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  • FIRST POST
    • Terriixx
    • By Terriixx 13th Jun 17, 1:12 PM
    • 44Posts
    • 174Thanks
    Terriixx
    I want to buy a house! :)
    • #1
    • 13th Jun 17, 1:12 PM
    I want to buy a house! :) 13th Jun 17 at 1:12 PM
    Hi!

    Bit confused about the best way for me and my partner to buy a house.

    He has about £10,000 in savings, but is unemployed.
    Whereas I work but don't have any savings.

    Are we unlikely to get a decent mortgage with him not working ?
    [Really good, funny, witty signature...]
Page 1
    • Guest101
    • By Guest101 13th Jun 17, 1:17 PM
    • 15,142 Posts
    • 14,760 Thanks
    Guest101
    • #2
    • 13th Jun 17, 1:17 PM
    • #2
    • 13th Jun 17, 1:17 PM
    Far more info needed.


    IE what are your wages, why isn't he working, how much are house prices?


    £10,000 isn't a great deal of money in the grand scheme
    • ~Beanie~
    • By ~Beanie~ 13th Jun 17, 1:18 PM
    • 2,905 Posts
    • 2,076 Thanks
    ~Beanie~
    • #3
    • 13th Jun 17, 1:18 PM
    • #3
    • 13th Jun 17, 1:18 PM
    It will depend on how much you want to borrow and how much you earn really, obviously you won;t be able to get a mortgage as big as you would if both of you were working.

    • Penitent
    • By Penitent 13th Jun 17, 1:42 PM
    • 1,362 Posts
    • 4,145 Thanks
    Penitent
    • #4
    • 13th Jun 17, 1:42 PM
    • #4
    • 13th Jun 17, 1:42 PM
    Does the £10k also have to cover costs like conveyancing, moving, a buffer in case the first sale falls through or the boiler packs in a week after you move in, etc.?

    Have you tried putting your wages/deposit into a few mortgage calculators or speaking to a broker?

    http://www.moneysavingexpert.com/mortgages/how-much-can-i-borrow
    http://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing
    • abbieJ
    • By abbieJ 13th Jun 17, 1:56 PM
    • 7 Posts
    • 1 Thanks
    abbieJ
    • #5
    • 13th Jun 17, 1:56 PM
    • #5
    • 13th Jun 17, 1:56 PM
    If I were you, I would wait until you save at least 5 - 6k more and your boyfriend finds a job, so that you feel confident you will not struggle with the payments later.
    I am also interested in buying a home in the near future and try to collect as much information as possible, so speaking to a broker is a good idea.
    • ReadingTim
    • By ReadingTim 13th Jun 17, 2:17 PM
    • 2,046 Posts
    • 2,957 Thanks
    ReadingTim
    • #6
    • 13th Jun 17, 2:17 PM
    • #6
    • 13th Jun 17, 2:17 PM
    You can have anything you want....as long as you can pay for it.

    How much you can borrow depends on how much you earn, so him not earning is a limiting factor. You'll also need a deposit, so his savings will help, as long as they're not being depleted while he's out of work, and you want to try and save some too.

    Depending on what you earn and no credit history horrors, some sort of mortgage ought to be possible, and with some 2 bed terraces in Keighley going for less than £60k, you might be lucky. Whether you consider that "decent" is up to you - if you don't, then refer back to the opening sentence of this post.
    • Terriixx
    • By Terriixx 13th Jun 17, 3:32 PM
    • 44 Posts
    • 174 Thanks
    Terriixx
    • #7
    • 13th Jun 17, 3:32 PM
    • #7
    • 13th Jun 17, 3:32 PM
    Hi!

    He isn't working due to mental health issues and his savings aren't depleting as he gets PIP so we are okay with my wage £15,000 and his PIP at the mo

    I'll try those calculators thank you
    [Really good, funny, witty signature...]
    • Terriixx
    • By Terriixx 13th Jun 17, 3:33 PM
    • 44 Posts
    • 174 Thanks
    Terriixx
    • #8
    • 13th Jun 17, 3:33 PM
    • #8
    • 13th Jun 17, 3:33 PM
    ....with some 2 bed terraces in Keighley going for less than £60k...
    Originally posted by ReadingTim

    I'm near Keighley and seen some really cheap places! The 2 bed house I was last renting just sold for 20K but to be fair, there were so many environmental health issues I wouldn't be surprised if it just crumbles away soon enough.
    [Really good, funny, witty signature...]
    • ringo_24601
    • By ringo_24601 13th Jun 17, 3:35 PM
    • 16,966 Posts
    • 27,570 Thanks
    ringo_24601
    • #9
    • 13th Jun 17, 3:35 PM
    • #9
    • 13th Jun 17, 3:35 PM
    Hi!

