Is getting a mortgage possible in the worst of circumstances?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81889482#Comment_81889482

Exactly this ^^^^^

Not sure why people try to aim for perfection from the outset!

freesha

https://forums.moneysavingexpert.com/discussion/comment/81889468#Comment_81889468

Do people not know the concept of a 'property ladder' anymore? You aim for a starter home, then work upwards over the years

ACG

https://forums.moneysavingexpert.com/discussion/comment/81889468#Comment_81889468

Isnt this was most people have to do? I bought a nasty doer upper. I worked 35 hours a week in one job, did my mortgage stuff on the side and renovated a house. Within 4 years it had been sold and I now live in a nice area in a decent house. But I did 3-4 years of working 2 jobs and renovating. The joys of being 30ish! I dount I could do that now.

Your situation is complicated.

You are married - most mortgage lenders will want a joint application. There are exceptions.

If the deposit is saved jointly, that becomes another issue and reduce your pool of lenders further.

I do a lot of adverse but even then I do not get many in your situation. All I would say is (and there is nothing to suggest you are btw) but dont hold the IVA against your wife. I see enough cases where one applicant has bad credit and the other person keeps needing to put the boot in. They generally end up selling up and splitting up a few years later. If your staying together you have to accept it for what it is and move on.

mightyjack

https://forums.moneysavingexpert.com/discussion/comment/81889623#Comment_81889623

even at 41 with 2 kids?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/81889938#Comment_81889938

Yes. Why not.

I'm 42 and next month will hopefully be making our third move up the ladder. This will be the type of home that we would have liked at the start but the budget was nowhere near what we would have needed.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/81889938#Comment_81889938

Yes. Why should it be different at 41 and married with kids than at 25 and single?

Ultimately with two kids you've got less flexibility, and a higher level of costs which will weigh on the amount you can feasibly borrow and repay.

freesha

https://forums.moneysavingexpert.com/discussion/comment/81889938#Comment_81889938

Yes, if that is all you can afford! Say you spend another 10 years renting while you save up for a 'forever home''. That is 10 fewer years to pay a mortgage.

Exodi

https://forums.moneysavingexpert.com/discussion/comment/81889938#Comment_81889938

You make it sound like you have one foot in the grave - you're not even really middle-aged yet.

The average first-time buyer age in the UK is around 33 (and the average first time deposit is around £65k). Obviously this is heavily skewed by region, and likewise you can expect a some first time buyers are getting help from mum and dad (e.g. gifted deposits and/or living rent free) - however many aren't. Nonetheless, a quick search suggests it takes first-time buyers on average 10 years to save for the deposit. Very few are just waltzing into the house of their dreams from zero unfortunately.

kingstreet

There are lenders who will accept an IVA based on its registration date being more than six years ago, rather than the date of completion.