Mortgage help needed for upgrade. PLEASE. Highest LTV advice

Miguel1979

Thank you,

I actually came here for advice, not to be judged but that seems to be what the majority of responses are (thank you to those who have helped and offered good advice).

For what it's worth, when we originally took out our 100% mortgage, we could have borrowed a lot more than we did, so in theory could have got a 3 bedroom house then, but we did what we felt was the sensible option, and decided not to over stretch ourselves and only go for what we could sensibly afford, as we did not really need any extra bedrooms at this time. Although this now seems to have backfired.

Due to being first time buyers, we have had all the expenses over the last 3 years that, that entails, such as moving fees/DIY/furnishing the house, so we were not in a position to be able to save a massive deposit.

We are now both in higher paid jobs, so could afford an increase in mortgage and having a baby. However, this is a recent development, so we have not had time to save for a deposit. Yes we could start now, but it will take years to save the kind of deposit needed, and I don't want to leave it too late to have children.

Sorry if I sound ungrateful, but I wanted advice as to whether I had any options - it seems I don't. So it would have been more useful if I had been told that rather than being told that I clearly can't afford to have a child or move house and am stupid to think otherwise, and that I am clearly both reckless and naive.

I do think it is a lot harder than it used to be and for those getting on the property ladder after the housing boom, things are a lot very tough, I think some people who are lucky enought to have bought before this time and haven't experienced it personally find this hard to understand. And not all of us are in a position where we can be given hefty deposits from our parents.

It seems those who make the rules are those in privileged situations, bankers, MP's etc, who don't the financial constraints many of us do. And I don't see how they can ever expect the housing market to improve while things stay they way they are, at least the re-introduction of 95% mortgages would give most people a chance.

It seems I will have to stay put for now and try as hard as I can to save up some kind of deposit, whilst keeping my fingers crossed that 95% deposits do return and that they return soon enough, so that it's not too late for me to start a family.

Thrugelmir

Miguel1979 wrote: »

Thank you,

I actually came here for advice, not to be judged but that seems to be what the majority of responses are (thank you to those who have helped and offered good advice).

For what it's worth, when we originally took out our 100% mortgage, we could have borrowed a lot more than we did, so in theory could have got a 3 bedroom house then, but we did what we felt was the sensible option, and decided not to over stretch ourselves and only go for what we could sensibly afford, as we did not really need any extra bedrooms at this time. Although this now seems to have backfired.

Due to being first time buyers, we have had all the expenses over the last 3 years that, that entails, such as moving fees/DIY/furnishing the house, so we were not in a position to be able to save a massive deposit.

Don't take peoples comments as being judged. Responsibility for a decision is with the taker. Life is all about choices. If you ask a question expect an honest answer. There's nothiing personal in whats been said. Be grown up and whilst you may not agree with everything there is good advice in the posts.

When you first bought you needed a 100% mortgage so didn't have any savings as such. Over the next 3 years rather than reduce your mortgage or save. You've spent your money on furnishings and DIY. Thats a choice.

If your income has risen significantly there is no reason why you can't reduce your mortgage significantly over the next couple of years. If you write down what you spend your money on every month you may be shocked. Savings can be made if you really want to do something.

Take responsibility for your own life and don't blame other factors.

opinions4u

Miguel1979 wrote: »

I actually came here for advice, not to be judged

I cannot see anywhere that you have been judged.

Sorry if I sound ungrateful, but I wanted advice as to whether I had any options - it seems I don't.

Save hard is an option.

So it would have been more useful if I had been told that rather than being told that I clearly can't afford to have a child or move house and am stupid to think otherwise, and that I am clearly both reckless and naive.

Who has accused you of that?

It seems I will have to stay put for now and try as hard as I can to save up some kind of deposit

Which is exactly the right thing to do.

speedbird1973

Or sell the house, move out, rent, procreate.

It seems you can do one or the other.. so make your choice.

morg_monster

It sounds as if you have given up before you've even begun! If I were you, I would stay put, reduce my outgoings as much as possible, and save really really hard for a couple of years with your new higher salaries. Hopefully at the end of that time you will have a bit of equity in the property and be able to move. If the number in your username is your year of birth I would not get too panicky about leaving it too late to have a child yet.
Also I think it is a bit dramatic to say "so i just can't ever have a family?". Plenty of people have kids in less than ideal situations.

cakie777

I do have one option you could consider, which is what we are about to do.

Rent out your property for enough to cover the mortgage and buildings insurance, then rent a property yourself with an extra bedroom for baby.

That way you are still on the property ladder which is obviously a concern. If you are willing to comprimise on the location/quality etc of property you rent (for the sake of the 2nd bedroom) then you may not have to pay significantly more than your current mortgage.

You can get on with having a family and saving hard to reduce the mortgage and sell at a later date...