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Renting, but I want to buy, can't get a mortgage

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aroma44
aroma44 Posts: 43 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
I am currently renting - £800 pcm for a 3 bed semi in Berkshire. I have looked into first time buyer mortgages (Seen house £196500) and monthly it would be around £780 - £845 pcm but I can't get a mortgage so I am in a catch 22 situation.

Any suggestions welcome

Comments

  • milliebear00001
    milliebear00001 Posts: 2,120 Forumite
    Why can't you get a mortgage?
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    edited 21 April 2011 at 6:04PM
    See a broker, give them your full details - they will tell you what is and isn't possible.

    No-one can answer your questions without the ful details of your circumstances (starting point would be salary and deposit)
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • geoffky
    geoffky Posts: 6,835 Forumite
    you can get a mortgage..its just you can not save.
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • ILW
    ILW Posts: 18,333 Forumite
    On another thread it appears you are earning around £13k pa.

    The mortgage would be something like 14 times income!
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    aroma44 wrote: »
    I am currently renting - £800 pcm for a 3 bed semi in Berkshire. I have looked into first time buyer mortgages (Seen house £196500) and monthly it would be around £780 - £845 pcm but I can't get a mortgage so I am in a catch 22 situation.

    Any suggestions welcome

    Not sure what youre after here. You have already stated a mortgage isnt possible for you so therefore you will need to stick to renting / saving for a long time.
  • beecher2
    beecher2 Posts: 3,677 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    On the other thread you state you receive Housing Benefit so you're not comparing like with like. With your income you couldn't afford to buy the property you presently live in so all you can do is substantially up your income, or change your plans.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    aroma44 wrote: »
    I am currently renting - £800 pcm for a 3 bed semi in Berkshire. I have looked into first time buyer mortgages (Seen house £196500) and monthly it would be around £780 - £845 pcm but I can't get a mortgage so I am in a catch 22 situation.

    Any suggestions welcome

    So it would be around 70% of your pre-tax pay.

    And when interest rates go up?
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