Part time mortgage

whatsername

Hi there,

Quick question...I am working part time and recieving tax credits to top up my income. I am also renting and getting help from housing benefit to pay rent. As it stands my rent is £1000 a month. Almost 1/2 of this I pay myself, the HB tops up the rest.

I calculate that if I can increase my earnings a little, it would be cheaper for me to pay a mortgage rather that rent, and I would dearly love to get my feet firmly planted on the property ladder. So the question is, would any lender even look at me as a part time worker, or would I be laughed out of their office? :embarasse Thanks

naijapower

very doubtful in the current climate. Also you would need at least 15% deposit in todays market assuming your income stack up

CFC

Depends on how much you earn. But £500 - £600 a month won't pay a very big mortgage, so presumably you would be putting a fair amount down as a deposit?

_Andy_

whatsername wrote: »

So the question is, would any lender even look at me as a part time worker, or would I be laughed out of their office? :embarasse Thanks

Possibly. First things first though, how much deposit do you have?

whatsername

Thank you for the advice. The deposit would potentially be reasonably large, if I could get some help with it...which I was hoping, but we'll see

herbiesjp

A good deposit and a good credit history are what are needed.

You do not give any indication as to what figures you are looking at, so impossible to say if what you are looking at is achievable.