    He isn't working due to mental health issues and his savings aren't depleting as he gets PIP so we are okay with my wage £15,000 and his PIP at the mo

    I'll try those calculators thank you
    Originally posted by Terriixx
    You'd need to be in a neighbourhood where houses cost around £65k - do you?

    Don't expect to be able to use all of the £10k as deposit since you'll need several thousand for solicitor fees, searches, moving costs ect.

    They may also look at affordability on top of salary.

    From the online calculators, it may be better to just buy in your name, and not your boyfriends. He'd almost count as a dependant, and would go against your application with no waged salary.

    Probably best to have a chat with a mortgage broker - but it does look like you'd be able to use £6k of that money as a deposit, borrow £54k and buy something like this - http://www.rightmove.co.uk/property-for-sale/property-60385648.html

    With those old houses, I'd want a full structural survey. Some lenders will include some money for a survey (e.g. First Direct did for us; but you need to arrange it all yourself as brokers can't use them)
    Last edited by ringo_24601; 13-06-2017 at 3:47 PM.
    • marliepanda
    • By marliepanda 13th Jun 17, 4:04 PM
    • 4,723 Posts
    • 9,512 Thanks
    marliepanda
    You'd need to be in a neighbourhood where houses cost around £65k - do you?

    Don't expect to be able to use all of the £10k as deposit since you'll need several thousand for solicitor fees, searches, moving costs ect.

    They may also look at affordability on top of salary.

    From the online calculators, it may be better to just buy in your name, and not your boyfriends. He'd almost count as a dependant, and would go against your application with no waged salary.

    Probably best to have a chat with a mortgage broker - but it does look like you'd be able to use £6k of that money as a deposit, borrow £54k and buy something like this - http://www.rightmove.co.uk/property-for-sale/property-60385648.html

    With those old houses, I'd want a full structural survey. Some lenders will include some money for a survey (e.g. First Direct did for us; but you need to arrange it all yourself as brokers can't use them)
    Originally posted by ringo_24601
    Without him, she has no deposit. Bit harsh to use his money for the deposit but preclude him from ownership.
    Survey Earnings 2017 - £163
    • Alderbank
    • By Alderbank 13th Jun 17, 6:42 PM
    • 93 Posts
    • 90 Thanks
    Alderbank

    ...it does look like you'd be able to use £6k of that money as a deposit, borrow £54k and buy something like this - http://www.rightmove.co.uk/property-for-sale/property-60385648.html
    Originally posted by ringo_24601
    This is the Modern Method of Auction, not a normal sale. They won't get it for total outlay of £60k. You should be wary of recommending this to first-time buyers with not a lot of money.
    • ringo_24601
    • By ringo_24601 13th Jun 17, 6:47 PM
    • 16,966 Posts
    • 27,570 Thanks
    ringo_24601
    This is the Modern Method of Auction, not a normal sale. They won't get it for total outlay of £60k. You should be wary of recommending this to first-time buyers with not a lot of money.
    Originally posted by Alderbank
    Damn, didn't see the 'guide price' bit. Yes, this is bad advice. Please ignore me on this..

    Yeh, the OP needs the deposit money - but her partner also needs her £15k annual income to secure a mortgage.

    Definitely, talk to a mortgage broker about this. Ignore internet strangers recommending houses.
    • ReadingTim
    • By ReadingTim 14th Jun 17, 9:55 AM
    • 2,046 Posts
    • 2,957 Thanks
    ReadingTim
    This is the Modern Method of Auction, not a normal sale. They won't get it for total outlay of £60k. You should be wary of recommending this to first-time buyers with not a lot of money.
    Originally posted by Alderbank
    "Modern Method of Auction" should be totally avoided, but there are properties out there at that price point, or lower:

    http://www.rightmove.co.uk/property-for-sale/property-48386928.html - requires some work

    http://www.rightmove.co.uk/property-for-sale/property-52236386.html

    http://www.rightmove.co.uk/property-for-sale/property-58174964.html

    etc...
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