Is it possible?

Wannabe2013

My father passed away at the beginning of the year and left me £20,000; my Nan gave me a further £7,000 in total I have £30,000 to put down as a deposit. However as Cabin crew I earn a depressing £16,000 pa having been to my second mortgage interview at two different banks I’m beginning to wonder if I will ever get a mortgage? What am I supposed to do with £30,000, I feel so guilty that I can’t make use of it?

R_P_W

Stick it in the best paying savings account for now. What do you feel guilty for?

What sort of prices are houses where you want to live?

Is it likely that your income will increase in your current job?

ACG

Just noticed your in London...

Generally speaking you can get around 4x your income. £64k, plus the deposit takes you to £94k.... I would say you might be able to get closer to the £100-110k mark with a bit of looking around but i would imagine in london you cant get much more than a garage for that.

Maybe buy somewhere a little bit further out? At least then you will have somewhere to put your things and to chill out when your back from wherever it is you fly to, and you will be paying the mortgage off so when it comes to settling down you may have a property with a fair bit of equity in it?

jetgirl_99

Hiya,
Are the mortgage advisors you're seeing taking into account allowances (if you get them) and commission. I'm also crew and am hopefully getting my mortgage through halifax who took all my extras into account, which was good to hear.

tizerbelle

My sympathies for your loss.

As said above, put the money into a savings account for now - have you used your ISA limits? Check out the best savings deals on this site.

Don't start dipping into it for the odd little luxury here and there - you'll be surprised how quickly a decent pot of savings can dwindle if you don't establish your ground rules for what it will and won't be used for.

Even if it's 10 years from now before you can afford a mortgage I am sure your father would rather that the money he was able to leave you for your future was saved and helped you to get your dream in the long term (assuming that is still your dream then) than frittered away on nothing of real relevance in the short term

hazyjo

Invest it - not in property.

If you do still want to buy and you have other allowances, commission, overtime, etc (as mentioned above), speak with an independent broker (all of market - not one linked to/offered through an EA, bank or anything) to see the best deal you could get.

btw, sorry to hear about your loss. Lost my dad too last year. Tough times.

Jx

Wannabe2013

Thank you all for your posts.

I was looking around the airport Hounslow/Feltham at properties about £110k. I only need to be within 2 hours away about nine times a month, so maybe I can look further afield.

I have money stashed in 5 places (ISA & 4 online saving accounts) I will try Hailfax, because Nationwide said subject to more checks the most I could get is £55k (@£250 per month). I currently pay £450 in rent for a room.

ACG

Speak toa broker, its possible to get a mortgage based on what your paying in rent so im sure you can get more than that.

It should be possible.