So I have a 6 month old baby, I work full time earn a decent wage for my age of 33k a year at 22.
My partner and I were looking to buy a house this time last year and my mortgage advisor told me I could lend up to 145k on my own, my partner can’t be put on the mortgage due to not long being self employed he also has some debts etc.
Fast forward to now a house has come up in our area for 165k we live near Birmingham so it’s rare for a decent house to be this price as most 3 bed semis round here are atleast 220k however the seller wants a quick sale due to family dying and multiple surveys have been done with no issues.
Because I’ve now had a baby apparently I can only lend 125k? I have a 30k deposit ready. The seller won’t take any less than 165k and apparently my mortgage advisor simply can’t get me any more.
What I struggle to understand is how!!! I take home £2250 a month. The mortgage payments would be roughly £650 a month, that would leave me with £1600 our other bills are about £600 so I would be left with a disposable income of £1000 a month. Now I get we’ve had a baby but he doesn’t cost me a grand a month!!!!! We also get child benefit for him and that covers alot of his needs I spend no more than £100 a month of my own money on him…
I have no car payments no debt etc.
The council won’t consider us because we’d be in too low of a band because of my earnings, we can’t buy even though I have a decent deposit and a decent wage…
If we wanted to rent a small house in this area that would be somewhat average it would cost about £1200 a month. We were renting a tiny flat for £800 a month and have moved back in with my parents in order to buy a house, even though I now apparently can’t.
What do they actually expect people to do😳😳😳
Any advice welcome and would also like to know if anyone else is in a similar situation
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Cost of living, what are we meant to do???
Rubylu · 04/04/2024 17:55
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BeachBeerBbq · 04/04/2024 18:21
The affordability rigidity is there for a reason unfortunately.
House isn't just "mortgage" payment as with rent. ALL repairs and upkeep are on you. Boioer is x grand, roof is xx grand.
When people say "i can afford higher rent so why not mortgage" are missing the part where if your roof caves in, it won't be landlord paying. That's factored in for affordability too.
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