue 26-Apr-16 19:25:23

Well, the deposit bits the arse bit. But it's worth saving one of you can. Oddly enough the newer stringent rules mean they look harder into your financial set up so it can kind of be beneficial.

lovebeingonthetrain Tue 26-Apr-16 19:26:26

What rules are they honey (sorry to ask you, I don't know much about it smile)

A 3 bed house round here would be about £120-130. So possible really. Obviously as much deposit I can save the best.

Bluecarrot Tue 26-Apr-16 19:29:18

Renting has its benefits too - can move location easily, family expanding? oldest flying the nest and less room needed? Fancy a larger garden? Smaller garden?
Not to mention someone else footing bill for repairs etc. I can't imagine buying a house... Maybe a tiny flat in the city when kids leave home...low maintenance etc.

If you really really really want to buy, look into how much it will actually cost. Can you afford it? Not everyone who buys can actually afford it!
What would be the difference in the cost and what you are paying in rent? Could you start saving the difference. Would stand you in good stead later..
Or you could change job?

NickyEds Tue 26-Apr-16 19:30:17

We might never be able to afford to buy and yes it does make me sad. We currently rent a gorgeous house that is perfect for us and I live with a little fucking, nagging fear of bring given notice to leave. It's not wanting to buy a table and chairs for the garden because our next house might not have room, being nervous about getting ds too settled at pre school in case we have to move. It's knowing that there will be a next house and we will have to move eventually.

Still, there's no sense worrying about it. Enjoy what you can about what you have.

lovebeingonthetrain Tue 26-Apr-16 19:31:58

It's definitely cheaper with a mortgage than rent, round here, changing job is tricky really. Am trying to work this out but not getting v far.

MrTCakes Tue 26-Apr-16 19:37:11

I had to sell my house last year after getting divorced, now me and toddler DS live in a rented house. I feel so guilty for taking the security away and can't see me ever managing to buy again (certainly not on my own anyway.)
Hope you find a way.

lovebeingonthetrain Tue 26-Apr-16 19:49:17

I sympathise, I bet that's really difficult flowers

FlibbertigibbetArmadillo Tue 26-Apr-16 19:56:32

Have you looked into some of the help to buy schemes? Some new build developments have things in place where you need 5% deposit 75% mortgage and 20% is lent to you by the builders. Check carefully about when you have to pay to 20% back though!
I feel for you though we have just been approved for a mortgage in an area where 2 bed 'starter homes' are well over 200k, so you could be worse off!

readytorage Tue 26-Apr-16 21:12:52

eatshitderek make sure you keep those luminous yellow converse clean then!

lovebeingonthetrain Tue 26-Apr-16 21:15:24

Yeah I know some parts of the country are ridiculously expensive.

monkeyfacegrace Tue 26-Apr-16 21:19:29

Im pissed off with mortgages too.

Dh earns a hefty wage. But, his salary is barely worth getting out of bed for. He earns 4 x his salary in commission/bonuses that mortgage companies don't accept as income.

So, we can afford repayments at about £1500 a month, but can we get a mortgage to move house? Can we heck angry

Watchingnetflix Tue 26-Apr-16 21:50:14

I would NEVER buy again (not that there is any chance I could). When ExH left me with two children, one which was only 9 months I couldn't pay the mortgage on my own and he didn't give me a penny (self employed/own business/earned nothing on paper so CSA useless). I struggled for about a year, trying to pay mortgage, used credit cards, could not sell bloody house So it was eventually repossessed. Bastard thing is my ExH went bankrupt so I remained liable for the entire mortgage shortfall to the tune of over 20k which I will be paying off till my dying day

NattyNatural Tue 26-Apr-16 22:27:41

Monkey
Pm me, I know a way around that

Uncoping Tue 26-Apr-16 22:30:46

I'm lucky enough to live in council housing.

Am skint, very skint.

Will never be able to buy til a parent dies (while away, thankfully)

Not even sure I want to...

Muskateersmummy Tue 26-Apr-16 22:31:05

We felt that way for many years. But after lots of years of saving, compromising and waiting, we finally bought our home last year. There is hope. Use a whole of the market broker. Get them to give you advice about what you can change to increase your chances before they even do a soft search. Good luck

JeanGenie23 Tue 26-Apr-16 22:34:04

I feel your pain. I'm self employed, I earn a good wage but have little savings, definitely not enough for a London sized deposit
anyway.

Sometimes I feel down when I see my old friends buying 2 bed houses for £90k, but I don't want to live where they do so I have to take the financial bullet and rent. As a pp suggested at least with rental you don't have to factor in maintenance and emergency boiler break costs.

I have looked into some of these share to buy schemes but I'm not very money Savy and I don't know how worthwhile they are entering?

CremeEggThief Tue 26-Apr-16 22:38:44

I won't either. I'm 38, a graduate and have never had a permanent job. Luckily, I got a H.A. house last year. They're plentiful in my area, but I know I'm very lucky.

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