Pregnant, paniking and need a new house! Advice please

[Duemarch2021]

Main question: How much are mortgage lenders likely to lend us?? What's your experience??

Me and partner are expecting our 1st child in March and live in tiny 1 bedroom flat. (Mortaged when i was working full time and will sell it)

Haven't managed to book a morgage adviser appointment yet but im paniking that we wont be able to lend much as im a student. Partner has just above minimum wage paid job and works full time but we dont have savings.

How much have people been offered by advisors please if u are willing to share?? Xx

I think We were leant around 4x our combined salary, but Will partly depend on your deposit - if you're putting equity in, then they might be happy to lend more. Could you rent for a while instead?

Also your baby will sleep in with you for the first 6 months, or even more, so if you are unable to move before they arrive don't panic. Although I guess good to move while stamp duty freeze is going!

The problem is not just the mortgage. It's finding money for solicitors fees, moving costs, plus anything you need to make the new house safe and liveable. I really would not do this unless there is enough wriggle room in the mortgage to cover that.

If your partner is on NMW, that's around £16k a year, which would be a £60k mortgage. As the poster said above; what's the equity situation?

It may be better to wait until you are working again, honestly. Babies are small and having a single-level childproof area is godsend when they are crawling.

If you can't wait or get an adequate mortgage, look into renting out your flat to cover the running costs and renting somewhere bigger, elsewhere.

They are also less likely to lend as much when you have dependencies

Eeek!! Thanks guys.. yeah so equity isnt much😣 i will probably end up with about 15k in tie bank once sold.. i am currently working too and earn £600 a month but will not be going back once had baby as will have no childcare and have another year left in uni too so wouldn't be worth paying nursery for £600 a month xx