£92,000 joint income. No mortgages!

roadrash

I just wanted to vent my anguish in our current situation!

My partner and I are both 30 an first time buyers who are looking to buy as soon as we can.
I earn £37k and my partner earns £55k. My partner has a loan which is paid at £300 a month and I have no debts. So very little outgoings other than our rent at £1300 (we pay £1000 each into a joint account to cover ALL bills)

We have been searching around for mortgages and my partner had meetings with Halifax and HSBC today both of which said we needed that elusive 10% deposit.
We have also looked into the HomeBuy scheme however its 'only' for couples that earn as a household, less than £60k. We did consider saying the other was just a friend who didn't contribute to the household financially, but we are getting married in October.

It just seems that we work hard, earn good salaries, enjoy a nice lifestyle, an we can not own our own home until we have saved about £30,000!

Anyway, rant over. If anyone knows of banks or building societies which are lending at 95% or 100% then please do let me know.

*We have seen a 95% deal with Lloyds TSB however requires that family or friends put 20% into a savings account - and they don't have that sort of cash!

ultrawomble

How big is your deposit currently?

brians_daughter

sorry to sound blunt here, but if 2k pcm covers bills then why can you not save for a deposit if you earn over 90k between you? Your living costs are 24k PA for (as you state) all bills..so wheres the rest going?

Have your tried a fee free whole of market broker? Thats your best bet, but in reality to get a good deal you need 10% deposit, which really should be that hard on your income.

loyds were doing 95% (no one mentioned the savings you have) as were clydesdale bank (my sis is just buying her 1st home and i know these were mentioned to her as 5% deposit options), that was a few weeks ago, maybe a month or 2 now and things change quickly

not_tonight_josephine_2

On a £92k income and with discipline you should be able to save that amount in a year

vikingaero

Why not use a mortgage broker instead of walking into High Street branches of rigid inflexible lenders? There's still thousands of mortgage products out there which may fit your needs.

Woodyrocks

I would use a mortgage broker as suggested but seriously, why are you having such a hard time saving the deposit? You have more than enough coming in to be squirreling a huge portion of it away...

Cannon_Fodder

You might find your credit history won't help, being damaged as a result of https://forums.moneysavingexpert.com/discussion/863169 , and http://forums.moneysavingexpert.com/showpost.html?p=5793555&postcount=480 , so check that out, too.

roadrash

Thank you for the replies so far. Really appreciated.
My partner also receives bonus' at work - this years is being spent on the honeymoon and next years (after tax will be about £8k) which will be put into our house fund!

We should have saved £15k - £20k by next July while maintaining a 'decent' lifestyle, here in London. This enables us to a 95% mortgage (excluding moving costs etc) on a £300k home.

beecher2

I fail to see the big deal. You need a deposit, you have enough salary to save one quickly, so why on earth are you venting 'anguish'? There are no 100% mortgages and you'll save yourself a fortune by saving a 20% deposit which shouldn't take that long. If you can't see how you would save on that income, then go to the Debt Free Wannabee forums for help - cancel the gym, Sky, holidays, etc for the rest of the year and you'll be in a strong position.,

roadrash

Thanks Cannon Fodder - gosh seems like a lifetime ago! The IVA (having checked) actually never showed up on my credit history and is in fact now paid off.

The other issue was sorted too - and it wasn't my issue, it was a friends of mine, but he didn't want to get advice.

Thanks though.

goggle

I think you need to look at your priorities!
It's perfectly possible to have a "decent" lifestyle on far less than 92K per annum, even in London.
I would suggets that you save at least 1/2 of your take home pay & learn to live on teh rest - that 10% deposit is literally less than a year away, but you can't expect to live the high life AND own your own home!!