Urgent mortgage help required please!

Richey_

You have 70k deposit, you need to borrow 280k. Your husband earns 58k + 10k bonus, what you want to borrow is surely just over 4x earnings. Is that not affordable plus you will have a 20% deposit on the house too. Are there other things affecting your affordability, other debts, credit cards, car finance etc? What is your broker saying, is there a bank that will lend what you need?

looknohands

How much are all the fees? I guess that will be a sizeable proportion of that 70k so you might have 10% deposit on the new house after selling and buying fees taking into consideration?

You also haven't even found a place yet, you're near London so competition will be stiff, houses probably go over asking price, have you considered this in your search?

MerrilyA

Hello Rachelw,

I can obviously understand that you're upset, try not to be I'm sure something can be worked out.

Is there someone you know that can gift you the remainder of the deposit?

A good mortgage broker should be able to get you the best deal. There should be certain criteria you look for in one before you choose them. They should be able to explain a variety of mortgage products available to you and give advice based on your specific situation, look for another. They should be able to offer good advice and let you know the different options you have.

kingstreet

As HTB EL is purely newbuild, many non-newbuild brokers know nothing about it.

You have too big a deposit for HTB - MG to be any use.

I'd have expected you to be made aware of this within 30 seconds of opening a discussion with a half-decent broker, but you would also have established this for yourself with a small amount of research here;-

https://www.helptobuy.gov.uk/

firely2327

Hi Rachelw. Yes, £350k seems rather inexpensive then by London and home counties standards in general. I see your dilemma. I know you've said that your mother-in-law won't loan you the money, however, would she consider loaning or better still gifting you some, say 20-30k? Surely this would help. Morbid I know but some day she'll fall off her perch and I assume your husband will inherit at least some of her 500k. If he could sign a legally-binding agreement that this 20-30k for example is part of his inheritance, then surely any other siblings couldn't object, seeing as it's such a relatively small proportion of her current assets.

AnotherJoe

Someone said there are guarantor mortgages, and you said that MIL will act as a guarantor.
So how about that?

The other possibility is the legally binding agreement re it being a long term no repayments needed loan to be taken care of as part of inheritance?

beccybone

Hi have you considered a springboard mortgage? Your MIL would only need to move her money to said bank and keep it there for 3 years and she would still earn interest on it.
Or look at one of the smaller building societies that make case by case decisions.
Beccy

amnblog

Beccy's idea above might have some legs.

But step one is to engage a new broker.

You could of course reconsider and buy new using the equity loan scheme, or consider shared ownership.