How to get a big enough mortgage?

MFWannabe

debtaghh said:

MFWannabe said:

I think people need more information than you have provided maybe? 

What area are you looking? 

Income. All income including any benefits you receive 
Deposit saved and how much are you able to save per month 
Age and sex of dependants 

My husband works in London, the areas that I have looked at are Herts, Bedfordshire, Buckinghamshire and Cambridgeshire . 

Do they include child benefit? I hadn't included my income as I have always thought it would then be only 2.5 x joint income but I've now been told that isn't the case. 

It’s joint income that’s taken into account; so what’s your joint income? 

What area of London? it’s a pretty big place! 

Do you still have any debts? If you do it may affect amount you can borrow 

Do you have any deposit saved currently? 

How much do you pay in rent? 

Ages and sex of children? 

runforlife

Could your husband consider a longer commute? I understand that there would be some family sacrifices with that but it’s now really easy and relatively quick to commute from the midlands and even the north, to London. For example Northampton to London is just an hour on the train. A quick search on Rightmove shows 4 bed properties from £210,000 and 5 bed from £255,000. All I’m saying is try to think out of the box, a different approach. Good luck 😊 

debtaghh

getmore4less said:

When you can't afford a full house the next step is to look at parts of houses.

Have you sorted out the debt situation and started getting a deposit together?

With £50k  income looking at £225 max mortgage.
if 4 beds are £400k+ then

H2B looks out of reach. that could do ~£300k (75%(£225k) + 20%(£60k)+5%(£15k)
deposit)

50% shared may be an option to look at but still needs deposit.

Rough area of interest?
Where does the hubby need to go for work.

I will take a stab at Watford areas  about right for 4 beds being £400+
if not right it should have examples.
doing a +5miles on rightmove
40% shared £265k  5 bed
https://www.rightmove.co.uk/properties/99839264#/
33% shared £195k  4 bed(similar to the 5 bed just a bit smaller)
https://www.rightmove.co.uk/properties/99255347#/

going further 40% £248k  (rent for the other 60% expensive @ 2.75%)
https://www.rightmove.co.uk/properties/100516037#/

For someone looking at work Watford you could go out to somewhere like Luton(M1) £250k gets into 4beds without shared.

What's your rent costing you?

I have looked into shared ownership. But years ago we weren't accepted. My husband works in London. Thanks for the links, I'll take a look. 

Our rent is £1300. 

debtaghh

MFWannabe said:

debtaghh said:

MFWannabe said:

I think people need more information than you have provided maybe? 

What area are you looking? 

Income. All income including any benefits you receive 
Deposit saved and how much are you able to save per month 
Age and sex of dependants 

My husband works in London, the areas that I have looked at are Herts, Bedfordshire, Buckinghamshire and Cambridgeshire . 

Do they include child benefit? I hadn't included my income as I have always thought it would then be only 2.5 x joint income but I've now been told that isn't the case. 

It’s joint income that’s taken into account; so what’s your joint income? 

What area of London? it’s a pretty big place! 

Do you still have any debts? If you do it may affect amount you can borrow 

Do you have any deposit saved currently? 

How much do you pay in rent? 

Ages and sex of children? 

He currently works in North London but this could change. I have just started being self employed so it's difficult to say to be honest. We don't currently have a deposit and are clearing our debts. I was more trying to gauge if we would have the chance to buy again. We pay £1300 in rent. My oldest will count as an adult and then a boy who is 11 and a girl that is 5. 

MovingForwards

15 pages of 4 bed properties within a 40 mile range of 'London', not restricting property type, includes shared ownership, auction (not ones you want to look at needing a mortgage), land, mobile homes etc, but capped at £300k:
https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=300000&radius=40.0&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

As others have said, if you want to buy you need to set your sights on things you can afford, build up savings and equity to repeat the process to move up again. Although at some point you would be downsizing as most of the kids move out.

