Mortgage Free?!... We'd just like a Mortgage!!

Hollypop_2

Hello All,

After a little advise if you can.

My partner and I currently rent a house we pay £550 a month rent; we have been here nearly 2 years now. We are having various troubles with the next door neighbour, to the point we want to move; as its not worth the hassle anymore and i dont feel safe in my home.
We found another house to rent with an extra bedroom and detached (so no neighbours!) at £650 a month (which we can afford)

I feel the need to point out we both pay half of everything; with my partner putting in an extra £100 a month to help pay off a credit card we have as he earns approx 6k more a year than i do.

However we both cant help but feel we are lining someone elses pockets and it would be nice to actually own our own home so that if we do something to the house we are not wasting our money.

Looking at our financial situations we both work full time, he has excellent credit rating where as i have a CCJ showing on my credit report from 4 years ago (all defaults now gone just this CCJ for 2 more years now) (i was very stupid i know)

Now i know i have no chance of getting a mortgage with the CCJ still there however my partner has nothing stopping him getting one.
So now we want to look at options for if instead of renting we could get a mortgage instead. (i say we i mean in his name) The problem being we have no deposit!

So rather than booking an appointment first with a mortgage adviser i was wondering if anyone here can give us any advise i.e do we have no chance without a deposit?

Its really tricky situation where we are paying a lot of money on rent and because of that there isnt much left to save; so i dont quite get how people manage to get these big deposits together!

In the past we looked at the goverment shared ownership schemes, but they didnt work for us as you can only get 1 more bedroom than you need so in ourcase we could only have 2 bed and companies like barretts only make 2 bedroom flats not houses (we also need a garage)

Can anyone give us some advise moving forward? should we just find somewhere new to rent and carry on as we are putting a couple of hundered we have spare to 1 side for a 'deposit' or do you think it is worth speaking to someone about potentially getting a mortgage in my partners name, then in 2 /3 years look at adding my name on to it?

Any advise would be greatly appriciated. :money:

Many thanks
Holly

_Andy_

With no deposit you won't be able to get a mortgage at the moment.

Hollypop_2

thankyou _andy_ straight and ot the point to say the least! ha

Do you have any advise on how to save for a big deposit when most of your money goes on rent & bills ?

CAN1976

Post an SOA and people will suggest where you can cut back. You could rent somewhere smaller and bank the difference towards your deposit.

Peelerfart

Also the DFW board may be a better place to post than the MFW

Good Luck

_Andy_

Hollypop wrote: »

thankyou _andy_ straight and ot the point to say the least! ha

Do you have any advise on how to save for a big deposit when most of your money goes on rent & bills ?

As stated above, post up a SOA. Then look at anyway you can to reduce outgoings (e.g. change energy provider, etc) and maximise income (Quidco cashback etc.)

Hollypop_2

CAN1976 wrote: »

Post an SOA and people will suggest where you can cut back. You could rent somewhere smaller and bank the difference towards your deposit.

Thanks CAN1976, we are quite 'money savvy' as it is (my other half more than me) we dont have sky tv or anything like that that is classed as a luxury & we have reduced our mobile phone contract to £15 instead of £35 each. so that will help a little.

The house we are in now is sufficient, if we were to move it would need to be at least the same size the only way to go smaller would be a flat which wouldnt come with a garage as i said above for various reasons we need a garage.

I'm not sure post up a SOA would be very helpful to us as we know we have the cheapest 'everything' we can and still live comftatably.

at the end of every month any spare money in the house account goes into another account for the house deposit, we have a couple of k in there so far.

I was just wondering how other people manage to save for a deposit as well as renting these days. (without the help of a bank of mum-&-dad)

RenovationMan

Why do you need a garage? Is this a business necessity or a 'nice to have'?

Hollypop_2

Peelerfart wrote: »

Also the DFW board may be a better place to post than the MFW

Good Luck

thankyou for the good luck peelerfart, I posted in here as DFW - we dont have any debt bar a small credit card!

Hollypop_2

RenovationMan wrote: »

Why do you need a garage? Is this a business necessity?

My partner has a lot of equipment for fixing cars i.e engine crane, welder, engine stand ect which would mean we would have to store in the house as well as we have an old car which he is slowly restoring. He also fixes a lot of friends cars ect and does engine conversions so we need the space.




Can I just point out that we are not looking to 'downgrade' or skrimp and save every single penny to get a mortgage; we were just after some advice on if we could get a mortgage without a massive deposit rather than 'throwing' our money at someone else in rent.

In a way it is kind of a shame the banks dont look at your current situation and say something like 'right you have been paying £x amount in rent so we will lend the a mortgage equivilent to £x'
I'm living in a dream world i know!! :rotfl:

RenovationMan

I think you'll need the landlord's permission if you are running a busines from the rented accomodation as it could impact his insurance.

I was going to suggest renting a garage (if it really is a necessity) and then downsizing and renting a 1 bed apartment but you have made it clear in your previous post that you are not prepared to do that.

If you cannot reduce your outgoings then the only way to fast track a deposit is to earn more money. You will not be allowed to get a mortgage without a deposit, those days are long gone.