Fed up of renting, cant get a mortage, do we have any other options?

CDaniels1987

Me and my fiancee have been renting now for almost 3 years, we pay £625 for a house that to be quite honest is not great, its a new build that just feels like it was threw up in seconds, we have tried to get a mortgage to buy a house and we are able to put down a decent deposit, however we keep getting rejected due to my credit history! which is annoying because everything is all paid off now but it all still appears on my history!

The money we pay is dead money and we cant make it feel like a home, we are struggling to even find anywhere else to rent as we have 2 cats and no one seems to accept pets. We just dont know where to turn as all we want to do is get on the property ladder so we can start our future.

Are there any other options we can look at out there? we have been to a mortgage advisor who tried everything she could to get us one but kept getting rejected which has also obviously lowered my score because of all the searches.

CDaniels1987

Oh and we cant put my fiancee on the mortgage as she is struggling to get a job so it all has to be on me! I bring in the money but she has the good credit rating!!

jayship

A good independent broker would not have carried out all the searches as they know the market and possible lenders. However get a second opinion.

thequant

Aslong as you have no defaults or CCJ, it doesn't take to long or much work to repair your credit score.

I would suggest working on repairing your credit score and building your deposit (which willalso lower the credit score you need for securing a mortgage)

The I want it now attitude, will just result in you buying an overpriced property with an overpriced mortgage.

HappyMJ

CDaniels1987 wrote: »

Me and my fiancee have been renting now for almost 3 years, we pay £625 for a house that to be quite honest is not great, its a new build that just feels like it was threw up in seconds, we have tried to get a mortgage to buy a house and we are able to put down a decent deposit, however we keep getting rejected due to my credit history! which is annoying because everything is all paid off now but it all still appears on my history!

The money we pay is dead money and we cant make it feel like a home, we are struggling to even find anywhere else to rent as we have 2 cats and no one seems to accept pets. We just dont know where to turn as all we want to do is get on the property ladder so we can start our future.

Are there any other options we can look at out there? we have been to a mortgage advisor who tried everything she could to get us one but kept getting rejected which has also obviously lowered my score because of all the searches.

Move somewhere really cheap. Don't mention the cats just move them in and hide them when the landlord/agency visits...I know you aren't supposed to do it that way but they are quiet enough and they won't be visiting unannounced. I've had to do it that way to avoid dumping the cat. If they do decide you have cats and you have broken the tenancy agreement you will always get a minimum of 2 months notice to leave during which time you can keep the cats.

Mickygg

As thequant says build up a better credit history by using credit cards and paying up, paying bills all on time etc. I know what you mean about dead money but try to look at it by saving up more of a deposit and building up your credit history you should be able to get a better mortgage rate.

Mickygg

HappyMJ wrote: »

Move somewhere really cheap. Don't mention the cats just move them in and hide them when the landlord/agency visits...I know you aren't supposed to do it that way but they are quiet enough and they won't be visiting unannounced. I've had to do it that way to avoid dumping the cat. If they do decide you have cats and you have broken the tenancy agreement you will always get a minimum of 2 months notice to leave during which time you can keep the cats.

When I rented I did this. Landlord never found out I had a cat!

cattie

Try not to think of money spent on renting as dead money for it is anything but. It is money spent to provide a roof over your head & without a roof over your head, you would be in a very sad and sorry situation. Try to enjoy what you have at this moment; you and your fiancee being able to live together and enjoying each others company. Just being able to come home to each other and those cats at the end of the day

Lots of people have to rent for a good few years before they have saved enough to be able to afford a mortgage. Just listen to the advice of other posters here and build up your credit history as much as you can over the next year or two and save like mad to increase your deposit.

You can never have too much in savings when buying a house as there is always something that needs money spending on it by way of maintenance or repair. So a healthy bank balance is quite important for occurrences such as the roof leaking or the boiler conking out and it makes for a far less stressful life if you have the money behind you to get things sorted out, rather than having to get into debt to do so.

It is such a pity it is so hard to find landlords willing to accept pets, especially cats. I know when I was considering renting before buying my next property, I was really surprised when a couple of ea's told me how reluctant landlords are to take pet owners as tenants. I didn't think my moggy would be a barrier to me finding somewhere to live for 6 months.

david29dpo

Mickygg wrote: »

When I rented I did this. Landlord never found out I had a cat!

And no wonder tenants get a bad name.

david29dpo

HappyMJ wrote: »

Move somewhere really cheap. Don't mention the cats just move them in and hide them when the landlord/agency visits...I know you aren't supposed to do it that way but they are quiet enough and they won't be visiting unannounced. I've had to do it that way to avoid dumping the cat. If they do decide you have cats and you have broken the tenancy agreement you will always get a minimum of 2 months notice to leave during which time you can keep the cats.

And you........

HappyMJ

david29dpo wrote: »

And no wonder tenants get a bad name.

david29dpo wrote: »

And you........

My cat was at the time too old. The only option would have been put the cat to sleep. RSPCA said they would do that too if not adopted within 30 days. That was not under any circumstances going to happen.

If the landlord did find out I had a cat I would have stayed as long as possible...but it is easy hiding a cat so I don't see how landlord could ever figure it out. Landlord doesn't need to know.