In a muddle! No Cash Saved, need mortgage

dopester

Ducati wrote: »

As for myself I am currently looking for work as I was made redundant. We have little savings and really no support at all. Our current joint income is about £1500 pcm.

Is there anyway we could obtain a mortgage? what are our options? I'm confident I will be back in employment in due course. I am very worried and wish not to be housed in a shelter or left homeless. I will be most grateful if anyone can help with some advice. Thank You

12 years of Labour... and this mind-disease is everywhere. It is a sick sick sick joke.

Property ownership at any price and without ability to pay... seen as some sort of right.

pinkshoes

To obtain a mortgage, you will need AT LEAST 10% deposit (or 25% if you want a good interest rate), and can only borrow about 3x your joint income.

You'll also need £1000 for solicitors fees, then stamp duty, moving costs, furniture etc...

If you have no savings, then buying a house is NOT an option.

Why don't you look on rightmove.co.uk at the rental properties? Or if you want something perhaps cheaper (i.e. private rental without agents) then try looking for adverts in newsagent windows.

dopester

pinkshoes wrote: »

If you have no savings, then buying a house is NOT an option.

He doesn't even have a job, so presumably it is his new-in-to-a-job wife (2 months) who is bringing home the bulk of the £1500 a month.

Fantasy land.

Fly_Baby

dopester wrote: »

12 years of Labour... and this mind-disease is everywhere. It is a sick sick sick joke.

Property ownership at any price and without ability to pay... seen as some sort of right.

Actually, it IS a right of a person to have a roof over their head which can never be taken away no matter if you are sick, unemployed or alone with young children. Especially if that person has been working. Nice if you are on a low enough income to get council housing which can be treated like yours because it can never be taken away. But millions of people are in between - too rich for council housing yet too poor to buy something bigger than 1-bed place to accomodate a family. Renting privately INDEFINITELY is not good nor it is right.

superfran_uk

Fly_Baby wrote: »

Renting privately INDEFINITELY is not good nor it is right.

Yes, but I think you'll agree at the moment for the OP (and millions of others) it is the only option.

DaddyBear

superfran_uk wrote: »

With no savings and no job... No. You couldn't get a mortgage. Rent a place, millions of people do it.

Horrifingly this guy could have probably got a mortgage in 2006.

Fly_Baby

superfran_uk wrote: »

Yes, but I think you'll agree at the moment for the OP (and millions of others) it is the only option.

For the OP - yes, of course, I would have thought it's a common knowledge now that you need income and savings to get a mortgage.

But I was replying to another poster who was arguing the right to own.

tek-monkey

Fly_Baby wrote: »

Renting privately INDEFINITELY is not good nor it is right.

And yet in many countries it is the norm.

Fly_Baby

tek-monkey wrote: »

And yet in many countries it is the norm.

Like in what country? And what do people do when they no longer earn income?

tek-monkey

A mate moved to Germany recently, he said owning a home there just isn't a reality. People rent. Take a look here for example, or if you look at historic trends ownership has risen sharply. Surely this is bucking the norm, the idea that everyone can own a home is just blatantly incorrect. Some people earn too low an income to ever buy a house that meets their needs, its just a sad fact.

As for what they do when they no longer earn, they go into the benefits system. Isn't that what a huge proportion of my tax goes towards? How would they pay their mortgage if they no longer earned? Its not a free ride.