House is too small will we get a mortgage ?

[Stargirl33]

So recently discovered I’m pregnant with a rainbow baby already have a 10 yr old DD bf & I talked about a baby together but couldn’t decide fully so left it open to the idea of a wanted suprise baby years went by nothing started to think maybe it wouldn’t happen for us then I’ve been gifted with this incredible opportunity that I never thought I would have again after a horrific miscarriage I’m currently such a mixed bag of emotions. Our housing situation is adding to it as we currently live in a 2 bed rented bungalow he’s out of work at the moment & I work part time not the greatest salary but he has 170k in savings what do you think our odds are on getting a mortgage or being accepted for a bigger place to rent ? Part of me is thinking just stay were we are until he is back in employment & just encase anything goes wrong with this pregnancy however want to move anyway as home feels cluttered already & sooner or later will need that extra bedroom.

Congratulations on your pregnancy.

I'd imagine you would be able to get a mortgage fairly easily with such a big deposit. I guess it depends on how expensive houses are where you would want to buy. Also on your outgoings and credit history etc.

But if your partner got any full time minimum wage job, then he should be able to borrow up to 4.5 times his salary, plus your salary.

Have a look at some "how much can I borrow" mortgage calculators to get an idea.

Thank you so much 💕 unfortunately it’s pretty expensive round where I live average 3 bed is 300 / 400k. He had some time off to relax but him getting a job now is going to hugely benefit us he wants another job hopefully something he will enjoy can come up for him if not he’s happy to do something just to get by we are definitely ready for a new home I have lived in my home for 4 years but it’s felt crowded just 3 of us let alone with a new baby dog & chinchilla cages that take up loads of room .. wanted the extra bed for my chinchillas originally 😂 much better reason for a home upgrade now x

Would your10 year old be ok with having little space?

I think you definitely need to wait til he's back in employment, unless your PT salary is over 40k or so you won't get a mortgage on it. You also probably won't get a mortgage as soon as he's started the new role either, it needs a few months to settle into regular income/come off probation IIRC.

I'd stay put for now, let him work on finding a stable job that he wants to do, and revisit moving once baby is here.

I'd wait. The baby will be in with you for the first six months anyway so no big rush for a new house.

I would say there is a rush on your DP getting a job though. Once you're on maternity leave you'll burn through those savings quickly. He needs to get a job.

Then once the baby is here and the household income is up, you'll be in a good position to buy with that big deposit.

Congratulations on your pregnancy.

Definitely wait until your partner is back in work. You both have time. One tiny baby does not take up much space and will be in with you for the first year.

You could put your family first and get rid of the cages, then you'll have plenty of space.

How does having chinchillas mean I do not put my family first ? I got them for my daughter for her 10th birthday she was so happy she cried when I gave her the chinchilla..So don’t tell me I don’t put my family first ! They are beloved family pets & are against a wall in our large front room that does not get in the way I wanted the extra room so could eventually breed chins.

Baby won’t be going in her room my daughter having her room & space is important to me baby will go with us in our room till we get a bigger place .

Yeh hopefully he will find something fast just might having to be something basic & boring worth it to get a house that we can live happily in.

Thanks you pretty much said what I was thinking last night about just staying where we are till he has been back in a job for a while & baby is 6 months at least I do like our home in no rush to leave it.

Congratulations. I would stay until you need to move. We live in a 2 bed flat and just had our second who will be in our room for quite a while at the beginning anyway, probably until 1ish

Congratulations and agree with others stay put. Why is your bf not working atm?

Okay, so for a house at 300k you'd need to borrow 130k. Sounds completely doable with two working adults.

If you are both first time buyers and not likely to buy anywhere for at least 12 months, then both open a lifetime ISA this tax year (before 5th April) if you haven't already opened an ISA this tax year. Stick the maximum of 4k in both accounts before this tax year ends, and another 4k in once the new tax year starts. You'll each get a 1k bonus from the government for free for each 4k you put in. So that's an extra 4k in total for free. You need to have had the lifetime ISA open for at least 12 months before you can use it.

Hopefully he has got the 170k somewhere that it is making tax free interest, like an ISA or premium bonds. If he makes over 1k in interest a year, which I'd imagine he is with so much savings, he has to pay tax on this.