Cost of living, what are we meant to do???

[Rubylu]

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

@HeadsShouldersTitsandArse I am so sick of hearing the same thing. Get pregnant? Abort the baby or have nowhere to live… great world we live in.

And that is why they won't lend you more. You need to be able to afford the work on them as well.

They might survey fine. Ours did.

But then regulations changed and we needed to replace the septic tank, that's a 4 figure sum on its own

Bought, not brought. Buy what you can afford. You can't afford a 3 bed house and, as you've found out already, unexpected things happen.

@Harrysmummy246
Luckily I am a manager at a builders merchant… my dad is also a builder, so I will get things considerably cheaper than the average person would hence why I’m trying to buy a house that needs a little bit of work not the whole house re done. Once I’m back at work I will continue saving I am a massive saver and still saved 1k a month while privately renting my flat… so will make up for any rainy days.

My whole point is that I’m literally 10k off the amount needed which in the grand scheme of a mortgage is not that big, I just wanted to see if anyone had any tips to get there, if not I will simply have to wait😊

@Dearover
Cheers will bear that in mind

They will know because child benefit will be on your bank statement

@SilverCatStripes I agree. It drives me nuts. I know so many people whose mortgages are absolutely the top end of what they can afford, both couples and single people. I think It's madness and it does nothing good for the economy as you've said.

I live alone, I don't need a massive house, but I could in theory afford one far larger and 'better' than the one I am in. I just wouldn't do it. I was made redundant just over a year ago and if I had've had a larger mortgage I'd have been screwed. Boring maybe, but live within your means is my motto.

It’s also mortgage fraud so not a great strategy

The fact you work at a builder's merchants and some of your family are builders is irrelevant!

Can't you see?!!

The lenders need you to have a contingency amount, if something goes wrong, you need repairs, etc etc.

You budget cannot be stretched, that is irresponsible financial lending.

It's no good saying "Oh my Pa can do that for free".....the lenders work on market rate, and factor that in to your contingency amount and overall budget.

You can't afford the house you want! The lenders are telling you, but you just won't listen!

You're 10k short in asking price, but add some contingency into that, say 10% of the mortgage and you probably have a 20k shortfall. Plus there will be associated moving costs, like the removal and lorry for a start.

Mortgage lenders DO NOT care if your child care is free via grandparents, your Dad can do the building work or Uncle Joe Bloggs can help out, they look at financial risk and especially manageability and despite your deposit and salary, you fall short for this house and mortgage.

@penjil
I know that… like I said previously I understand that the bank doesn’t see me on a personal level and just an overall. I meant as a general rule I could easily afford this house not in the banks eyes but in reality😊

My OH has a massive financial input into our lives but once again the bank won’t see that due to his circumstances hence why I was asking if there was a way round it.

Wasn’t asking for a lecture on being a young mom.
Wasn't asking to be told I will HAVE to put my son into nursery.
Wasn’t asking to have my grammar corrected.

I have the money aside for solicitors moving costs etc on top of my deposit… I’ve done all this before I’m not stupid.

I was asking if anyone knew ways of me being able to get there and luckily a few people have ACTUALLY helped not just chimed in with unhelpful unwanted advice.

If you don’t have anything nice to say…

You can't afford the house you want! The lenders are telling you, but you just won't listen!

The thing is, they probably can afford it, but much of their income doesn't exist on paper.

Not sure encouraging the OP to commit fraud is helpful.

OP, I said nothing of the sort. But these are things you need to think about when planning your future with somebody.

I’m haven’t given a lecture on being a young mum, I had my first baby when I was 21. But we decided to get on the property ladder first, brought a small 2 bed property when I was 19 perfect for just us. We then decided we wanted another baby, sold our small 2 bed and now live in a large 3 bed with two children. We made a fair bit of profit selling our house and was able to afford a much nicer house the second time around.

What I think people are saying, is that because of your slightly poor planning you probably need to either save for a bit longer, or find a more affordable home to buy first.

OP Yeah don't commit fraud as some here have done.
Not admitting to a dependent and receiving the CB is fraud.
Hope you get what you want in the end you sound very smart.

Buy a two bedroom apartment.

Find another broker and see if it’s possible to get a longer term mortgage.

Borrow 10k from a family member.

Boyfriend gets a salaried job.

OP you come across as incredibly naive.

What about protecting your partners financial health, if he contributes so much to your household? Would you accept the same from him? As others have quite rightly pointed out they would be flagging all sorts of alarm bells if it were the other way round.

And if you've "done it all before" and aren't stupid, why did you come out of home ownership in the first place?

No,they haven't been helpful, they've told you to commit fraud. I didn't see one sensible response that would have given you the extra sum. And no the bank won't take you as an exception. It won't get signed off.

If you ask for help and don't get the answers you want, the response isn't to throw toys out of pram

You'd have to declare than borrowed 10k, banks take account of that in a mortgage offer too

@Harrysmummy246
Our new mortgage advisor rang us back today and told us she’s been able to get an AIP no problem for that amount😊

@kefirgiraffe
Like I said I brought the house renovated it and sold it on, I was 19 with a big amount of savings so I wanted to invest, a lot more than most 19 year olds would have done with 20k, I got 35k back so no, not stupid.

Babies don't cost a lot per say its older kids around 7 when they start eating bigger meals out and needing bigger clothes! My DS is 9 and he is a size 7 in trainers in MENS!! Also what if you split from your partner how would you manage? Who would watch your baby in the school holidays in 5 years time? It's a huge commitment

@Sweetheart7
My partner works 4 days a week and Monday and Tuesday are included in his day off, which means someone will only have to my little boy 3 days a week, my mom doesn’t work and is against nursery just like I am, my parents are amazing and would help me always no matter the circumstances, she would never not have my son, if something was to god forbid happen to her I have a mother in law and father in law, 4 aunties who have all told me they would be willing to have him weekly if I needed. It’s always been the way with my family the children simply don’t go to nursery. It might sound ludicrous to some people but it’s just the norm for us.😊

Even if we were to ever split he would still always have his son wherever he can.

My whole point of this thread was simply to just say if I can’t buy and can’t get a council house I don’t see what other options we have except to stay living at my parents for the rest of our lives.

Get a smaller house

Once again, you don't NEED a 3 bed semi, you WANT a 3 bed semi.