We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Large deposit but can’t borrow enough
alreeve27
Posts: 67 Forumite
Hi. I got divorced last year and we sold our property chain free and made a good profit. I’m now looking at buying somewhere by myself but am frustrated by the limits on what I can borrow. I have a deposit of well over £100k but in terms of the amount I’ll be lent, ideally I need another £30kish for the areas I’m looking at. I could repay almost double what my monthly payments would be as I am very sensible with money, so it’s very frustrating. I have read about these springboard mortgages etc but my issue is not the deposit. I’ve spoken to a mortgage broker and been on L&C’s website and have read about these 5.5x salary products for first time buyers and Habito’s 7x for certain professions. Does anyone know of any kind of scheme that would be open to me or any hidden ways to unlock some more money from a lender? Assuming not as L&C didn’t find anything substantially more but worth asking. Thanks
1
Comments
-
Speak to an all of market independent broker. They may have a few more options.
Whenever I move, I usually seem to be around £30k short too. I've usually had to compromise on something, often number of bedrooms, or size of something. What is it you're looking for, and what can you change?2024 wins: *must start comping again!*1 -
@Sistergold I read it that OP wants £30k more than the usual amount for their income, not that they want to only borrow £30k to buy a £130k property.
Mortgage started 2020, aiming to clear 31/12/2029.1 -
@alreeve27 There are products that will consider lending 5.5x income for non-FTBs, non-Professionals if your case meets criteria.
But if the L&C broker has done their job properly, then your case probably doesn't fit for 5.5x. Even so, as you are looking to maximise borrowing I would recommend that you try one more broker before giving up, perhaps one of the brokers other than L&C/Habito/Trussle on the MSE page here
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
2 -
Oh thank you.MovingForwards said:@Sistergold I read it that OP wants £30k more than the usual amount for their income, not that they want to only borrow £30k to buy a £130k property.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓1 -
One thing to do will be to save the shortfall maybe? Any chance of increasing hours at work so as to earn more for now? The easiest if possible will be to lower your expectations and move areas? The economy is such that more lenders will be jittery about giving high salary multiples I suspect.Good luckInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
I'm in a similar position as a single buyer - just out of curiosity, what is the realm of house prices you're looking at?0
-
Thanks everyone.
@K_S I’ll check out another broker. Fingers crossed!
Thanks @Sistergold - not much I can do work-wise but am exploring lots of areas to try and compromise somewhere. @HeatherWillDo I’m looking around £350/360k. My budget is more around £325k so may chance a few that have been around a while!1 -
You are not far off and the market is likely to slow or fall slightly as rates go up and general cost of living rises, already seeing it in the areas i am looking at in Dec/Jan the properties were selling in days, now unsold after 1 month+, so your 325k offer is very likely to be accepted later in the year.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243K Work, Benefits & Business
- 619.9K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards