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Am I being unrealistic about how much we can borrow?
perkyears_2
Posts: 4 Newbie
Hoping to get some perspective on our situation here. 
We are first time buyers. We've got a deposit of £13k. Husband has a salary of £19,500 plus overtime. I'm a sahm who hasn't worked for two years (going forward I will be self employed part time, but at the moment I've nothing to contribute). So our initial income isn't great. On the plus side our credit history is decent and we have no debts.
Spoke to a well known broker on the phone today and got a Decision in Principle for £60k, possibly £65. Now that's better than a kick in the shins, and we can buy a house in the cheap area we're looking at for that, at the £70-75K price range.
Problem is - the houses we can afford to buy are rather like the one we're renting now - i.e. a bit too small. Ideally we'd like to have a garden, but they are all about 80-90K.
Question is - given our circumstances, it is worth doing the legwork to find someone who will lend us more money? Is such a lender likely to exist? Are there lenders who are sympathetic to single income families? Or is what I've been offered there the best that we're likely to get given our situation?
We are first time buyers. We've got a deposit of £13k. Husband has a salary of £19,500 plus overtime. I'm a sahm who hasn't worked for two years (going forward I will be self employed part time, but at the moment I've nothing to contribute). So our initial income isn't great. On the plus side our credit history is decent and we have no debts.
Spoke to a well known broker on the phone today and got a Decision in Principle for £60k, possibly £65. Now that's better than a kick in the shins, and we can buy a house in the cheap area we're looking at for that, at the £70-75K price range.
Problem is - the houses we can afford to buy are rather like the one we're renting now - i.e. a bit too small. Ideally we'd like to have a garden, but they are all about 80-90K.
Question is - given our circumstances, it is worth doing the legwork to find someone who will lend us more money? Is such a lender likely to exist? Are there lenders who are sympathetic to single income families? Or is what I've been offered there the best that we're likely to get given our situation?
0
Comments
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That depends on the performance of your 'well known broker'.
No one on the forum is as well set as that broker to estimate your maximum lending.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Problem is - the houses we can afford to buy are rather like the one we're renting now - i.e. a bit too small. Ideally we'd like to have a garden, but they are all about 80-90K.
We all have our dream house. Sometimes it's necessary to plan in steps. Once you are on the ladder then moving up to the next step should get easier. As over time you'll be paying down the mortgage. Rather than paying someone elses.0 -
£65k seems on the low side, howeverit is all dependent on your circumstances.
How many kids, your ages, any commitments or debts etc.
Did you tell the broker how much you wanted?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Do you get tax credits? Child benefit?
Can these be included?0 -
Thanks for replies, I think we do have to lower our expectations a bit, but we will ask around a few more brokers too. 0
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