How can I get a mortgage under these circumstances...

Jeffers123

I am living in a house owned by me and my ex partner (my child's father). It was bought outright by his parents and there has been a personal agreement that our child and I can live here until I qualify as a nurse August 2016. my ex has a new house with part mortgage and we share custody of our child. I need to have a plan by next August. I want to stay in this house and in order to do so I need to get a mortgage of £173k to give my exes parents their money back. I will be on a starting wage of £21k most probably with option to do extra agency work increasing my annual income to £28k. Technically I'm not a new buyer as my name is already on this property so I'm not sure if I'm eligible for any help to buy schemes. I've done a general calculator and have seen I can't borrow enough. Can anyone advise me on what my best bets are to be able to keep this house? I am settled here and so is my little boy and he goes to school down the road. I do not want to move out and rent.

Thrugelmir

In terms of this property it appears unaffordable. You need to rethink your options.

ACG

Sorry to be blunt but best case scenario, £28k is going to get you £140k (athough likely less).
You could maybe take into account tax credits/child benefit but you are very very unlikely to get to £173k.

Im assuming everything is still amicable and grandparents are not going to want their kid moving if they can avoid it?
Could you maybe start saving, see what you can get a Mortgage for and then any shortfall agree to pay back on a monthly basis?

Jeffers123

They have said that possibly helping me with £30k deposit as such is an option. Do you feel that at a push I could get a £140k mortgage? Are their mortgages that take on a guarantor. As I may be able to talk to my parents about that but they have no money up front.

ACG

There isnt enough info to say for sure but its possible. It might be worth speaking to a broker and getting all of your ubfo down on paper.