Originally Posted by eager tortoise
Thanks for that Seavill. I wouldn't disagree with someone's lived experience at all, I was interested to hear from people who had bought without CID so appreciate you sharing your story. I understand as well what you mean about just not knowing where the cuts may come from next. I suppose we will just have to consider it all very carefully but if the mortgage is a non-starter then we'll have nothing to consider anyway. Ah well. I guess I just was not aware that people without CID's were so dismissable on the mortgage front, even though they are earning.
Thanks again for your advice
It's really not for the side of the bank I would be looking at this. Yes you may not be considered by many if any banks but that is not really the way you should be thinking of it really.
Go onto the banks websites and most have mortgage calculators. Figure out how much your repayments would be per month if you went for it.
Now consider how much you would be earning if you lost your job and got the odd 2 or 3 days a month subbing. Also as is a thing that happens your OH hours get cut in his 4th year to stop him getting a full CID, so maybe down to 14 hours a week.
Calculate how much this will leave you with. now add car, petrol, insurance, bills etc. how much have you left at the end of the month to spend with one person on 14 hours. does this add up to covering the mortgage? If it does how much do you have left to live on for a month, for EVERYTHING else.
Add in legal costs of buying the house etc. your savings are gone with the deposit. You may only get 80% or something like that also. How much of a deposit will you need?
I have survived a couple of months without work but this was down to savings. I would not have lasted any longer tbh.
Even waiting one more year until you see how many hours he has in his 4th contract. is that a possibility. Despite how much you love the house, there are always other, better houses.
Had I waited until today I could have got a much bigger house in a nicer estate for less that what I paid for here, only 3 mins away.
Calculate what I mentioned above. Forget about whether or not the bank will actually give you one or not first and decide firstly can you afford it and have no savings left. Can you afford it with one perosn on 22 hours and one on 0. Can you afford it with one on 14 hours and one on 0. What if you commit to this house and next year lose your job but are lucky to get another one 3 hours away, where are you then? At least with a CID you can settle in the area, without you really don't know where you are going to be from one year to the next.
You may think that this will never happen. I did TWICE, however I have just been extremely lucky SO FAR. My mortgage is a constant worry.
There will always be loads of houses, I was the same as you thinking I had to have this one, it was at a great price.
Be happy and save save save. In 2 years time you will need a much smaller mortgage and in the end of the day save yourself an absolute fortune.
You won't have to pick your jaw up off the ground when you sign the contract in the solicitors where it says how much the house is and then underneath how much it's really going to cost you over the next 35 years. (I think my heart actually stopped for a little while at that moment) double it and then add another good bit and you are somewhere close.