To aim to buy a house without partner

[winebreeze]

DP is shocking with money. Very bad credit and owes quite a sum of money.
We need to either buy our house or move as landlady selling in 3 years.
I don't want to leave him, he does contribute financially to the household but he won't be in a position where his credit file will be good enough to get a mortgage.
I have started saving for a deposit. I want to buy our house, is this a good idea to do on my own and keep him financially separate from me? Is it achievable on a salary of 30000 to get a mortgage??

You need to go on somewhere like Money ssaving expect and read about mortgages.
As pp said, you will not get 6x your salary

Big mortgage on your own. Calculate if you can afford it if interest rates get even higher.

I'm glad I asked. I may have to rethink and look at schemes to help me to buy perhaps.

If this is your first property I would go for the best you can comfortably afford without help to buy schemes, those mean you only own a percentage of the house.

Get a 2 bedroom terraced or a decent flat, it won't be your dream property but it's a great stepping stone to get on that property ladder. Then over time as your mortgage gets paid off your capital will increase over time. Good luck ❤️

@Sealover123 ah thanks but I have children so need at least a 3 bed and that'll be a squeeze.

I've seen some 3 bed terraced for under £135k in the northwest.

Are they young enough for bunkbeds to save on space? Also be minimalist so less clutter, which makes spaces look bigger.

My point is, don't think you can't afford to get on the property ladder. It can be done but you may need to compromise and make sure it's all in your name.

Where in NW are you looking approximately? Loads are still affordable on 30k

I’d say no. That would only give you a 5% deposit, and therefore make it harder to get a mortgage - the bigger the deposit, the more mortgages are available at a lower rate.
According to Moneysavingexpert site, on an income of 30K you’re likely to get a mortgage of up to 135K. A mortgage of 190K would cost you £1035 a month. On an income of 30K, you take home pay is only around £1975 a month assuming a pension contribution of 3%. You can’t include your partner’s income in the calculations if he is not on the mortgage.

Don't marry him

My son bought his 2 bedroom house in Hull almost 2 years ago. He paid £75k and it really is lovely. If you can find a place where property is cheap it's doable. If you live in an area like I do where DS's house would cost £160-170 then harder. If your saving for a deposit put it into a LISA as government top it up for you by I think 25 percent.

I've just seen you are NW. The NE is much cheaper if you would be prepared to move. In Hull you can find a 3 bed terraced house for £100k. You'd get a mortgage on that easily. You could spend £120 and find a 3 bedroom house all done up nicely for that much. Have a look on Rightmove. Also if you like seaside Bridlington is cheap too but not so many jobs there but if DH WFH then it's an option.

Agree! I also came to say just this!

It'd probably be more like 120-130k OP would be able to borrow although if OP has any childcare to finance on top, that'd be a factor too.

I'd wonder how they'd fund the rest of the buying expenses on top of their 10k deposit (which isn't much of a deposit either, sadly).

Help to Buy or Part buy part rent scheme might be better, maybe?

OP - get yourself a good mortgage advisor to book in a chat with now and if nothing else at this stage it'll give you a ballpark savings target to aim for.

Honestly I'd speak to a mortgage broker. I've known 2 single people (both with kids) to buy a house on a single income and both of thrm went through brokers that were able to get them better deals than they would ever be able to secure on their own. I don't own any property but it's something I've looked into quite extensively as I'd like to one day.

Thanks again, going to a broker is a good call

Exactly this!