I don't know what the mortgage situation is around the world but here in England the mortgage industry is a constant point of debate. It used to be that everyone aspired to having a mortgage on a nice home – you know the kind of house with enough rooms to cater for the average family with 2.4 children. I was no different myself when I first wanted to get on the first rung of the housing ladder ten years ago.



At the time I was living in a council flat (a government housing apartment) with my husband and our baby daughter. The apartment was a fairly decent size but I had gone back to work and my partner was working long hours so we thought that we wanted to stop renting and take out a mortgage to buy our own house.

I felt quite strongly that I wanted to have a mortgage so that we were not paying ‘dead money' in rent. We looked around the area we were in for suitable house, nothing too fancy, just a comfortable two-bedroom property with a small garden for our daughter to play in safely as she grew older. We narrowed down our choices to get an idea of what size of mortgage we required. The next step was to approach a number of mortgage providers to see who offered the best rate for our needs.

It was rare to be able to obtain a mortgage that covered 100% of the property's purchase price but we were lucky in the fact that a member of my family was happy to make up the shortfall for our deposit. After a few weeks we had our mortgage set up and put in our offer for the house we both loved. All that was left then was to wait to see if the house seller would accept our bid. That was one of the longest waits I had ever had, up to that point! Finally, we received the call that told us that the house was ours! The paperwork was all exchanged and the money from our mortgage transferred into the buyer's account. Now we could make arrangements to move in and look forward to a long and happy life in our new home or that was the hope at the time.

Unfortunately, my marriage broke down after only a year in our new home. I contacted the mortgage company to see if I could take on the mortgage myself. Sadly, the amount of money I was earning was not enough and the mortgage company refused my application. I had no choice but to try and sell the house and find a smaller property that I could afford by taking out a mortgage in my own right. The house prices in my area, and the majority of England too, were rising at a ridiculous rate and fewer people were able to take out a mortgage to cover the inflated costs. This was the problem that I faced. Eventually, the reality sank in that I was going to lose my house and have to go back into a council apartment and that is exactly what happened.

I know my story is not unique by any means but the situation has got to the stage in this country that no one can afford to get a mortgage to cover the high cost of houses and apartments. This is not restricted to first-time buyers either. I strongly believe that the housing market is going to crash in the near future as there are too many houses for sale that people are unable to obtain a mortgage to buy. The average salary in this country is too low to qualify for a 100% mortgage on a middle of the range house or apartment. I know I am not alone to be in the frustrating situation that I am in at present but I am still positive that the situation will change in the near future and mortgages will be available to cover the cost of a new home. I am looking forward to that day so that my new family and I can stop paying ‘dead money' in rent and get a mortgage to buy our own family home.