Need Some Help and Support

We are in a bit of a pickle at the mo. We're renting a flat which is costing a bomb and we would like to buy a house and move in in time for the baby's arrival. We know which house we want. We went to see it - it's on our housing development and it is gorgeous! Problem is finding a mortgage!!

Because we are first time buyers, I'm on maternity so they can't use my income so it's just oh's income they take into account. Also, he hasn't been in his current job long (4 months).

We have looked at fast track mortgages, guarantors (using mum and dad as back-up), and interest only ones until the baby's born and we get back on our feet.

ANY advice is much appreciated anything at all. What you went through and how is worked out for you in the end. Thanks girls.

Karys 18+4 weeks.

Posts

  • When i was pregnent with my first child i was only 19 year old me my boyfriend we beside to get married and buy house with in five months it was a bit mad but it all worked out ok. When got the mortgage they counted my income but it was 7 years ago, just keep looking or go with a indepent mortgage adiviser . I do feel sorry for you it is a lot of stress for you take care of your self good look
  • Hi have you tried a self cert mort? I'd go to a brooker and ask him/her to get you the best deal. If we want a mort (we own our current house) we have to get a self cert as we stuggle with getting a mort cos of my hubbys job. X
  • It's a lot of stress - I can't get it out my mind. We need to move fast because it is the last house on the estate and the price is discounted as an investor backed out at the last minute so theres a lot of interest in it. I know I shouldn't put so much pressure on ourselves over one house, but it really is the house of our dreams. Even at nights I have trouble getting to sleep and when I do all I dream about is us all living in the house!!!

    AARRRGGHHH!

    Glad to hear that there may be a light at the end of the tunnel. Thank you.
  • hi i would deffo go 2 a independent financial advisor they can get u more than the banks etc thats how i did my mortgage.
  • Hiya apple_jack

    with self-cert do they need proof of income? We know we could afford the repayments no matter what is that some companies are so FUSSY!

    I just wish there was a company out there that would lend us what we need (??109,000 we have a deposit of ??57,000). They have nothing to worry about - if we don't make the repayments then they take our house...they'll never lose out so what's the big deal??
  • Thank you so much molly that's so sweet of you - I hope so too.
  • i work at a bank and they can take into consideration tax creits and child benifit you can also get 4 times sole salary with northern rock they are one of the best for lending more to ppl
  • Thanks for the advice - but arn't northern rock in trouble? Would that affect us in anyway if they went bust?? Thanks so much though..
  • Hi
    When I've looked into self cert what I've found is you dont have to prove your earnings which is why its the only choice for us. There is a but though you cant borrow as much but looking at your figures you dont have to you only want about 50% I think. Obv your signing to say you can make the repayments and if you cant you'll be in trouble! But I would still say go and see a finanical advisor or mort brooker and get them to do the leg work for you. The internet is also good for getting ideas and moneyfacts is a good comparison website for mortgages. hope you get the house X
  • sorry I forgot to add the interest rates are normaly higher. I think its cos its seen as more of a risk to the lender. So they are a more expensive option. X
  • We went to an independent financial advisor when I found out I was pregnant with my 1st baby as we were in a similar situation- renting a place that cost more than a mortgage. It was really good as he looked through all the options for us and helped us to choose the best for us. It's worth speaking to someone as they don't charge you (but they do get commission from whoever you sign with) and then he even filled out all the paperwork so we only had to sign it.

    We finally moved into our house Feb 07- my baby was born in April so we didn't have long to get things ready but it worked out well in the end.

    I hope you get things sorted and good luck with the dream house, hope you get it. x
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