Help! Will I be able to get a mortgage?

Pinkfairywings

Hi I really need help as to whether I am going to be able to obtain a mortgage!

Some background info - I own a house jointly with my now ex partner, we only moved in in October (this is our second home together) However due to him wanting to go see other people we are going our seperate ways.
The house was bought for £158.5K with a 10% deposit, mortgage is outstanding is roughly £141K. However as i have only ever paid 40%, after fees I am looking at coming out with a maximum of £4K and that is if we sell for what we paid.

I am slightly desperate though as I have no family or friends near by that I can turn to. Therefore my only options seem to be rent or try and buy. I am only 23 and dont have a very high wage (£15600) therefore I am struggling to see how I will afford to do either!

Rent in our area is about £425-£450 for an average 1bed flat/house! :eek: This will take nearly half of my take home pay! With the bills on top I am looking at spending £700-£800, before I account for my car! I cannot get rid of it though as where I work there is no way I could afford rent! So its catch 22! I dont want to have no free cash either as I know I will be stuck in this situation as I will be unable to save!

I have therefore been looking at buying, however I understand I am on a really low income and will only be able to get a 10% deposit (My father is going to give me the difference to make up 10%.) The cheapest houses/flats in my area are about £70K - therefore the mortgage would be cheaper than renting but would I get a mortgage? I would much prefer to buy as I will be spending the same amount on rent, if not more as I have no other options. I have no debt and my take home pay is just over £1K per month, what do you think my chances are?

Sorry for the long winded post! please be nice I'm a tad delicate at the moment!

Many thanks

phlash

What is your area?

Pinkfairywings

I live just outside Wilmslow

overandout_2

How about renting a spare room? That would be certainly cheaper than renting a 1 bedroom flat

Pinkfairywings

I have had a look at house shares but they are still about £400, although granted I wouldnt have any bills. I am very independant so dont really like the idea, but understand it could be my only option

PasturesNew

You could rent a studio flat. That way you're independent, but bills/rent are smaller. Your salary isn't too shabby, I've been looking around where I live at the moment and everything's £11k yet the average 1-bed flat is £470 (LHA = £470).

Don't worry about buying a house. I didn't buy my first one until I was 40. No point rushing into it, especially as you're still tied to the last one.

Milliewilly

No I wouldn't be fretting about home ownership at 23. You are in a fortunate position if you can get out of your current position without losing any money.