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Original poster

Could we get a mortgage....

35 replies

Monkeyandanimal · 13/04/2014 12:53

....I am resigned to never owning our own home, but DH is getting really depressed about it. It is annoying because we are paying £1000 / month in rent. I don't want to go to the banks right now as I have a feeling the answer would make us more miserable, as i really don't think we have a hope...But as DH is getting so down, I thought there is no harm asking on here.

I am not working as we have 3 small children and even if i could get a job good enough to pay for childcare for 3, I wouldn't want the kids in full time childcare anyway. And if we wouldn't be financially better off then I don't see the point. I hope to return to work in some capacity when my 4 month old is 3.

DH is on about 25k a year, and that will hopefully reach about 28k by next year.

My parents are also desperate for us to buy, and are itching to give us some money towards it; I haven't discussed it with them, so don't know how much, but I think they could give us 30-40k, maybe more if necessary....

We are in an expensive part of the uk (SE)....so what do you think our chances are? If there is a glimmer of hope I'll try going to the banks, but I don't want to go only to be laughed at!

Please be kind even if the news is bad!

OP posts:

bishboschone · 13/04/2014 19:42

Could you look into shared ownership? My mum has just moved to a new build estate ( bought hers ) but a lot of them are SE and you can even choose what percentage you buy and buy another percentage later on etc . I don't know the ins and out so it , only what I have picked up along the way hearing others .

Bearbehind · 13/04/2014 20:17

Just as a comparison, I've just put the same details as before into a lenders affordability calculator but including the OP earning £5k and it goes from just under £62k (with the OP on zero income - therefore dependant) to just under £118k.

Proving having a small income makes a massive difference but still not enough to make a dent in what is required for homed ownership in SE.

Original poster

Monkeyandanimal · 14/04/2014 06:59

oh dear, it doesn't look good does it! And the thing is, we rent in a nice area with a great garden and good schools, whereas i know if we bought we'd be in a shithole on what we could afford! But we do manage pretty well on the income we do have, and the rent is high but affordable; it seems such a shame to be paying £1000 a month that could be going to a mortgage.

I will contact a broker anyway; at least, as someone said, i can just present it a s a fact finding mission. there is a chance we could move towards the coast. And maybe i'll start looking for work now rather than in 3 years. Thanks for all your advice.

OP posts:

TypicaLibra · 14/04/2014 08:00

If, as a PP said, your dh's take home income is £1662, it's quite amazing that you can pay a rent of £1000 and still live comfortably. That's only £662 for council tax plus other bills, food etc etc. I guess child benefit will pub that figure up but not a great deal.

Anyway ... good luck with your fact finding, hope it goes well!

Original poster

Monkeyandanimal · 14/04/2014 11:26

we don't have many luxuries that's for sure! but we do manage ok! thanks again.

OP posts:

KatoPotato · 14/04/2014 11:29

We were gifted a deposit, all they had to do was sign a letter stating that it wasn't a loan, then prove the paper trail of where it came from (premium bonds)

Bearbehind · 15/04/2014 07:45

I'm in awe that you can manage on less than £700 plus CB per month with a family of 5. The problem you will face though is that that mortgage lenders will only take into account what they deem to be affordable to you and they won't entertain you committing £1,000 a month on a mortgage even if you know you can live on what's left.

Original poster

Monkeyandanimal · 15/04/2014 14:19

That's a downer Bear....we get child tax credits and CB which pay for the groceries, hubby pays for bills and rent etc, but it is tight at times.

OP posts:

Ruby1080 · 15/04/2014 17:51

This reply has been deleted

The OP has privacy concerns about this post, so we've agreed to take it down.

justtoomessy · 17/04/2014 12:42

I was on the same wage as your husband with only one dependant plus CSA (taken straight out of wages so counted) and CB. I was already with Santander and paying the mortgage all by myself (ex was a twunt!) he wanted his name off to by house with OW so despite the fact I had paid the mortgage for a year by myself I still got turned down flat by Santander. This was with £70,000 equity on a £220,000 property.

It is hard to get to get a mortgage and it is getting harder despite what they say. You would be wise to get out and look or a job to help your chances. Good luck.

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