Advice on getting new house please

Rachwass2010

So we are currently have a mortgage our mortgage is at £101,000 started at £105,000 two years ago and was a 35 year mortgage with nationwide. We want to move house to be much closer to family but our circumstances have changed my husband is now a student (he was in £19,000 job) now a student to work for the NHS he will graduate sept 2019. We have a child and want to me closer because of maternity pay my income this year will be £10,500 normally about £12,000 I’m back working full time. We’ve been told we can’t get a mortgage. What are our options? Can we port our mortgage under current circumstances or are we better off renting again for a few years until my husband has a job?
Thanks for your patience reading this!:money:

ViolaLass

So your joint income for this year is £10500?

And next year it will be £12k minus childcare costs?

I would have thought you would struggle to move anywhere with those numbers.

hammy1988

Could you hang around for another year? If your husband can provide proof of potential earnings when he graduates (this would have to be a job offer letter) then you would end up with a better rate mortgage. Or even better, wait till he's earning. I wouldn't enter into any new mortgage unless a better monthly wage is coming in as you would get much better offers.

ViolaLass

hammy1988 wrote: »

Could you hang around for another year? If your husband can provide proof of potential earnings when he graduates (this would have to be a job offer letter) then you would end up with a better rate mortgage. Or even better, wait till he's earning. I wouldn't enter into any new mortgage unless a better monthly wage is coming in as you would get much better offers.

Income won't affect the rate offered, it'll affect how much they can borrow. At the moment, that's next to nothing.

AdrianC

Rachwass2010 wrote: »

...because of maternity pay my income this year will be £10,500 normally about £12,000 I’m back working full time.

Full-time (37.5hr/wk) minimum wage is £14,625/yr. Statutory Maternity Pay is 90% of your normal earnings.

Either way, nobody is going to give you a £100k mortgage on those numbers.

If you move to be nearer family, I presume you'll have to leave your job and find another. How will you manage financially during that period?

Rachwass2010

Joint income £31000 but £20000 is student finance. Half of student finance is loans half is bursary it pays for childcare too.

Rachwass2010

Happy to go for a cheaper mortgage as house prices are better in location we desire however, I need to be near family ASAP. He gets £20000 from student finance and we currently pay our mortgage plus all bills childcare costs n everything else comfortably with money to spare. It’s the fact it is coming from student finance to why we probably won’t get a new mortgage.

Rachwass2010

Not looking for 100k house happy to move in cheaper house. Plus husband gets £20k from student finance but it’s because it’s student finance that it’s an issue.

Rachwass2010

Will renting for a few years effect getting a mortgage again?

DCFC79

Rachwass2010 wrote: »

Will renting for a few years effect getting a mortgage again?

You dont need to start a new reply every minute, juse the edit button your last post to add more info.

ViolaLass

Rachwass2010 wrote: »

Will renting for a few years effect getting a mortgage again?

A lender will not mind how long you've been renting for.


Do you have any equity?