Any Hope for us?

chelseaclarke1989

So me and my partner would like to buy my step fathers mothers house as she recently passed away. It has been valued at between 205,000 & 220000, but he's has offered to us at 195,000. We have £20000 as a deposit from family. My problem is that my partner is self employed and has a low income (we just calls for his SA302's & is lower than we thought) and we need a mortgage of 175000. I don't earn a lot as only work 1 day a week as we have a young son. His father has said he will garuntor the mortgage however he can. I am going to make an appt to see a mortgage broker next week to see if they can offer any advise in what to do. Is that the best thing? Any advise would great.

McKneff

Well if your other half has a low income and you don't earn a lot, how on earth are you going
to repay a £175,000 mortgage.


and you say you have £20K from family, is this a gift or is it a loan.


Have you worked out the repayments.
Also all other costs


I think I would be walking away from that one to be honest.

chelseaclarke1989

The 20000 is a gift from family. We have very low monthly outgoings at present and we have factored a mortgage of around £850 over 35 years plus all the other add ons and know we an more than afford it. It's just getting the mortgage that's is the problem. He has had a few ha years but this year will have a massive leap on his books however my step father wNt wait. As said previous should we come in to short fall his father will, if possible put it against his house he has a lot of equity in it. Would you suggest speaking to a broker?

Paully232000

chelseaclarke1989 wrote: »

So me and my partner would like to buy my step fathers mothers house as she recently passed away. It has been valued at between 205,000 & 220000, but he's has offered to us at 195,000. We have £20000 as a deposit from family. My problem is that my partner is self employed and has a low income (we just calls for his SA302's & is lower than we thought) and we need a mortgage of 175000. I don't earn a lot as only work 1 day a week as we have a young son. His father has said he will garuntor the mortgage however he can. I am going to make an appt to see a mortgage broker next week to see if they can offer any advise in what to do. Is that the best thing? Any advise would great.

Possibly to get some good advice, would be advisable to state what your salaries are per annum, and your financial comittments like childcare etc.

Then people would be able to see if this is possible\sensible.

chelseaclarke1989

So he has earned £8k, £15k and £25k (over past 3 years) and I earn £3k. Our outgoings are £175 combined. We have no childcare commitments as his mother and my grandparents are able to help.

McKneff

Your outgoings are £175 now.


When you move into this dream house your out goinging are going to be ten times that.


Mortgage
Electricity
Gas
Food
Telephone
Insurance life 1
Insurance life 2
Buidings insurance
Contents insurance
Car????
Incidentals,


you wont get much change our of £2K a month.


You really are not being very realistic. Its all very nicely worked out on paper but life has a habit of not working out the way you plan it.

chelseaclarke1989

Is not a dream house and I feel I'm not being to unrealistic. I only wanted a simple yes or no. We already pay for food as you would have probably guessed we have to feed our son. Yes, we have 2 nice cars which are owned out right and the insurance is included in the £175 pm. We have worked it out in such a way that we would have to pay for everything we do already with mortgage, electricity/gas, buildings/contents/ life insurance we should be paying out around £1600 a month. Our lives will be a little less comfortable I know but we will be, by no means struggling. My only query was do you think we have a shot at getting a mortgage with deposit/garuntee.

M0ney

I'd be very surprised if you get a mortgage, you're trying to borrow around 9 times your combined annual income, you also need to think about whether you could afford the mortgage if the interest rate increases, this would likely make it a struggle.

nubbins

I would say no hope. As well as your low incomes you have interest rates at a historically low rate, once/if they go back to 'normal' then you are going to struggle. I don't want to shoot you down but if you have had very low outgoings why have you had to rely on a £20,000 deposit from someone else and not saved anything yourself?

Paully232000

An average of £19000 per annum, or 1500 per month, over 3 years, and wanting 175,000.

I am speaking not from a mortgage professional and if this is possible but thinking about it sensibly this would just be worrying if it was me, even if it was possible.
I would be concerned that I would be living on the edge constantly just in case anything went up in price, or my boiler broke down, car needed work etc etc as I would have no money for emergencies, or to save for emergencies.

Jack_Johnson_the_acorn

Sorry, not a chance in hell.