Mortgage offer really low

[geeandfeesmum]

Ok, we live in a small 2 bed property that is no longer suitable for our needs. We were looking at buying a bigger place in a different area. We applied for a mortgage and we were offered £11k!!

So even our current mortgage company (whom we have always paid in a timely manner) wouldn't give us a mortgage for the property they have already given a mortgage for never mind a bigger one.

DH is self employed but this was the same even before that. I am currently a carer for one of our children but this was the same when DH and I were both in fairly well paid jobs.

I feel stuck in our tiny little house. I realise people cope but we genuinely need space for one of our children as she has meltdowns that mean she needs to be in her own space. Obviously, that isn't the mortgage companies problem but I just feel so trapped.

Does anyone know of anything we can do?

nuffbunny I'm pretty sure you are not allowed to tout for business on these forums and I also thought the FCA prohibited this kind of soliciting for mortgage lending too- it's not the only thread you've done this on

I still think you could rent your own house out and then rent yourselves a more suitable one closer to school. I would not sell untill you can afford to buy a new place. Have you looked at the Help To Buy scheme, not the one that is about new houses / first time buyers but the one where you can buy any house and the government lend you the 25% deposit on an interest free loan for the first , I think it is 5 years, after which it is a competitive rate of interest. I looked at this for us a few years back but it was not suitable for myself and my dp because of our ages. I am sure when we looked at it, it said as long as you don't own a house, so you had to sell your house one day and then could buy the next you were eligible. This is just off the top of my head so am happy to be corrected if I missed something or the scheme it has ceased

Thanks, I have looked at Help to Buy but all of the houses in our area that are eligible are ridiculously expensive £300k plus. It's silly really because if you can afford that much then you likely wouldn't be struggling for a deposit.

I know what you mean about the children not minding but the adults do. I generally agree with you but my DD (autistic) regularly runs aft from me when we leave the car to to a house nearby because she "wants to live in the big house". She has even had 2 hour long meltdown about it. I am careful not to discuss my concerns re housing in front of her but I suppose she must have heard something.

We have found a shared ownership property that is perfect but were told it is unlikely we will get it as there are loads of first time buyers interested.

Just had a look on the Help to buy website. I noticed that the section we looked at they don't do any more. Would the mortgage guarantee scheme work for you? A free 20% loan to buy any house is quite a saving. I would definitely look at going to a broker to see what options are available.

I still think renting your own house out then renting one in a location that would be a better fit for you would be a viable option. I know some one who did this and it was not just the rental income to take into account but petrol and travel expenses. Hers was an extreme case but she rented a flat that she could not have hoped to buy and because of savings on commuting costs it cost her slightly less than her mortgage and previous travel costs.

We have found a shared ownership property that is perfect but were told it is unlikely we will get it as there are loads of first time buyers interested.

Definitely pursue this, hard!! I looked at shared ownership. It's ALL done on need - so you might well shoot up to the top of the list if you've outgrown your house, don't work, have 3 kids, and your DH is starting his own business. That puts you in a much better position than a single first-time buyer.

Definitely, definitely invest as much time and energy you have into trying to get that house! Write letters,, everything!

Thanks. That has actually given me some hope today. I will keep pursuing it.