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celesp

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Edi81

Short answer is no. 

Sorry for your losses over the year but spending £45k on funerals seems excessive.

celesp

Edi81 said:

Short answer is no. 

Sorry for your losses over the year but spending £45k on funerals seems excessive.

Not just directly the funerals but bereavement counseling also and other related costs. Thanks for answer though.

dimbo61

We know nothing about you !
Which part of the country you live ? 
Central London or the Lake District 
Can you move to a cheap part of the country ? 
Some people are good with money and  savers and others not so good and struggle each month to cover the bills.
You need to save while also looking for a new rental.
Good luck and wishing you and your wife a happy and safe pregnancy. 

ACG

95% mortgages are possible but a little thin on the ground at the moment. 
90% gives you a lot more options. 

The CCJ should not be a deal breaker, 4 years old and satisfied is not the end of the world. 
Some lenders do not ask for proof of deposit on application, so if you reckon you can get the deposit saved up in maybe 3 months then you might be able to scrape through. 

Tricky to say for sure as there are a lot of ifs and buts, but there is some potential. Although I suppose the big question is how much you can save. I would probably bang the funeral on a credit card or loan as with any application there is always a sort of "limiting factor" in your case it will be the deposit rather than affordability, so using savings to pay for the deposit is going to probably have a bigger impact than a loan would. 

You cant really use a loan for a deposit, 99% of lenders would decline that so you are reducing your pool of lenders massively by doing that. 

Sncjw

Lenders would refuse you for mortgage if you need to borrow for deposit as it shows that's you can't afford to pay for additional costs that may arise or if your mortgage payment rises. 

I'm saying if you can't afford to put money aside now what happens in an emergency? 

You have good incomes. Do you need to go for 200k house could you not go for a house under 100k and also have money to live as the mortgage will be small..

ACG

Sncjw said:

Most Lenders would refuse you for mortgage if you need to borrow for deposit as it shows that's you can't afford to pay for additional costs that may arise or if your mortgage payment rises. 

I'm saying if you can't afford to put money aside now what happens in an emergency? 

You have good incomes. Do you need to go for 200k house could you not go for a house under 100k and also have money to live as the mortgage will be small..

You missed off an important word. 

MFWannabe

celesp said:

Hi All,

Me and my wife have been looking to buy a house for the last 6 or so years now and have been saving up for a deposit. We have hit an unfortunate situation which is giving us a bit of stress and we are after some advice.

We are both 37, Wife is a Registered Nurse (Senior Sister) ~40kpa, I am VP of IT Security ~75kpa. Both very steady jobs, Covid did not effect us employment wise.

We obviously bring in quite a bit of money per month and managed to save roughly 55k, due to both being only children unfortunately we have had to spend that 45k (and a little more) on funeral costs over the past year. We are back to 0 deposit now and it looks like it might not be long before more funeral costs come our way.

The problem we are having is that my wife is currently pregnant and we have been told our landlord wants to sell up in the next 6 months (we pay £2250 per month rent). After Bills and we try to be as cheap as possible we have about £2600 per month spare as we are also paying for my mother in laws care home. We are too high earners to be eligible for any government schemes and were also turned down by schemes a couple of builders had due to our income.

We would get a loan but my wife had a CCJ which was paid off about 4 years ago as solicitor letters were going to an old property. So we cant even get a loan much bigger than 10k.

We can obviously afford a mortgage, its just situational issues that are causing us issues with a deposit.

Is there any kind of lender, even subprime that would take a smaller deposit that we could save in a few months or even 100% due to the money we bring in and the security of our jobs? I have had a look around and it looks not. I just feel stuck between a rock and a hard place right now and obviously want to bring up my child in a house that is ours and does not have odd smells or mold/heating issues. 

Thanks for any advice.

Would landlord consider selling the property you rent to you? 

Would you want to buy it? 

Would you be able to save enough deposit in next 6 months?