Can anyone help???

[pepperpots]

Me and dp are currently renting due to not being able to get a mortgage onjust one wage. After doing some research what it would cost to buy a house is actually less than what we are paying renting our house .Does anyone know of anyone that will take into consideration what we can afford to spend each month rather than what we earn? Is it worth going to see someone like a financial advisor? Any help would be greatly received

I seem to remember that an adviser we spoke to at HSBC mentioned some type of mortgage where they 'believe' you that you can afford xyz per month. Also there's something like interest only?

No expert as we're renting too

You can get a self-certification mortgage if you have a deposit of (I think) 20% or more of the purchase price.

You can get a none status mortage, but you have to put a large deposit down.

Thanks for your advice there is now way we could afford 20% or even 10% oh well looks like we could be renting for a while then

I thought that most mortgage companies will take account of affordability rather than salary times 3 or whatever. I think as a guide they use the salary times 3 (or is it 4 now?) but when you go through an application they will look in more detail at all incomings and outgoings.

Make yourself an appt with a bank and find out. Don't forget the 'costs' of moving e.g. solicitors, removal firms, etc

Please please please don't let your desperation to buy a house cloud your judgement. I was advising a young student once on her mortgage with Halifax only to have to tell her that they had put her onto an interest only without her knowledge. She did not have any investment and her elderly parents had been working all the hours to pay for their house (or so they thought!!!)

She'd gone into her local branch and told them what she could afford. They gladly sold her whatever they could within that budget.

Always check the small print and maybe get someone to check it through for you!!!