Do we have a hope in hell of buying?

[Eatyourbanana]

I’ve done as much googling as physically possible before my brain explodes. The odds are not looking good, but I’m Wondering if we go direct to mortgage suppliers they may offer a better deal than mortgage calculators suggest?

We have a 20k deposit
1 full time salary 22k annually
1 part time salary 12k annually
So total £34k

2 children but no child care costs.
1 of us has excellent credit the other has good.

We’re in an expensive area (south east) Realistically for a 2 bed with a garden we’re looking at 220-230k minimum.

Is it possible?

Our house hold is one child, no childcare. Both fair credit scores, just in the process of getting a mortgage - combined incomes of 29,000 when I return off mat leave and our mortgage advisor said we could get up to £126,000 so I’d say probably not 220k more likely 150/160k?

@ihoeihoeihoe mmm thanks. This is what I have discovered so far that budget basically means we can’t - there is absolutely nothing for that price with 2 bedrooms where we live!

Not easy to just up sticks and moves when our jobs & kids schools are here. Good luck to you! Hope it all goes well!

No unlikely- borrow maybe 4.5, possibly more likely 4 x your salary in this climate, so under 200k realistically.

Not on those figures, you don't have a 10% deposit and also way over the maximum income multiples

Buggar it. Thanks guys.

Could you look at something without a garden but close to parks? Or something further out? Are you able to move area?

Have you looked into shared ownership?

Or shared ownership? Not sure how that works but might be worth looking into?

Have looked into shared ownership! I’m not the biggest fan of new builds (which seems to be the only ones that do this scheme? Could be wrong!) but I work for the NHS so I think there are perks to buying a new build too. I will have to really look into this. Thank you!

(& to PP, a garden is a must! Unfortunately we’ve been thoroughly spoilt by our rental so our expectations were probably really OTT but a garden is non negotiable unfortunately.)

Aha! You’re a key worker. The government are looking at a First Homes scheme to replace the old homes for key workers scheme. There’s talk of 30% off the purchase price. No dates yet, and it’s possible the Covid hit to the economy will delay it, but worth keeping in mind.

Why don't you do an agreement in principal. You can do it online and it'll tell you how much you can borrow. For a lot of banks they don't leave a mark on your score, just a soft search.

It's a shame you're not in the north because you could get a 2 bed with a garden for around £110k up here.

We earn 26k each and had a 10% deposit recently. Most we could borrow was £220k. We do have £500 a month childcare costs though.

Most lenders are asking for a 15% deposit at the moment, and will lend an absolute maximum of 5x your combined salary, so anything over 200k is pretty unlikely.

I assume if you upped the part time aspect your end up with childcare costs? That's maybe counter productive.

But if the part time job could go full time, you'd be able to borrow to buy and then you could drop back down on hours at a later date.

My best friend and her husband have pretty much identical incomes. They were allowed to borrow £135k maximum. Also no childcare costs.

It's a shame you live in such an expensive area. They've just got a lovely 2 bed with front garden and back garden with the possibility to extend in the future for £135k. We're Manchester.