Single applicant with a big deposit but very low salary-advise needed

Senata76

Hi everybody,

I'm a single applicant first time buyer and really confused about what to do. Over the years I have managed to save a big deposit, £55000 but now I'm on a very low salary, earning £10500 a year gross. I have found a property I'd like to buy, it's worth £90000. I think I can take out a mortgage upto £60000 but should I take the maximum out and pay £30000 as deposit or should I use most of my savings as deposit and take out a mortgage as small as possible. I'm confused with all these options and mortgage products. Any advise would be appreciated. Thanks a lot.

herbiesjp

Well you need a BTL

And you need a regulated BTL seeing as your brother will be living there

The mortgage will not be based on your income as such (although a minimum income will be needed) but instead on the going market rate for rental on that property.

So I think that will dictate how much of a deposit you will have to put down

Not many lenders will do this for you, as you are a FTB looking at buying a regulated BTL.

Better to go via a whole of market mortgage adviser for help