How to get a big enough mortgage?

stevenbecca

debtaghh said:

jimbo6977 said:

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. 

200mi sounds a bit far. As an example, from London a 200mi radius gets you to Manchester, or Swansea. Theres plenty of less expensive property before you get to either of those places. 

Where does your husband need to be for work? Maybe people can come up with helpful suggestions starting from that point. 

My husband needs to be in London. I have looked at several areas for a 4 bed and can't see any for £250,000 anyone near London. 

there's  4beds in our town sometimes for 260-300k we are 90mins drive from central London. 

debtaghh

stevenbecca said:

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 

As I've only looked now when someone mentioned about partitioning a room. I was always looking at 4 beds due to the age gaps of my children. 

getmore4less

Cross posted with yours this morning but turns out Luton was a decent stab for the affordable  around £250-£300

Depending exactly where he needs to go and if there is the right trains or needs a car you have probably from the M40 round to the M11 to consider there are pockets of cheaper stuff .

KIds are pretty tolerant of moves even the challenged ones often better than the adults.

Your rent will cover £250k over 25years at 4% so there is some wiggle room To go a bit higher if the 95% rates that come in are below this and you can get a deposit together.

Its going to be tight which may make shared a bit more attractive. 

This is the map view of that London link dropping to £250k and adding SSTC as that is a good indicator of what has been coming up. surprised me over 300
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=250000&numberOfPropertiesPerPage=499&radius=40.0&sortType=1&propertyTypes=&includeSSTC=true&viewType=MAP&mustHave=&dontShow=&furnishTypes=&keywords=

now a drawn area north (74 to look at) 
 Luton, Bedford and MK are the places that had the most available up to £250k
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=USERDEFINEDAREA^{"polylines":"eqlyHfak@sdKz_tAynJdnn@acQvbSipY_fByzb@_{KyrQ{h]suHurfAvaEuvy@`|f@s~j@dan@qf\bc^~|m@|iGrlq@"}&minBedrooms=4&maxPrice=250000&numberOfPropertiesPerPage=499&propertyTypes=&includeSSTC=true&viewType=MAP&mustHave=&dontShow=&furnishTypes=&keywords=

debtaghh

stevenbecca said:

debtaghh said:

jimbo6977 said:

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. 

200mi sounds a bit far. As an example, from London a 200mi radius gets you to Manchester, or Swansea. Theres plenty of less expensive property before you get to either of those places. 

Where does your husband need to be for work? Maybe people can come up with helpful suggestions starting from that point. 

My husband needs to be in London. I have looked at several areas for a 4 bed and can't see any for £250,000 anyone near London. 

there's  4beds in our town sometimes for 260-300k we are 90mins drive from central London. 

It's good to know that there are more possibilities. 

debtaghh

getmore4less said:

Cross posted with yours this morning but turns out Luton was a decent stab for the affordable  around £250-£300

Depending exactly where he needs to go and if there is the right trains or needs a car you have probably from the M40 round to the M11 to consider there are pockets of cheaper stuff .

KIds are pretty tolerant of moves even the challenged ones often better than the adults.

Your rent will cover £250k over 25years at 4% so there is some wiggle room To go a bit higher if the 95% rates that come in are below this and you can get a deposit together.

Its going to be tight which may make shared a bit more attractive. 

This is the map view of that London link dropping to £250k and adding SSTC as that is a good indicator of what has been coming up. surprised me over 300
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=REGION^93917&minBedrooms=4&maxPrice=250000&numberOfPropertiesPerPage=499&radius=40.0&sortType=1&propertyTypes=&includeSSTC=true&viewType=MAP&mustHave=&dontShow=&furnishTypes=&keywords=

now a drawn area north (74 to look at) 
 Luton, Bedford and MK are the places that had the most available up to £250k
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=USERDEFINEDAREA^{"polylines":"eqlyHfak@sdKz_tAynJdnn@acQvbSipY_fByzb@_{KyrQ{h]suHurfAvaEuvy@`|f@s~j@dan@qf\bc^~|m@|iGrlq@"}&minBedrooms=4&maxPrice=250000&numberOfPropertiesPerPage=499&propertyTypes=&includeSSTC=true&viewType=MAP&mustHave=&dontShow=&furnishTypes=&keywords=

Thanks. Wow there are a lot of options. The idea is for us to better our situation and have a decent deposit. We could then afford more than the £1300 if it's towards a mortgage ( but I'm not sure if they will lend us more than that ). 

vacheron

jimbo6977 said:

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. 

200mi sounds a bit far. As an example, from London a 200mi radius gets you to Manchester, or Swansea. Theres plenty of less expensive property before you get to either of those places. 

Where does your husband need to be for work? Maybe people can come up with helpful suggestions starting from that point. 

I was thinking the same. 
Below is a 200 mile radius assuming central London. If the OP is anywhere north or west of here, this would open up even more of the country. 

However, reading on, it appears that the OP wants a 4 bed in central london or the desirable commuter belt only, which makes things much more difficult.

debtaghh

vacheron said:

jimbo6977 said:

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. 

200mi sounds a bit far. As an example, from London a 200mi radius gets you to Manchester, or Swansea. Theres plenty of less expensive property before you get to either of those places. 

Where does your husband need to be for work? Maybe people can come up with helpful suggestions starting from that point. 

I was thinking the same. 
Below is a 200 mile radius assuming central London. If the OP is anywhere north or west of here, this would open up even more of the country. 

Thanks. As others have mentioned, I've now looked at other areas. I do have certain things to consider for my son's needs. As some of the links that I've been sent wouldn't work for him. But it's good to know that there is more out there than I anticipated. 

MovingForwards

When I was looking I opened up my search areas by county, then cross referenced it against commute times and cost, then closed it down a bit based on that.
Although I wasn't buying in London, or even England, it certainly helped looking at various counties, then specific areas.
I purchased something rather nice, although I would say a lot better, for a fraction of the cost I would have if I did earn the salary needed to buy in the city I rented in. If I ever do move, it's the way I would find my next place too.

jimbo6977

Peterborough is commutable to London and has several properties under £375k within 1/2 mile of the station. 

Remember to factor in the cost of the season ticket.

amnblog

Have you looked at shared ownership or Help to Buy in your area?
https://www.helptobuyagent3.org.uk/