What do we do?

quaglan

I don't know what to do. We're first time buyers, having rented thus far. Hubby & I are middled aged ( 35-40 ).
We are desperate to buy our rental house, we're in negotiations with our landlord, as in order to maximize our mortgage affordability, Eg how much we can borrow & for how long, we really need to apply within the year. 
Is it wise to pursue mortgage applications at this time, or do we wait till things calm down and risk higher repayments that will heavily reduce our household income, and come with stricter application criteria?

For clarity, I'm a SAHM with young kids and no income. Hubby is the sole earner. 
Any help or advice greatfully recieved. Thankyou. 

amnblog

Purchase when it suits you.

Thrugelmir

The obvious question in the current climate is how secure your husbands job is. 

quaglan

Thrugelmir said:

The obvious question in the current climate is how secure your husbands job is. 

It's about as secure as jobs can be. He's an essential part of maintenance for a large company. He carries on working when shutdowns are performed, and so far, if all other employees are sent home, it would be treated as a periodic shutdown to allow for maintenance. That's as it stands so far, but things are ever changing in these extraordinary times. 

quaglan

amnblog said:

Purchase when it suits you.

That's my thinking. We've already had an agreement in principle, but that was pre-coronavorus! What's the likelihood of lenders entertaining us when there is a question mark over anybody's sustained employment?