How to get a big enough mortgage?

Billy_B_North

debtaghh said:

Hi,

I'm just wondering how people can get big enough mortgages? Within a rough 50 mile radius of where I live, the cheapest 4 bedroom house is approx £425000. Even if I had a £50,000 deposit ( which I don't), I don't see how I would get a mortgage big enough 🤷‍♀️. I have three children with big age gaps and one is autistic and ideally needs his own room. 

We currently rent and pay a huge amount each month but I know mortgages cap it at maximum 5 x your salary. I just don't see how we will ever get a big enough mortgage. 

Going back to the original post here, what search criteria gave you out in to only get such expensive properties, and what are your actual criteria?

There are loads of perfectly nice houses in easy commuting distance of London for much less than this, which suggests that there’s some extra requirements that you’ve not yet mentioned.

debtaghh

Cheese1990 said:

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.

No, I haven't. I'll look at prices in those areas, thank you. 

debtaghh

Firsttime2021 said:

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)

I had a little look but will look more, thanks. 

debtaghh

grumiofoundation said:

[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. 

I appreciate your comment as I know lifetime ISA can be great, thanks x

debtaghh

Billy_B_North said:

debtaghh said:

Hi,

I'm just wondering how people can get big enough mortgages? Within a rough 50 mile radius of where I live, the cheapest 4 bedroom house is approx £425000. Even if I had a £50,000 deposit ( which I don't), I don't see how I would get a mortgage big enough 🤷‍♀️. I have three children with big age gaps and one is autistic and ideally needs his own room. 

We currently rent and pay a huge amount each month but I know mortgages cap it at maximum 5 x your salary. I just don't see how we will ever get a big enough mortgage. 

Going back to the original post here, what search criteria gave you out in to only get such expensive properties, and what are your actual criteria?

There are loads of perfectly nice houses in easy commuting distance of London for much less than this, which suggests that there’s some extra requirements that you’ve not yet mentioned.

When I originally posted, my criteria was a a 4 bed detached with a drive. The reasoning behind the wanting a detached is because my son has big meltdowns which are very noisy. Where we currently live my neighbours hear him all of the time. I don't think this can be achieved within a 50 mile radius from where I live for anywhere near the cost of a mortgage that we would actually get. 

Billy_B_North

debtaghh said:

Billy_B_North said:

debtaghh said:

Hi,

I'm just wondering how people can get big enough mortgages? Within a rough 50 mile radius of where I live, the cheapest 4 bedroom house is approx £425000. Even if I had a £50,000 deposit ( which I don't), I don't see how I would get a mortgage big enough 🤷‍♀️. I have three children with big age gaps and one is autistic and ideally needs his own room. 

We currently rent and pay a huge amount each month but I know mortgages cap it at maximum 5 x your salary. I just don't see how we will ever get a big enough mortgage. 

Going back to the original post here, what search criteria gave you out in to only get such expensive properties, and what are your actual criteria?

There are loads of perfectly nice houses in easy commuting distance of London for much less than this, which suggests that there’s some extra requirements that you’ve not yet mentioned.

When I originally posted, my criteria was a a 4 bed detached with a drive. The reasoning behind the wanting a detached is because my son has big meltdowns which are very noisy. Where we currently live my neighbours hear him all of the time. I don't think this can be achieved within a 50 mile radius from where I live for anywhere near the cost of a mortgage that we would actually get. 

But as you’ve been shown, there are lots of properties that fit the bill for less than the amount that you said. I’ve just searched within ten miles of Enfield and found several.

debtaghh

Billy_B_North said:

debtaghh said:

Billy_B_North said:

debtaghh said:

Hi,

I'm just wondering how people can get big enough mortgages? Within a rough 50 mile radius of where I live, the cheapest 4 bedroom house is approx £425000. Even if I had a £50,000 deposit ( which I don't), I don't see how I would get a mortgage big enough 🤷‍♀️. I have three children with big age gaps and one is autistic and ideally needs his own room. 

We currently rent and pay a huge amount each month but I know mortgages cap it at maximum 5 x your salary. I just don't see how we will ever get a big enough mortgage. 

Going back to the original post here, what search criteria gave you out in to only get such expensive properties, and what are your actual criteria?

There are loads of perfectly nice houses in easy commuting distance of London for much less than this, which suggests that there’s some extra requirements that you’ve not yet mentioned.

When I originally posted, my criteria was a a 4 bed detached with a drive. The reasoning behind the wanting a detached is because my son has big meltdowns which are very noisy. Where we currently live my neighbours hear him all of the time. I don't think this can be achieved within a 50 mile radius from where I live for anywhere near the cost of a mortgage that we would actually get. 

But as you’ve been shown, there are lots of properties that fit the bill for less than the amount that you said. I’ve just searched within ten miles of Enfield and found several.

For how much? I think the most mortgage that we would get is approx £230k

runforlife

debtaghh said:

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. 

My step daughter moved out of her school when we moved locations - up North ! She was in January of year 10. She also has SEN but totally thrived. Young adults are incredibly resilient. We were open with the move with her and she had a big say in the decision of the new school. She's made a whole load of new friends, decided to go to college instead of 6th form and is now in her first year at Uni. Amazing. 

Billy_B_North

debtaghh said:

Billy_B_North said:

debtaghh said:

Billy_B_North said:

debtaghh said:

Hi,

I'm just wondering how people can get big enough mortgages? Within a rough 50 mile radius of where I live, the cheapest 4 bedroom house is approx £425000. Even if I had a £50,000 deposit ( which I don't), I don't see how I would get a mortgage big enough 🤷‍♀️. I have three children with big age gaps and one is autistic and ideally needs his own room. 

We currently rent and pay a huge amount each month but I know mortgages cap it at maximum 5 x your salary. I just don't see how we will ever get a big enough mortgage. 

Going back to the original post here, what search criteria gave you out in to only get such expensive properties, and what are your actual criteria?

There are loads of perfectly nice houses in easy commuting distance of London for much less than this, which suggests that there’s some extra requirements that you’ve not yet mentioned.

When I originally posted, my criteria was a a 4 bed detached with a drive. The reasoning behind the wanting a detached is because my son has big meltdowns which are very noisy. Where we currently live my neighbours hear him all of the time. I don't think this can be achieved within a 50 mile radius from where I live for anywhere near the cost of a mortgage that we would actually get. 

But as you’ve been shown, there are lots of properties that fit the bill for less than the amount that you said. I’ve just searched within ten miles of Enfield and found several.

For how much? I think the most mortgage that we would get is approx £230k

There were some around that level. Just pick your chosen radius on Right Move, select 4 bedrooms, detached, and it’ll give you them.

Owleyes00

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. 

You could look in Essex as well? Problem with all the home county areas is that if you live somewhere on a commuter line it just is going to be more expensive. However I know there are some smaller towns on the Essex/Suffolk border or nearer Colchester where 3 bed houses go for £230 - £300k depending on area and credentials of house. I think a 3 bed with the option to convert e.g a dining room into another bedroom in the short term would be a good option?