Any Hope for us?

Thrugelmir

chelseaclarke1989 wrote: »

we have factored a mortgage of around £850 over 35 years

Interest rates aren't going to remain at current levels for the next 35 years. Lenders will base their affordability calculations at rates around 7%.

enthusiasticsaver

Even on a best case scenario you would need a combined income of £35k per year to get a mortgage of £175000 which is 5 times income and probably as high as any mortgage company will go. Also if you are putting the £20k down as the deposit that will mean getting a mortgage for more than 85% of the value so you won't be eligible for the best interest rates and if your partner is self employed it will be even more difficult to access mainstream mortgages.


What about solicitors costs, stamp duty, searches and mortgage fees? Have you got separate savings for that because that will take up quite a few thousand although the change in stamp duty rates will help you.


I very much doubt that you will get a mortgage for that amount on your income so you may have to look at cheaper houses or wait until you have a more stable and higher income.

chelseaclarke1989

Thanks for responses I know we don't have much chance, we do have savings but want to keep them so we have 6 months repayments ect. The house also needs work done to it. My grandparents wanted to gift us the deposit.

chelseaclarke1989

My partners earnings this year will also be a lot higher around 40k but unfortunately time isn't on our side.

McKneff

You have no chance at all to be honest. Sorry to burst your bubble but .....
Apart from anything else I remember years ago the interest rate being as high as 16.5%


You really need to lower your aspirations.

lonestarfan

chelseaclarke1989 wrote: »

My partners earnings this year will also be a lot higher around 40k but unfortunately time isn't on our side.

I realise its hard when there's an offer on the table of the house and deposit but sometimes things aren't meant to be at that time. You will find that when you have gotbetter incomes consistently that you'll find the right place and have more choice than just limiting yourself to grandmas place.
You DO have time on your side if your user name is your year of birth. You could knuckle down and get 3 years accounts under your belt and make sure you pay everything on time and save a deposit and still be under 30 yrs old and still be able to take a 35 year mortagge if you had to. Wish I had time on my side like that now looking back! And I remember mortage rates at 13% was the norm. Good luck with it all.