How to get a big enough mortgage?

debtaghh

MovingForwards said:

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.

Thanks, I will try this. 

debtaghh

jimbo6977 said:

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.

Thank you. 

debtaghh

amnblog said:

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

I have in the past and we got turned down, I will look into it again though. Thanks 

reheat

theoretica said:

Another possibility to look into is if a property has rooms where the layout works to partition them to make more bedrooms and do clever things with furniture - maybe look at boats for inspiration on how a tiny room can work. 

And caravans.

reheat

debtaghh said:

We would have to move about 200 miles away at least, meaning my husband would have to leave his job. Plus my son is autistic and starting secondary school and I would worry about the change. 

Is your husband's job one that he could do by working remotely from home? Possibly travelling into the office just one day a week or fortnight, possibly with an overnight stay in digs?

debtaghh

reheat said:

debtaghh said:

We would have to move about 200 miles away at least, meaning my husband would have to leave his job. Plus my son is autistic and starting secondary school and I would worry about the change. 

Is your husband's job one that he could do by working remotely from home? Possibly travelling into the office just one day a week or fortnight, possibly with an overnight stay in digs?

No unfortunately. 

[Deleted User]

grumiofoundation said:

If you are eligible for one have you got a lifetime ISA? 

As previous posters have said you will need to save a big deposit or move to a cheaper area (sounds like would be difficult) but 200 miles does sounds like a long way. As above where are you looking? 

Sounds like your husbands is the only salary? 50k would be ~£2900 take home pay, how much are you able to save? 

Are you able to increase the amount saved? 

Edit: from your signature looks like you have £50k debt? 

This is about as useful as "sell your iPhone and cut out the avocado toast." An ISA is not going to make housing in the UK affordable.

Cheese1990

Have you considered looking at places near Leicester, Tamworth or Market Harborough train stations? All of these are about an hour away from Central London on the fast trains. This is usually just as quick as going from most commuter belt towns and season tickets are not that much more especially considering the other savings you'll make.

Firsttime2021

Have you tried looking at Northamptonshire?. We are an hour into London on the train, decent house prices, especially in the village where we live (north Northamptonshire)

grumiofoundation

[DELETED USER] said:

grumiofoundation said:

If you are eligible for one have you got a lifetime ISA? 

As previous posters have said you will need to save a big deposit or move to a cheaper area (sounds like would be difficult) but 200 miles does sounds like a long way. As above where are you looking? 

Sounds like your husbands is the only salary? 50k would be ~£2900 take home pay, how much are you able to save? 

Are you able to increase the amount saved? 

Edit: from your signature looks like you have £50k debt? 

This is about as useful as "sell your iPhone and cut out the avocado toast." An ISA is not going to make housing in the UK affordable.

Yes of course you are right, what was I thinking trying to make practical suggestions or ask relevant questions that might help the OP to save more. It is obviously far more helpful to ask if you know someone who might die which is your only previous contribution to this thread. 

Although not applicable to the OP, in case anyone else is reading, and may be affected by the unhelpful negativity of the poster above the lifetime ISA can be an extremely helpful product (up to £1000 bonus per person per tax year) in saving for a deposit for a house up to £450,000.