Another enforced house move on the horizon and I'm sick of it. Help.

[takingcharge]

Excuse the short-term namechange but am too embarrassed to share all this.

We have moved three times in three years (private rentals) and we have a 3yr old ds. Our last move was in Feb this year into a lovely house with a great garden for ds.
We're renting because whilst my husband earns a decent wage (he's currently self-employed) we are paying alot of money out on debts that built up a few years ago when he fell very ill.
So our credit record is also really bad.

I spoke to the landlady this morning and she tells me they're having the house valued-alogng with their other property next door. They say that they're not planning to do anything at the moment solely looking at all their options before their eldest child goes to secondary.

I can't express how awful I feel at the possibility that I may have to move my lovely ds again. I was moved alot as a child and I always said that I wouldn't want that for my child and now I feel so guilty that I'm doing it to him because of our current financial situation.

So, does anyone know of a company that might be able to help us get a mortgage? We have an awful credit rating, could possibly scrape together 5-6k as a deposit but that would be it! I know I'm asking alot but would be grateful for any and all pointers.

Thanks

where do you live? how much is 5/6k as a percentage of property values?

Hi, we're currently living in the twickenham area but we would move wherever we could afford and settle now to be honest.
We would like to live in west/east sussex (close to the coast) eventually but that was always going to be a longer term thing.

100% mortgage can be done, but rates are obv higher. also - rates are claculated partially based on loan to value - ie if you are borrowing 90% it will cost you mor ethat if youare borrowing 60% and so on. plus, you need to factor in solicitors costs, stamp duty and so on...

but i have a pal who arranges all my mortgages etc. she is great if you want her number, if only to discuss your options.

can be done, i'm sure

Thanks batters, good to hear a success story.

Maggiesmama-I'd be interested in your friend's details if that's possible.
We very nearly bought a property at the end of last year. We were in exactly the same financial situation but because we were buying the flat we living in we were able to buy it at a reduced price which meant we were getting an 80% mortgage (with no actual deposit from us). It didn't work out because our landlords put the price up at the 11th hour and we just couldn't raise the additional funds.

What about co-ownership? If you are in twickenham talk with someone like richmong housing partnership. but there are loads of co-owning bodies throughout the uk.
also, why not ask landlord to agree a 3-5 year term, without breaks? if they won't then ask local estate agenst to find a suitable property. Most landlords would love the certainty of a long term tenant. The Richmond based agents like Jackson Stopp and Staff have loads of corporate tenants who sign long term leases so would be able to guide you. Someone like Jardines in twickenham wd also be good.
Good luck.

Now is not the time to be buying a house

uk.biz.yahoo.com/18092006/140/brown...home-loans.html

Gordon Brown has put homeowners and businesses on notice that the cost of borrowing is almost certain to go up again before the end of the year. He has told the annual meeting of the International Monetary Fund that the Bank of England must keep inflation in check as Britain's economy continues to grow. The Chancellor's comments all but confirm expectations that the base rate of interest will be raised again in November, putting it at its highest level for more than five years.