A 2 / 3 bed house could potentially have a loft conversion and rear extension.

debtaghh

runforlife said:

Could your husband consider a longer commute? I understand that there would be some family sacrifices with that but it’s now really easy and relatively quick to commute from the midlands and even the north, to London. For example Northampton to London is just an hour on the train. A quick search on Rightmove shows 4 bed properties from £210,000 and 5 bed from £255,000. All I’m saying is try to think out of the box, a different approach. Good luck 😊 

Thanks. He is happy to commute. I suppose I don't like the idea of having to move my children out of schools especially as one has SEN.  I'm going to definitely have to think things through carefully. 

debtaghh

MovingForwards said:

15 pages of 4 bed properties within a 40 mile range of 'London', not restricting property type, includes shared ownership, auction (not ones you want to look at needing a mortgage), land, mobile homes etc, but capped at £300k:
https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=300000&radius=40.0&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

As others have said, if you want to buy you need to set your sights on things you can afford, build up savings and equity to repeat the process to move up again. Although at some point you would be downsizing as most of the kids move out.

A 2 / 3 bed house could potentially have a loft conversion and rear extension.

Thanks. That's a good selection. I do have to be picky about certain things due to my son's needs but there is a good choice there and it's opened my eyes to areas that I wouldn't have ever thought of so thank you! I suppose I just put on RM areas that I had heard of.

MFWannabe

debtaghh said:

MovingForwards said:

15 pages of 4 bed properties within a 40 mile range of 'London', not restricting property type, includes shared ownership, auction (not ones you want to look at needing a mortgage), land, mobile homes etc, but capped at £300k:
https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=300000&radius=40.0&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

As others have said, if you want to buy you need to set your sights on things you can afford, build up savings and equity to repeat the process to move up again. Although at some point you would be downsizing as most of the kids move out.

A 2 / 3 bed house could potentially have a loft conversion and rear extension.

Thanks. That's a good selection. I do have to be picky about certain things due to my son's needs but there is a good choice there and it's opened my eyes to areas that I wouldn't have ever thought of so thank you! I suppose I just put on RM areas that I had heard of.

The thing is if you really want your own property you need to change your mindset and open your mind up to other possibilities 
£1300 a month is a lot to be paying out each month 
think outside the box and have a focus; one you have that and know what’s possible it will focus you to pay of the debt and start saving for deposit, you’ll have something to aim for 

debtaghh

MFWannabe said:

debtaghh said:

MovingForwards said:

15 pages of 4 bed properties within a 40 mile range of 'London', not restricting property type, includes shared ownership, auction (not ones you want to look at needing a mortgage), land, mobile homes etc, but capped at £300k:
https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=300000&radius=40.0&sortType=1&propertyTypes=&mustHave=&dontShow=&furnishTypes=&keywords=

As others have said, if you want to buy you need to set your sights on things you can afford, build up savings and equity to repeat the process to move up again. Although at some point you would be downsizing as most of the kids move out.

A 2 / 3 bed house could potentially have a loft conversion and rear extension.

Thanks. That's a good selection. I do have to be picky about certain things due to my son's needs but there is a good choice there and it's opened my eyes to areas that I wouldn't have ever thought of so thank you! I suppose I just put on RM areas that I had heard of.

The thing is if you really want your own property you need to change your mindset and open your mind up to other possibilities 
£1300 a month is a lot to be paying out each month 
think outside the box and have a focus; one you have that and know what’s possible it will focus you to pay of the debt and start saving for deposit, you’ll have something to aim for 

Thanks. That's exactly why I came on here to ask about mortgages. I want to have a goal and then be able to focus on it. 

stevenbecca

debtaghh said:

I'm a family of five with big age gaps. I've said I'd look at 3 beds but even they are too much. A 2 bed is unrealistic. I've looked at different areas across a 50 mile radius, what else can I do to lower my expectations? I came on here to try and find out if it was possible or how much mortgage I would get. I can see from the responses that us buying a house big enough isn't going to be an option now or maybe ever. We will have to stick to renting. 

if a 3bed is far too much then why are you even considering a 4bed at 400k. every area has cheap 3beds available with land to extend