5k short on mortgage - what can we do?

thelem

Are you sure you can afford it? Do you have enough cash to cover the moving costs and any sudden, unexpected expenses such as a new boiler or roof repairs, which could easily come to more than £5k? If you really can afford £105k, then with a few months more saving you should be able to get the deposit together. If you can't, then stay in rented or find somewhere cheaper.

Also remember the vendor may still choose to accept their offer if you go back to them and explain you've looked at your options and really can't stretch to £105k. Maybe you could to £101k to show willing?

bananz

Kayalana99 wrote: »

I would tell the seller that the mortage people won't raise the extra 5k and thier is nothing more you can do.

Give them 24hours to mull it over, if they don't accept the 100k THEN start looking at ways to finance the extra 5k

Great advice thank you! Things are actually looking up as I had misunderstood something our broker had said in relation to getting my husband's employer to confirm his overtime in order to borrow a bit more, so we may well be able to get there. We'd obviously prefer to get the sellers to come down from £105k, but the house really does represent by far the best combination of size, potential and location out of anything else we’ve seen in the region for the money, so is worth the extra few thousand in our eyes.

As far as affordability goes, we're basically at our poorest (bar my husband losing his job obviously) at this moment in time as I am on statutory maternity allowance and we he have a double dose of part-time nursery fees to pay for our twins until they become eligible for their government-funded place at nursery school this summer when I will look for employment again and just run my business part time. The difference between our current rent and the mortgage repayments will actually free up a significant amount of cash for repairs etc.

In any case, thanks for all the comments so far - much appreciated

dangers

I notice you said your dad will only lend the money if your name is on the mortgage as well - my salary isn't taken into account on our mortgage, but my name is on it as well as DH's.