Dont understand mortgage etc. HELP!!!

tanith

It does sound as though you might be stuck with as are countless others, my daughter had 2 daughters and son in a two bedroom place and was told she should sleep in the living room allowing the kids the two bedrooms.... her eldest actually went to live with her Dad at 14 to get her own room... she still has a 13yr old boy sleeping with a 5yr old sister, but luckily they get on and just use the bathroom as a changing room... but its not easy..

nuttymummy

tanith...she was told to sleep in the front room!!?? thats terrible!!

i mean, i know people work damn hard for their houses....my OH works full time, and at one point i had 3 jobs all at once, but now with 2 kids, im a stay at home mum, and i dont want a stranger bringing my kids up....they are my kids, my responsibility, and its my job to look after them, so u can tell im not keen on childcare! when they are at school its obviously a different story, but at the minute affording my own house just seems impossible?!! i wish it was easier. is it so bad to want my kids to have room to breathe and have their own rooms!!

ok rant over!! LOL

thank-you so much for your replies, i will save my very hardest...(a wedding is coming first though!!) how many years....or centuries do u think its going to take me??!! ha ha

Hugbubble

Loads of good advice on here, but just wanted to say- don't get too disheartened. You and your OH are still young and have loads of time. I didn't own a place until I was 30 years old...

nuttymummy

thanks hugbubble

i have 7 more years till im 30....reckon i could save enough in that time.

o yes that was the question i forgot to ask!!!......

say there is a house at £100,000.....if i had a bigger deposit ready than needed, would i be able to borrow more, or does it not work like that?xx

TrickyDicky

nuttymummy wrote: »

thanks hugbubble

i have 7 more years till im 30....reckon i could save enough in that time.

o yes that was the question i forgot to ask!!!......

say there is a house at £100,000.....if i had a bigger deposit ready than needed, would i be able to borrow more, or does it not work like that?xx

Unfortunatly it doesnt work like that. Mortgage value is fixed to multiples of your income.

nuttymummy

ooohhhh buggar

thanks for answering trickydicky xx

DVardysShadow

WTTM wrote: »

Well in the real world then you can't afford a house.

Maximum borrowing looks like £60k and you can't afford to save for a deposit as things stand.

nuttymummy wrote: »

well as much as i understand 'straight-talkers' that was abit nasty!
i was asking for someone who could help explain mortgages to me and what i had to do.

thanks for helping me realize ill be stuck in a crummy 2 bedroomed council house with 2 kids of the opposite sex squashed in one room for the rest of my days.............

Thing is not to let it get to you and to recognise the key part of the message - 'as things stand'. You are doing quite well to get by on as little as you do - financially, you are probably punching above your weight. So if you take the post as a prompt to look at how you can change things and you have set your heart on having your own house, you stand a good chance. You should look at things like part time work and your partner getting another job.

You are right about the risks of renting privately - I think that if you go there, you risk losing your overall dream of having your own house.

robin_banks

nuttymummy wrote: »

Hi guys!

ok, im currently living in a rented house owned by a private housing association (like council!) we have a boy, and now a little girl, and are only in a 2 bedroomed house, so theres going to come a day when we need 3 bedrooms. ive argued with the housing association as they say we are 'adequately housed' and are not eligible for 3 rooms!

but i want my own home, im never settled in a rented, just thinking at any moment u can get thrown out and all the money youve spent on decorating etc will be lost

BUT heres where it gets complicated.... i know NOTHING about mortgages, how they work etc.
so hoping someone here can explain in terms i understand rather than reading through loads of complicated guides on the net!

my OH (other-half) brings home £800 a month, im a stay at home mum and receive approx £140 a week through child benefit etc.
i dont think we have a credit rating as we are a young family (im 22 and hes 24) we have bought the couch on credit, and its almost paid off, in the hope this will kick start some sort of credit rating, and also taken out a credit card. we just use it for small spends then pay it off straight away...its only purpose again is for credit rating.

would we be able to even get a mortgage, and how much of one are we looking at?
i dont like all this complication!! LOL
thanks guys, i really appreciate the time youve taken to read this, and even more greatful if you leave a response

Did you know you wouldn't be classed as overcrowded in a 1 bwed property ?.

The HA will have a massive waiting list, but the good news you cannot get thrown out, you're a secure tenancy, unlike private rented hosuing.

You're getting £940.00 a month net with 2 children, depending on where you are in the country you'll struggle to be able to afford a mortgage.

nuttymummy

dvardysshadow

thank you....believe it or not...and as pathetic as this sounds....i actually cried reading WTTMs comment and again....filling up now!

i currently make wedding cakes etc, and was maybe looking into setting up a business (like a part-time work at home job) that way i can look after the kids and make cakes whilst they are at nursery, napping, and when they have gone to bed.

trouble is i asked about this is another part of the forum and they said i would need insurance, health n hygiene certificates etc. but i was aiming only for part-time and maybe earning under X amount so i didnt have to pay tax....is that true?

nuttymummy

thank-you robin banks. i just wish it wasnt so hard!