How to get a big enough mortgage?

debtaghh

runforlife said:

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. 

That's great that she has done well 😀

debtaghh

Billy_B_North said:

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.

I did look and it came up with auction properties and shared ownership. I'm assuming the auction ones would go for a lot more. I need to look into shared ownership more as we previously didn't qualify. 

debtaghh

Owleyes00 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. 

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?

I agree , I think going for a three bed will be more realistic. Thanks 

Coffeekup

I'll second anyone who said Northamptonshire, Wellingborough, Kettering and market harbough are 45-1hr15 on train in that order. 4 beds starting at £180k (that need work), £230k that you could move straight into, there is also an abundance of spacial need schools.

That being said if you going to rent something with 4 beds you'll be paying similar to what you do now.

MFWannabe

There’s definitely properties in the areas mentioned above within your predicted price range: 
https://www.rightmove.co.uk/properties/102749255#/

debtaghh

Coffeekup said:

I'll second anyone who said Northamptonshire, Wellingborough, Kettering and market harbough are 45-1hr15 on train in that order. 4 beds starting at £180k (that need work), £230k that you could move straight into, there is also an abundance of spacial need schools.

That being said if you going to rent something with 4 beds you'll be paying similar to what you do now.

That's great to know, thanks. 

debtaghh

MFWannabe said:

There’s definitely properties in the areas mentioned above within your predicted price range: 
https://www.rightmove.co.uk/properties/102749255#/

Wow, that's really good. It's very spacious! I don't know why I didn't think of that area as I have a friend not too far from there! 

MFWannabe

debtaghh said:

MFWannabe said:

There’s definitely properties in the areas mentioned above within your predicted price range: 
https://www.rightmove.co.uk/properties/102749255#/

Wow, that's really good. It's very spacious! I don't know why I didn't think of that area as I have a friend not too far from there! 

Lol! 

It’s really nice property and as you say very spacious 👍

Billy_B_North

debtaghh said:

MFWannabe said:

There’s definitely properties in the areas mentioned above within your predicted price range: 

Wow, that's really good. It's very spacious! I don't know why I didn't think of that area as I have a friend not too far from there! 

You are making this far more difficult than it needs to be. You don't need to pick individual areas one after another; put in your location and the radius that you will look in, and RightMove will show you all apropriate properties. Why are you so resistant to doing this?

getmore4less

Billy_B_North said:

debtaghh said:

MFWannabe said:

There’s definitely properties in the areas mentioned above within your predicted price range: 

Wow, that's really good. It's very spacious! I don't know why I didn't think of that area as I have a friend not too far from there! 

You are making this far more difficult than it needs to be. You don't need to pick individual areas one after another; put in your location and the radius that you will look in, and RightMove will show you all apropriate properties. Why are you so resistant to doing this?

I find the draw area better as you can create an areas that matches a commute.

here is the one I did earlier extended out to Corby and Peterborough

126 4 beds up to £250k
what is really telling is there are 356 SSTC so there has been a lot of options over the months and places are selling.

if we pull the map to north of Bedford the numbers are 105/305