Mortgages For Low Income Earners

999mph

I earn less than 15K a year and live as a tenant with relatives. I am looking to get a mortage out as soon as I can because I've heard many times over that renting is literally cash down the drain. To top things off I also have an IVA committment. I really would like my own place although I am divorced now and don't need much space. :beer:

_Andy_

Ok first things first - how much deposit do you have?

The IVA - how much goes out each month and how long has it been running for?

olly300

Renting is not cash down the drain it gives you a roof over your head.

Also if you live in a place with very high property values then getting a mortgage is suicide.

ukdickie31

You want a mortgage now..... on £15 k a year and an IVA in place?

Do people never learn ?

PasturesNew

999mph wrote: »

I am looking to get a mortage out as soon as I can because I've heard many times over that renting is literally cash down the drain.

Renting isn't money down the drain.
House prices are dropping.

To give you an example in my area, a flat like the one I live in was on the market in December for £75k and sold in August for £55k. Prices are falling.

Get yourself clear of ALL debt. Save yourself a 10% deposit. Take on a 2nd or 3rd job and save, save, save.... then look at what you can get in 2-3 years' time when you've cleared your debts and got a good deposit.

Having a mortgage is just renting from the bank, but without the easy option to move on.

minimike2

Is this another wind up?

PasturesNew

minimike2 wrote: »

Is this another wind up?

It might be, but some people are still in cuckoo land and have no idea that the newspaper's headlines mean THEM and affect THEM.

Also, I peeked through their history of posts for clues and they live in Hull I think, where you can have a choice of properties under £50k within a small radius.

Wutang_2

looks like no deposit, very bad credit and hardly any income......why not try an american mortgage

koexelek

minimike2 wrote: »

Is this another wind up?

The fact that the person was looking to raise the mortgage on a log cabin did raise my suspicions too

999mph

Ultimately I will have to get a mortgage if I was ever to be a home owner just as you all have. But how much of our lives are we willing to waste over a mortgage? Some go for the longer term mortgages and spend a lifetime paying it back. Some start early, finish off the mortgage with the shortest practicable time and enjoy the freedom (not to mention the fortune they save in the process).
I am a well qualified individual who made a few bad choices in life and hence the payscale and the IVA. I appreciate everyone's feedback but to me it appears as though most people in the forum are only looking for short term gains and pleasures and appear to lack the zest of living on anything more than the State pension. :rolleyes:

Jonbvn

999mph wrote: »

I am a well qualified individual who made a few bad choices in life and hence the payscale and the IVA. I appreciate everyone's feedback but to me it appears as though most people in the forum are only looking for short term gains and pleasures and appear to lack the zest of living on anything more than the State pension. :rolleyes:

With no deposit, an IVA and a low salary, no bank will offer you a mortgage. Why do you think that is?

Everybody has commented on your suggestion realistically. If you think you know better, I suggest you apply for a mortgage.