Mortgage, rent or shared ownership. Bad credit file

Jbeer

Myself and my partner have just had a baby 2 weeks ago. My partner was working full time but has now been made redundant while on maternity leave. I am in full time employment but only earn 21500 per annum. We have a £15,000 deposit saved up. We currently live in a private rented 1 bed house which is £750 per month. Do we stay here and use the savings to get us through until my partner finds a new job in the next 6-8 months when she is ready to return to work or will we get a mortgage or shared ownership property with my low wages. I have a bad credit file due to not paying a credit card 3 years ago however this has now been cleared. My partner has an exceptional credit file however is unemployed now so no mortgage providers would even take her into account. Really need some advice on what to do.

Rjs1882

Me and my partner are in a similar situation. She cannot work at the moment due to on going health issues. We are in the process of purchasing a shared ownership property on just my wages and it seems more than affordable. I have to add that this is a s/o resale property so im not sure if that would make it cheaper or not though.

are you based in an area where lots of s/o properties are available?

Jbeer

We have lots of new build properties available for shared ownership around us but was unsure if they would accept us on my wages alone

tlc678910

Hi,
If your partner's employer has not closed down and had other suitable positions (e.g. colleagues were redeployed) she should have been offered another alternative position without having to apply for it (this could mean she is treated more favourably than colleagues). Read up about her rights and consider fighting the redundancy and going to tribunal
https://www.maternityaction.org.uk/advice-2/mums-dads-scenarios/pregnant/redundancy-during-pregnancy-and-maternity-leave/