Single Person Mortgage

Pamela14

After years of being together I'm separating from my husband. I've currently moved out of our home to my parents house with three children which isn't ideal.
Everything is fresh and emotions are high but I need to get my housing situation sorted asap. Ideally I want to sell the house chain free pay off my personal loan which should take a month or two and buy another but would I even be ble to!?
By selling the house and going halfs I should have around 15k for a deposit i work only part time earning around 11.5k a year. My only out going after selling would be my youngest nursery fee which I pay for with help from tax credits.
My mum said she would help if needed. My parents own thier home and both work but coming and at thier 60s.

Any advice or should I look I give up and start thinking of a new plan

~Beanie~

Would the £15K have to include fees as well or purely deposit? You aren't going to get a very big mortgage on your salary, what are house prices like where you live? How would your parents be helping, by giving you money to increase your deposit?

Morgage_Confused

Would it not have been more appropriate for him to move out and you stay put with the three kids?

Pamela14

Thank you for your replies...
Yes it would but he is currently refusing to move out and without getting into to much detail I dont feel safe being there.
15k would be deposit
Houses round here start at 105k of course I would love to get a four bed which lowest is about 165k. Work has offered me more hours but this would mean putting all three children into childcare costing more money.
My parents wouldn't be able to give me a lump sum

~Beanie~

Well if you are looking at houses costing £105K, less your deposit of £15K you are looking at needing a mortgage of £90,000 which you are never going to get on your salary, sorry.

Pamela14

I thought this was likely to be the case. But wont lie hoped there may of been away. Ive always owned. Renting seems ridiculous to the amount I pay now and giving it all up and going to the council isnt really what I want.
Thanks for your input

swstevewil

I don't know too much about them but would a shared ownership buy be an option for you?

Thrugelmir

Pamela14 wrote: »

By selling the house and going halfs

Make an appointment with a (family law) solicitor. Until then do nothing.

Butti

Shared ownership may be an option for you and probably a very good option for going back into home buying in the future. If you have a look on right move or any of the housing associations local to you then you'll get the picture.

kingstreet

Shared ownership you simply substitute mortgage cost for rent, ground rent and service charge and a mortgage lender will deduct those costs from mortgage affordability.

Parents are too old to be guarantor, due to mortgage term exceeding their realistic retirement ages.

Maintenance needs to be sorted and quickly.

A combination of maintenance, salary and tax credits may result in a higher mortgage amount.

[Deleted User]

You earn £11,500 per year, let's round up to £15,000 including benefits, that's £1,000 per month take home. A mortgage on a £150,000 property (£15,000 deposit, 90% LTV) would cost at least £750 per month at a reasonable current interest rate -- which would be very likely to go up in the future. That's far beyond what you can afford, even if you were able to obtain a mortgage for a property of that value it would be a financial disaster for you.

You need to work backwards, don't pick a goal ("I want a house") and then try and find a way to make it happen, instead work out how much you can afford to pay per month for housing and then look at what options are available.