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    • Rachwass2010
    • By Rachwass2010 13th Feb 18, 5:03 PM
    • 7Posts
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    Rachwass2010
    Advice on getting new house please
    • #1
    • 13th Feb 18, 5:03 PM
    Advice on getting new house please 13th Feb 18 at 5:03 PM
    So we are currently have a mortgage our mortgage is at £101,000 started at £105,000 two years ago and was a 35 year mortgage with nationwide. We want to move house to be much closer to family but our circumstances have changed my husband is now a student (he was in £19,000 job) now a student to work for the NHS he will graduate sept 2019. We have a child and want to me closer because of maternity pay my income this year will be £10,500 normally about £12,000 Iím back working full time. Weíve been told we canít get a mortgage. What are our options? Can we port our mortgage under current circumstances or are we better off renting again for a few years until my husband has a job?
    Thanks for your patience reading this!
Page 1
    • ViolaLass
    • By ViolaLass 13th Feb 18, 5:05 PM
    • 5,358 Posts
    • 7,403 Thanks
    ViolaLass
    • #2
    • 13th Feb 18, 5:05 PM
    • #2
    • 13th Feb 18, 5:05 PM
    So your joint income for this year is £10500?

    And next year it will be £12k minus childcare costs?

    I would have thought you would struggle to move anywhere with those numbers.
    • hammy1988
    • By hammy1988 13th Feb 18, 7:06 PM
    • 130 Posts
    • 87 Thanks
    hammy1988
    • #3
    • 13th Feb 18, 7:06 PM
    • #3
    • 13th Feb 18, 7:06 PM
    Could you hang around for another year? If your husband can provide proof of potential earnings when he graduates (this would have to be a job offer letter) then you would end up with a better rate mortgage. Or even better, wait till he's earning. I wouldn't enter into any new mortgage unless a better monthly wage is coming in as you would get much better offers.
    • ViolaLass
    • By ViolaLass 13th Feb 18, 7:34 PM
    • 5,358 Posts
    • 7,403 Thanks
    ViolaLass
    • #4
    • 13th Feb 18, 7:34 PM
    • #4
    • 13th Feb 18, 7:34 PM
    Could you hang around for another year? If your husband can provide proof of potential earnings when he graduates (this would have to be a job offer letter) then you would end up with a better rate mortgage. Or even better, wait till he's earning. I wouldn't enter into any new mortgage unless a better monthly wage is coming in as you would get much better offers.
    Originally posted by hammy1988
    Income won't affect the rate offered, it'll affect how much they can borrow. At the moment, that's next to nothing.
    • AdrianC
    • By AdrianC 13th Feb 18, 7:42 PM
    • 17,395 Posts
    • 15,762 Thanks
    AdrianC
    • #5
    • 13th Feb 18, 7:42 PM
    • #5
    • 13th Feb 18, 7:42 PM
    ...because of maternity pay my income this year will be £10,500 normally about £12,000 Iím back working full time.
    Originally posted by Rachwass2010
    Full-time (37.5hr/wk) minimum wage is £14,625/yr. Statutory Maternity Pay is 90% of your normal earnings.

    Either way, nobody is going to give you a £100k mortgage on those numbers.

    If you move to be nearer family, I presume you'll have to leave your job and find another. How will you manage financially during that period?
    • Rachwass2010
    • By Rachwass2010 13th Feb 18, 8:59 PM
    • 7 Posts
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    Rachwass2010
    • #6
    • 13th Feb 18, 8:59 PM
    • #6
    • 13th Feb 18, 8:59 PM
    Joint income £31000 but £20000 is student finance. Half of student finance is loans half is bursary it pays for childcare too.
    • Rachwass2010
    • By Rachwass2010 13th Feb 18, 9:02 PM
    • 7 Posts
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    Rachwass2010
    • #7
    • 13th Feb 18, 9:02 PM
    • #7
    • 13th Feb 18, 9:02 PM
    Happy to go for a cheaper mortgage as house prices are better in location we desire however, I need to be near family ASAP. He gets £20000 from student finance and we currently pay our mortgage plus all bills childcare costs n everything else comfortably with money to spare. Itís the fact it is coming from student finance to why we probably wonít get a new mortgage.
    • Rachwass2010
    • By Rachwass2010 13th Feb 18, 9:03 PM
    • 7 Posts
    • 0 Thanks
    Rachwass2010
    • #8
    • 13th Feb 18, 9:03 PM
    • #8
    • 13th Feb 18, 9:03 PM
    Not looking for 100k house happy to move in cheaper house. Plus husband gets £20k from student finance but itís because itís student finance that itís an issue.
    • Rachwass2010
    • By Rachwass2010 13th Feb 18, 9:07 PM
    • 7 Posts
    • 0 Thanks
    Rachwass2010
    • #9
    • 13th Feb 18, 9:07 PM
    • #9
    • 13th Feb 18, 9:07 PM
    Will renting for a few years effect getting a mortgage again?
    • DCFC79
    • By DCFC79 13th Feb 18, 9:09 PM
    • 31,705 Posts
    • 19,995 Thanks
    DCFC79
    Will renting for a few years effect getting a mortgage again?
    Originally posted by Rachwass2010
    You dont need to start a new reply every minute, juse the edit button your last post to add more info.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • ViolaLass
    • By ViolaLass 13th Feb 18, 9:11 PM
    • 5,358 Posts
    • 7,403 Thanks
    ViolaLass
    Will renting for a few years effect getting a mortgage again?
    Originally posted by Rachwass2010
    A lender will not mind how long you've been renting for.


    Do you have any equity?
    • buggy_boy
    • By buggy_boy 13th Feb 18, 9:12 PM
    • 416 Posts
    • 290 Thanks
    buggy_boy
    how much equity do you have? how much is your house worth, what sort of price range are you looking at, you may be able to port the mortgage but only your mortgage company can tell you this... Dont forget there are big costs involved in selling and buying...
    • Pixie5740
    • By Pixie5740 13th Feb 18, 9:25 PM
    • 12,114 Posts
    • 17,061 Thanks
    Pixie5740
    WHen you port a mortgage all you port is the rate, you would still need to pass affordability which I doubt you will.

    If you need to move ASAP then renting is probably your best option.
    • oystercatcher
    • By oystercatcher 13th Feb 18, 10:18 PM
    • 1,703 Posts
    • 4,333 Thanks
    oystercatcher
    When my son and his wife enquired about a mortgage they were told student finance cannot be counted as income for mortgage assessment, even though his finance is PhD funding which doesn't have to be repaid and not a student loan.
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