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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think my life is buggered

178 replies

Clappingforjoy · 25/02/2021 14:48

Bad credit and going around in a vicious circle of no no no to getting a small mortgage.
I have spoken to specialist bad credit mortgage brokers who say the £10.000 I have needs to be doubled as it's not enough due to my credit history.
Also been told minimum income requirement is 18000 and I only earn 14000.
I have kept up with rent payments for over 3 years and have not taken any credit in the last several years but still nobody will lend to me.
Up to date with everything but I'm still stuffed and too old and worn out to change it.

OP posts:
AllMyPrettyOnes · 25/02/2021 17:41

Your** woops!!

Love51 · 25/02/2021 17:59

@clipcloptrop

3.5 x14k is 49k OP even with a 10k deposit that's 59k...fees and solicitors aside, where are you going to find a house for 59k?? Sorry but it's not really possible.
North of the Watford Gap.
AtSwimTwoBerts · 25/02/2021 18:02

North of the Watford Gap

Still not many though.....

Love51 · 25/02/2021 18:09

Eh? Most northern towns have areas where you can get houses under £60k. Not all in completely crap areas.
Obviously there is more expensive housing as well, but even in the pandemic cheap houses are available.

OP probably needs to increase her income to increase her deposit, but affordable / cheap houses do exist!

AtSwimTwoBerts · 25/02/2021 18:17

Eh? Most northern towns have areas where you can get houses under £60k

Most towns north of the Watford Gap? I think not.

TheYearOfSmallThings · 25/02/2021 18:19

I wonder if you might be better off without a mortgage anyway? As someone said, councils have housing for over 50s, and if you are also in poor health you might be well placed to get one of those units. It would be secure, you would not have to worry about maintenance costs, and if you had to quite work or reduce your hours for health reasons, you would not have to worry about losing your home.

I genuinely would be so much happier with that situation than starting a mortgage at 50, on a low income, in poor health.

TheYearOfSmallThings · 25/02/2021 18:21

And btw your life is clearly not buggered, you've clearly improved your situation greatly!

Lots of people rent instead of buying, for many excellent reasons.

Username7521 · 25/02/2021 19:11

Have you tried Kensington mortgage?

Original poster
Clappingforjoy · 25/02/2021 19:27

Alot of useful information thanks all
I will be coming into roughly 28.000 shortly but didnt want to throw it all onto a deposit as I want money behind me as well.
My sister took a mortgage at 51 over 15 years thats what I wanted to do. However she had good money behind her with a good credit history.
I guess I dont want to find myself paying out on rent in my retirement and after all mortgage payments would be less than rent. I would he looking at a flat at around £75000 I know that's a push but I've seen nice ones for that.
My inheritance although I am very happy to be getting it just isnt enough to get out of rental.
Unfortunately my name is also still on a mortgage with my ex and I've been told it will always be a no for that reason alone.

OP posts:
Motnight · 25/02/2021 19:32

I think that your update might change the advice people will give you, Op.

Original poster
Clappingforjoy · 25/02/2021 19:35

I havent recieved the inheritance yet

OP posts:
Original poster
Clappingforjoy · 25/02/2021 19:36

Motnight I just want to be completely honest

OP posts:
funnylittlefloozie · 25/02/2021 19:38

Why is your name still on a mortgage with your ex? That alone will stop anyone lending to you. Is there another property that you own? Tell him it needs to be sold or he needs to buy you out!

Original poster
Clappingforjoy · 25/02/2021 19:42

This is going to sound crazy but me and ex are good mates and he helps me out so I've never pushed it.

OP posts:
AllMyPrettyOnes · 25/02/2021 19:44

@Clappingforjoy

This is going to sound crazy but me and ex are good mates and he helps me out so I've never pushed it.
You really must.
Emeraldshamrock · 25/02/2021 19:44

The rent trap is awful.
Ireland has lots of similar rules to the UK is there an option for a mortgage through your council? Here they offer a mortgage to people renting with means or there is buy/rent half.
Dsis started with rent/buy half and eventually the bank gave her to mortgage to buy them out.
Keep positive you are doing better than lots of people.
Is there any friend you could live with below market value for a few months.

Mummadeze · 25/02/2021 19:45

I would try to put £22,000 into the mortgage and keep £6,000 aside. That heightens your chances if you can sort out your other issue with your ex. Once your mortgage is much lower than your rent you won’t need all that money put aside that you are trying to keep back.

funnylittlefloozie · 25/02/2021 19:46

Well yes, tbh it does sound crazy. You want to buy your own little flat... but apparently its more important to let your ex buy his flat. If you had your share of the equity in that property, could you put down a decent deposit?

Pepperminttea16 · 25/02/2021 19:48

Where on earth are you buying if you have a £10,000 deposit and make £14,000? That makes a property price of about £70K Hmm

GameSetMatch · 25/02/2021 19:50

Would you consider a mobile home? (I think that’s what they are called? I’ve heard some are lovely are can be under £20k it might be better taking a loan out than getting a mortgage if you desperately want your own home.

www.willerby.com/find-my-ideal-home?gclid=Cj0KCQiAst2BBhDJARIsAGo2ldWsgpsoVznneRKacAmM1i38mkJJsaYPyoMGF_riFLb49YJzzwoaYSkaAkoNEALw_wcB

Ellpellwood · 25/02/2021 19:53

You don't know that the theoretical mortgage payments would be less than rent. With a low LTV and bad credit, even if you use the inheritance you could end up paying 4-5% interest when a lot of people can get 1-2% at the moment.

Flyingskunk · 25/02/2021 19:54

You can only be on one mortgage regardless of how good your credit it is unless one was a buy to let. If your name is on the mortgage then you are also on the deeds of this property yes? You need to resolve this it’s a ridiculous situation and it’s not good for your ex long term either as you will still own 50% of the property even though (I assume) you are no longer contributing to it.
I was going to suggest that you get your rent payments logged with a credit agency, there are some that do that now. But it’s pointless if you are already on a mortgage elsewhere.

Original poster
Clappingforjoy · 25/02/2021 20:00

To the poster that mentioned a mobile home that is full of pitfalls.
You have to have one on a residential park and they are 130.000 upwards cheaper ones are only available on holiday parks and you have to have a permanent residence elsewhere.

OP posts:
madroid · 25/02/2021 20:00

@Clappingforjoy

This is going to sound crazy but me and ex are good mates and he helps me out so I've never pushed it.
If you are good mates surely you can explain to him that it's time for him to put his big boy pants on and buy you out.

That will help you on your road to the same home ownership which he is currently enjoying.

Don't be a mug OP. It's stopping you fulfilling what sounds like a once in your lifetime dream.

You definitely need a credit card that you use every month and religiously (you cannot even miss one month) pay off IN FULL each month. That will build up your CR.

Also, use a mortgage broker. Don't go directly to the bank/BS. A broker will tell you what to do and know which lenders to apply to.

madroid · 25/02/2021 20:01

Plus, mobile homes depreciate. So it's just the same as pouring your money into renting = nothing to show for your money.

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