Desperate to buy

Aabennett99

Looking at other posts, I feel very alone in our situation

My husband and I were young and frivolous and spent all our money instead of saving for our future. Silly us.

Now we rent, and have 2 children and not a lot of spare cash to start saving for a deposit. Feeling very hopeless to ever own our own home. My husband is 38 this year so time is not on our side.

Also complicated by my husband being self employed and I only work part time in a pub so I can be a full time mum.

Anyone know of any miracle mortgage lenders?!?

The irony being we are probably paying more in rent than we would probably pay in mortgage repayments!

Thrugelmir

Aabennett99 wrote: »

Anyone know of any miracle mortgage lenders?!?

Make your own luck. Watch the pennies and the pounds will take care of themselves.

ViolaLass

Aabennett99 wrote: »

The irony being we are probably paying more in rent than we would probably pay in mortgage repayments!

But not having to worry about any of the costs of maintaining a property.

ACG

There are lenders who will base a mortgage on what your rent has been. They need a minimum 5% deposit and the rates are not really too great (think 6%) but they may allow you to do what you need.

wymondham

Forget fretting over not having a mortgage and enjoy your family... a mortgage is not the holy grail!

Whats wrong with renting?

Okydoky25

Could have wrote this myself so totally sympathise. I'm sick of renting I've moved more times than I care to remember and wasted thousands in the process. All I want is a house I can call and treat as a home but its not looking likely.

I'm hoping the new government scheme may help us next year but as DH is only recently SE I think we have lucked out there also!

Okydoky25

[QUOTE=

Whats wrong with renting?[/QUOTE]

No Security
Dodgy LL/LA
continuing Rent Rises
Not able to make the house your home/ decorate to your taste
Have to keep asking permission
Nothing to show for it in 30 years
CREAM BLOODY CARPETS WITH TWO KIDS!

I honestly could go on

Radiantsoul

38 is not really that old.
I guess your situation might improve if you are able to work more as the children get older, or explore other options.

lilly09

I completely agree with OP, you are definitely not alone.
We are in the same shoes, paying so much in rent, we have been paying £1200pm for the last 18 months in zone 4 london.
We have moved 4 times in the last 3 years:(
One of the properties the landlord decided to move back and gave 2 months notice, we had to find another property as soon as possible, weeks into moving in the new house, everything started breaking, shower first, then taps and the list goes on. It took landlord 2.5months to replace shower.. We had to break lease after 6 months and move.

There are lenders who will base a mortgage on what your rent has been. They
need a minimum 5% deposit and the rates are not really too great (think 6%) but
they may allow you to do what you need.

Please give a bit more information about this lenders as I have never come across them.

ACG

lilly09 wrote: »

Please give a bit more information about this lenders as I have never come across them.

You will need a broker to in order to access the lender, i dont believe they deal direct with the public. Theyre a more specialised lender who do not really do mainstream mortgages.

Yorkie1

OP, get yourself over to the debt free wannabee board and post what is called a Statement of Affairs - essentially a list of all your incoming / outgoing payments. They'll help you to see whether there's any pruning can be done to help you save a bit quicker.