Can only get low mortgage

[anon282428]

After doing some research, the best mortgage/amount I can lend in £90k.

I feel awful. I work full time and thought my job wasn't too bad.

I am single and in my early 30s. But even after saving hard for a deposit, the only amount I will be offered is 90k, which is enough for a 1-2 bedroom flat around here.

Anyone in the same position and can make me feel any better about this? :(

To be able to afford a property. Many full time working adults older than you can’t . A 2 bed is plenty!

@Bluntness100

Absolutely the market could fall. But I’d not be betting on it. Would you?

And that’s what holding off is, it’s betting it falls. And substantially. And if it doesn’t, she’s priced out and has no chance.

It's happening in some areas, with some types of property, notably flats in parts of London.

I'm in Sussex, prices here seem to have stopped rising over the last few months. Whether this is just a lull, or a precursor to a fall, I wouldn't like to say.

Anyway, back to your situation OP: save as much as possible, even taking on a 2nd job if you can, and see a broker about maximising your borrowing. If you can raise enough to buy a 2-bed place, so much the better as you'll be able ro rent a room out if things get tight.

My husbands been offered 78k...literally nothing for that suitable for a family of 6

I’m surprised by how many posters are urging the OP to see a mortgage broker in an attempt to borrow much more than 4.5 times her income. Even 4.5x is high compared to historic loan to value multiples.

Where does that leave her when rates increase? As they will.

I can see why the OP is slightly aggrieved. If she’d been buying for the first time in the 1990s, on a slightly lower than average salary, she’d probably have got a house rather than a flat, but times have changed. Prices have rocketed thanks to, amongst other things, people being not just allowed but encouraged to borrow huge amounts, over ever increasing terms. Pretty miserable for anyone starting out now.

You can buy a 2 bed! Maybe a 3 if needs refurbishment
At your age I bought a 3 bed in need of refurb my contemporaries bought 2 beds with only decoration needed. Your choice!
Don't see the problem at all.