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Help for a single parent to remortgage?

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LynneMacK
LynneMacK Posts: 1 Newbie
in House buying, renting & selling
I am a single parent in a messy housing situation!

I need a 70k mortgage So I can sell my one bedroom flat and get a two bedroom one for myself and my young son. I have a 50k deposit but as I'm only working part-time I can't get a mortgage on my own. I also can't seem to get a Guarantor mortgage as my Dad is 62.

Renting in my area would be much more expensive than my current mortgage (or a bigger one come to that!) And, I am not entitled to council housing or housing benifit because of the capital tied up in my flat.

Any one got any ideas?

Comments

  • silvercar
    silvercar Posts: 46,999 Ambassador
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    Have you looked in a cheaper area where you could have a smaller mortgage?
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • mbga9pgf
    mbga9pgf Posts: 3,224 Forumite
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    silvercar wrote: »
    Have you looked in a cheaper area where you could have a smaller mortgage?

    See what the greedy boomer generation have done?
  • puddy
    puddy Posts: 12,709 Forumite
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    keep saving to be honest, you'll have to rearrange your flat to accommodate a room for you and a room for your son. how old is he?

    when you say deposit do you mean that you have 50k equity?

    whats your gross income
  • pivotalgubbins
    pivotalgubbins Posts: 356 Forumite
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    LynneMacK wrote: »
    I am a single parent in a messy housing situation!

    I need a 70k mortgage So I can sell my one bedroom flat and get a two bedroom one for myself and my young son. I have a 50k deposit but as I'm only working part-time I can't get a mortgage on my own. I also can't seem to get a Guarantor mortgage as my Dad is 62.

    Renting in my area would be much more expensive than my current mortgage (or a bigger one come to that!) And, I am not entitled to council housing or housing benifit because of the capital tied up in my flat.

    Any one got any ideas?

    As stated above, we need more information! What is your salary, if you earn £10k part-time then you need to re-adjust your thoughts somewhat? Is that £50k of equity (and therefore is it realistic) or £50k cash as a deposit?
    Personal ISA Contributions Challenge - current £0 (as at 1 April 2014) / target £15,000 (deadline 31 Mar 2015)
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    It might be cheaper to alter your existing layout than to move. How big are your rooms?

    Could you move the kitchen into the living room, making the kitchen a bedroom?
    Could you split the largest room into 2 bedrooms and use the smaller room as a living room?
  • poppysarah
    poppysarah Posts: 11,522 Forumite
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    50k equity from sale of flat not going to buy a whole place unless you're looking in terraces in North of UK.
  • Sublime_2
    Sublime_2 Posts: 15,741 Forumite
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    Have you checked your local council for any low cost shared ownership schemes in your area?
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