Just found out I am £20-30k short on what I need for a mortgage.
£85k deposit, earning £42k a year. I want a 5x salary mortgage, and I can only get 4x salary because of high interest rates and the fact i pay for childcare.
I'm going to have to move in with my parents for a while, but would at least be saving about £1000 a month whilst I am there.
If interest rates dropped to say 4% instead of 5%, I increase my salary by £2k/year, and I stop paying for childcare (finish August 2025) then I will easily get the £190-200k that I want to borrow.
It's a fucking joke that I can afford the repayments easily, but I can't get the mortgage because Computer Says No.