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Can part-time single parents get mortgages?

Hi I'm trying to find some information on the best way to buy a house. I'm a single mum working part-time and currently have no deposit saved for a house, yet I earn enough each month to happily cover a £800 rent which happens to be the total cost of someone elses mortgage! So what are the chances of someone like me getting 100% mortgage so I can put this £800 each month into better use! Any thoughts or ideas would be appreciated!
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Comments

  • dmg24
    dmg24 Posts: 33,925 Forumite
    Hi Munchkin,

    Welcome to MSE!

    Could I ask how much you earn? This would be a key factor in getting a mortgage x
    Gone ... or have I?
  • BettiePage
    BettiePage Posts: 4,627 Forumite
    Is this a wind up?
    Illegitimi non carborundum.
  • Hiya no this isn't a wind-up. I'm new to all this single parent (am currently separating from partner) and mortgage stuff so I just want to know where to start.

    I earn 11,500k, another question is if having a mortgage would effect me getting Working Tax credits and Child Tax credits, I'm about to apply for both these next month.. (or should that topic go under a different part of the forum?)
  • sorry forgot to mention, also getting £450 child maintenance from ex and according to www.entitledto.co.uk I would get approx £6400 for WTC and CTC...
  • BettiePage
    BettiePage Posts: 4,627 Forumite
    What is the average price of a property around your way? Would you end up with a 15x mortgage?
    Illegitimi non carborundum.
  • 150,000 to 160,000 for a 1 bedroom place but I am willing to look further afield to make the £'s stretch more.

    Don't worry mrstinchcombe I've been in this country for over 6 years working since the day I arrived on a 30k wage and paying ludicrous amounts of tax, I see it as getting some of it back :rolleyes: ...and I feel I can live with myself getting a few benefits as I'm not looking to get job allowance or income support (I would rather choke than not work). But I also gotta look after a 12 month old and I feel i can't put him into full-time care just yet.

    Anyway! I digress.. is getting a mortgage when I'm only a part-timer realistic in my circumstances?
  • BettiePage
    BettiePage Posts: 4,627 Forumite
    A 100% 15x mortgage? Pretty slim chance of that I'd say.
    Illegitimi non carborundum.
  • Does anyone know much about shared ownership? Buying with a housing association where you pay part mortgage and part rent. I'm just throwing ideas in the air for all I know I could be pushing wet string up a hill but I'm just seeing what the possibilities are.
  • Graham_Devon
    Graham_Devon Posts: 58,560
    First Post First Anniversary Combo Breaker
    Forumite
    With £11,500 a year, you'd be lucky to get a 46k mortgage. This is not taking into account any debts, or regular outgoings you have.
  • Prudent
    Prudent Posts: 11,446
    Name Dropper First Post First Anniversary
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    To encourage you, I got one and on a temporary contract too. The key differences being that I was earning £27K and only wanted to borrow £28.5K and I put down a £40K deposit on a house costing £68.5K. Glad I did as house now worth £130,000 and mortgage paid off :D
    Frugal Living Challenge 2024 CROFT Crafting: £80/300, R (visiting daughter): £145/£500 Outside activities: £84/244 (Allotment), Outside 2 (Mud monsters et al) £127 F(Family visits): £50/500 Tummy (food budget): Aiming to use full budget monthly of £200
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