Wannabe home owner needs help!!!!

CYBERCIDERSAVER

I keep telling myself that prices are going to fall soon and I'll be able to buy but I can't wait any longer.

Having never ventured into the mortgage market I don't know where to begin.

I'm married. Earn £18 000. My wife earns £6000 and we have one child. My bank, at a recent sales pitch (I mean account review) suggested that we would only be able to borrow £65 000 max. The house prices around here mean we need £115 000. Surely we will never get that???? Are we doomed to live in someone elses house forever!!!!! Please help!!!!!

roadrash

Heya,
Erm..I think yor only option is to go for https://www.northerrock.co.uk

They will lend up to 125% LTV (Loan-to-value) on a property.

I think this may be ur only option tho.

Good luck.

Robert_Sterling_3

£65,000 sounds about right in relation to your financial position.

IvanOpinion

I assume that the max you can borrow relates to a 25 year mortgage. Have a look round for a 30-40 year mortgage - I did see some of these quite a while ago (not been looking recently) and I think they allowed you to borrow maybe 7-9 times your salary (just make sure that you do not cripple yourself with repayments ... been there done that ... not pleasant).

Ivan