Please advise, desperately want a mortgage but want a second child!

lilsweetie

hi all

desperately hoping someone can shine a light on my situation and give me some advice.....

me and partner been together for 10 years now, and have a 2.5 year old son. we started saving for a house deposit a few years ago but began renting when i fell pregnant as i was made redundant and becme a SAHM for a few years.

We live in a housing association house now, and will have been here for 3 years in december this year..... we were originally hoping to buy this house through 'right to acquire' but as the 'right to buy' is due to be re started again for tenants at 3 years, we may be able to try this.

i took up work 6 months ago part time to look better for a mortgage application, we have searched now for 6 months to find maybe a suitable house in our area, but nothing has realistically come up, only one all this time that needed way too much repairs doing that we could afford.

The problem now is, we desperately want to provide our son with a sibling, we always wanted two children close together and time is ticking along so fast, it breaks my heart seeing my child play alone, we are both ready, but we agreed after son was born we wanted a mortgage next.

heres where the problem is, if i get pregnant, i will have to leave my part time job, i have no choice, my mum currently looks after my toddler while i work 3 evenings a week, she is awaiting a hip replacement, so is struggling as it is, there isn't any way she could looks after a newborn aswell, my work absolutely would not change my hours, there are way too many people who have been there years waiting in a queue to change hours, i know that 100%. obviously i can't get childcare until 10 at night, my partner works shifts and currently training to move up the ladder, so his job is what we rely on more, at the mo we are just putting my wages into savings and not touching it.

So if i do get pregnant, am i ruining our chance of a mortgage? Do i keep looking, or cross my fingers that this right to buy does come into play and hope come december we get accepted.

I have tried to ring a mortgage adviser today but have not received a call back so will email them tonight.

Life is going way too fast and i don't know which way too turn for the best.

Our current situation:

Deposit for house - £15,000
Looking for houses around £80,000 or if RTB comes in could be around £43,000/ Right to Acquire - £65,000

Monthly:

OH - £1040
Me- £460
CTC & WTC - £300
CB - £82

Obviously if i left my job, CTC and WTC would rise but partner is awaiting an interview for a higher paid job which would take him to roughly £1500 per month.

Will leaving job and having another child stop all chances of a mortgage?

Thanks in advance

MortgageMamma

So many questions and variables so I will try and answer this as best as possible

1, from the sounds of it right to acquire would work quite nicely for you. You will know if that's viable by December which isn't a very long way off
2, if there are no properties locally within your budget of an acceptable standard then that reinforces the right to acquire option further
3, you could do the right to acquire purely on your partners earnings (you would need a full affordability assessment from a broker to check this as I'm estimating off his net salary). This means your job isn't overly important if you look at the right to acquire route.


Two more things to note, not particularly mortgage related but as a mother of four with a lot of life experience I feel compelled to tell you.

1. Owning your own home is nice but don't feel you have to do it because its the "done thing". If its going to be a financial squeeze think carefully before committing to it, as its important to have money to live your life. No point owning your home if you cannot afford to have a nice life.

2. Having another child will not necessarily provide a playmate for your child. I know this because I did it and it just doubled my own work and there was a personality clash between my two children from about 9 months of age. By that point my first child has grown to resent the extremely demanding sibling. They are now 19 and 14 and still dislike eachother enormously. Be prepared for that. I'd also say think about the cost of a second child. 2 x everything and your money is tight as it is and they don't get any cheaper as they get older, quite the opposite especially when at school. Not lecturing just sharing my experience, I love all my children dearly but there are times I wish I'd not had so many. Motherhood whilst it has its ups and downs is ultimately slavery brought upon by hormonal trickery

HappyMJ

I'd try for another baby. You only got so much to make a family. 3 years between children is quite reasonable. You might still have a lot of the stuff from when you had your first so you can reuse a lot.

A house purchase can wait.

Newbiebuyer2016

We you still have at least 9 months to buy somewhere as your not actually pregnant. Then I assume you will be entitled to some maternity leave?

So leaving your job could be 18 months away? Why not buy a house in that time?