Single Salary Interest Only- a safe option?

postit_2

Hello, I would be really grateful for some advice.

I have recently split up from my partner. We own a house together which we bought for 130K and is now valued at 145-150K. We have an outstanding mortgage of 123K.

I am now faced with the option of trying to get a mortgage on my single salary of £22K. I know some lenders will go up to 4 times a salargy??

I reckon I could afford around 5k deposit (based on split equity from the joint-owned flat) and Im thinking of going for an interest only option to keep the payments down. I do have the potential to increase my salary to the high 30k in the next 5 years.

I have seen a flat which i want to offer on- i reckon 105k so would therefore need a mortgage of around 100k. Does this seem feasible on my salary and are interest only mortgages a safe option. I could remortgage to capital and interest in a few years once my salary has increased.

Would be really grateful for advice on options or advice from anyone who has been/is in a similar situation.

thanks in advance for any advice.