DP and I are currently renting. We'd like to buy and would like to stay near to where we are. Problem is it's uber expensive but we will move to a cheaper part. Previously we've calculated we could borrow up to £400k on our combined salary but the payments on that would be more than we'd like to pay, and we simply don't have the money for a deposit. Added to that, DP has just gone freelance so getting a mortgage based on his salary now is unlikely to happen until a lender can see two or three years of accounts. I have been told that Halifax may be able to help but I need to investigate further. But right now, based on my salary, we have a mortgage in principle offer of about £200k.
The flipside of our earnings halving is that we'll now also be more eligible for shared ownership, previously out of bounds because we earnt over the threshold. To do shared ownership you have to buy in the borough you already live or work in. There are some local two bed flats about though
Added to the mix, I am likely to come into some money at the end of next year which will mean having circa £30,000 in total. However we'll still likely not be able to get more than a studio for £230k (cash plus mortgage I can borrow)
So, WWYD? Go for shared ownership? Wait it out to next year to see what market does and reassess with larger amount of money? Or wait three years so dp's earnings can be taken into account?
I am conscious we're in our 30s now and would like to TTC, but having a baby and childcare will be expensive and I'm worried that could also affect mortgage chances. I also don't want to buy a one bed and I imagine we'll be buying to stay there for a while.
Any thoughts on our circumstances greatly appreciated.
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WWYD - buying London
30 replies
brandyandcoke · 13/12/2014 13:45
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