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  • FIRST POST
    • JPB156
    • By JPB156 19th May 17, 10:00 AM
    • 91Posts
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    JPB156
    We can't afford to live together and have children
    • #1
    • 19th May 17, 10:00 AM
    We can't afford to live together and have children 19th May 17 at 10:00 AM
    Hi have just joined the forum because me and my girlfriend are feeling so low in our situation.

    I am 35 and she is 30 and we have been together for 11 years, we are living with our parents and have been saving for a house, we earn about 34000 between us and have about 2300 a month after tax. We have found a house we both love but house prices are now so stupidly high, it's 190000 and we have a 40000 deposit. We can get a mortgage but we are worried about affording it in the future if interest rates rise, we feel we will be fine for a while but if we are paying anything above 10% we won't be able to do it and how can we put faith in it not going to that rate in the next 30 years.

    We want children and feel time isn't on our side there but if we have one then any savings we have would go on childcare so how would we pay for anything such as a car when ours has given up on us. A cheaper house is an option but there is so little choice in this area and feel if we wait much longer we will be priced out even more, rental prices are just as bad and keep going up aswell and then how do we pay rent after retirement. there is not much prospect of us earning more in the future.

    We just feel so trapped and that we will not only be unable to ever live together but also that means never having children. We feel so low and I've never felt worse, our relationship is so strong but I really feel scared for us and not being able to give her what she wants and deserves.

    Sorry for the long post
Page 6
    • Guest101
    • By Guest101 19th May 17, 1:48 PM
    • 14,482 Posts
    • 14,182 Thanks
    Guest101
    No England why is it normal?
    Originally posted by JPB156
    No, no-one in their right mind does a mortgage application before having an offer accepted....
    • JPB156
    • By JPB156 19th May 17, 1:50 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    We've tried to think of like a safety net thought of renting it out but if it cost so high we can't do it rent wouldn't cover it anyway. And selling it wouldn't cover debt if houses price crash which to me looks likely
    • JPB156
    • By JPB156 19th May 17, 1:51 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    That was how we were advised to do it
    • Guest101
    • By Guest101 19th May 17, 1:55 PM
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    Guest101
    We've tried to think of like a safety net thought of renting it out but if it cost so high we can't do it rent wouldn't cover it anyway. And selling it wouldn't cover debt if houses price crash which to me looks likely
    Originally posted by JPB156
    You think you know enough to be a landlord now?!?!?!
    • Guest101
    • By Guest101 19th May 17, 1:55 PM
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    Guest101
    That was how we were advised to do it
    Originally posted by JPB156
    By who?

    1: you get AIP
    2: you view and offer
    3: you apply and arrange valuation
    • JPB156
    • By JPB156 19th May 17, 1:57 PM
    • 91 Posts
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    JPB156
    What no it was just a brief idea trying to think of what we could do if things went wrong I know it's not as simple as that and as I say that idea fell at the first hurdle as i couldn't see it would cover it anyway
    • JPB156
    • By JPB156 19th May 17, 1:58 PM
    • 91 Posts
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    JPB156
    I can't say as partner works there
    • Guest101
    • By Guest101 19th May 17, 2:01 PM
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    Guest101
    I can't say as partner works there
    Originally posted by JPB156
    I've never had a mortgage and I know this basic thing. Did you pay a fee for this?

    What happens if you're offer is rejected?
    • JPB156
    • By JPB156 19th May 17, 2:03 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    The mortgage has a fee but only when we take it out. If it's rejected I guessed we do the same again, unless it's for the same amount as its valid until august
    • Guest101
    • By Guest101 19th May 17, 2:04 PM
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    Guest101
    The mortgage has a fee but only when we take it out. If it's rejected I guessed we do the same again, unless it's for the same amount as its valid until august
    Originally posted by JPB156
    Jesus that's an AGREEMENT IN PRINCIPLE!

    In principle they are happy to lend you X amount.
    • JPB156
    • By JPB156 19th May 17, 2:05 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    Surely if you get an offer accepted and then get refused or can't afford the mortgage that harms the seller when you pull out
    • Guest101
    • By Guest101 19th May 17, 2:08 PM
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    Guest101
    Surely if you get an offer accepted and then get refused or can't afford the mortgage that harms the seller when you pull out
    Originally posted by JPB156
    Ok it might do, how is that your problem? That's just the adventures of property sales.
    • JPB156
    • By JPB156 19th May 17, 2:08 PM
    • 91 Posts
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    JPB156
    No it isn't we got that a few months back to tell us what they would be willing to lend, I have that paperwork and now I have what is called a recommendation with all the details of the mortgage product which is about 15 pages long and says it's subject to survey
    • JPB156
    • By JPB156 19th May 17, 2:09 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    We've just been told that's how you do things
    • Guest101
    • By Guest101 19th May 17, 2:10 PM
    • 14,482 Posts
    • 14,182 Thanks
    Guest101
    No it isn't we got that a few months back to tell us what they would be willing to lend, I have that paperwork and now I have what is called a recommendation with all the details of the mortgage product which is about 15 pages long and says it's subject to survey
    Originally posted by JPB156
    im out.

    ( that means you've got until August to atleast exchange contracts by the way )
    • Guest101
    • By Guest101 19th May 17, 2:12 PM
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    • 14,182 Thanks
    Guest101
    We've just been told that's how you do things
    Originally posted by JPB156
    No one in their right mind applies for a mortgage without having an offer accepted. No-one.

    So either you haven't actually applied, or you have and its affected your credit score. On a house that may not even be for sale anymore.

    In either case. I'm done
    • fairy lights
    • By fairy lights 19th May 17, 2:12 PM
    • 7,856 Posts
    • 26,054 Thanks
    fairy lights
    You know what? At the start of this thread I was all for you putting an offer in on this house, but the more of your replies I read the more hopelessly naïve you sound.
    • JPB156
    • By JPB156 19th May 17, 2:15 PM
    • 91 Posts
    • 10 Thanks
    JPB156
    How does it affect your credit score it's not like we have been rejected, in that case it would affect it if we put an offer in, got the mortgage accepted and then the seller pulled out?
    • anna_1977
    • By anna_1977 19th May 17, 2:36 PM
    • 575 Posts
    • 795 Thanks
    anna_1977
    Surely if you get an offer accepted and then get refused or can't afford the mortgage that harms the seller when you pull out
    Originally posted by JPB156
    It may mess the chain up for the seller but EA's will immediately check whether your mortgage is in place (or they should) with paperwork etc
    • anna_1977
    • By anna_1977 19th May 17, 2:37 PM
    • 575 Posts
    • 795 Thanks
    anna_1977
    I think you're over thinking everything - at this rate you'll never move out from your parents.

    Find a house you can afford, if it means moving out of the immediate area do it. As others have suggested I would really suggest renting first though, living together is a whole other ball game!
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