Can I get a mortgage?

bubblegum6000

Hi I was wondering if someone could help!

I have recently split up with my partner and am in the process of selling our house. Hopefully if we sell at a reasonable price I should come out with £4k (best case scenario!)

I have worked hard for the 2 houses that I have lived in with my partner and am rather upset that I am only coming out with such a small amount, however such is life! My problem is that obviously £4K isnt enough for a deposit! My father is willing to make up the money to £7.5k so that I can have a deposit on a small flat/house. There are quite a few avaliable at about £75k, so I would need to borrow 67500k max (hopefully a tad less! )

I only earn £16k a year so I am just wondering am I going to struggle to get a mortgage? I can afford the repayments as they are cheaper than renting! I know a 10% deposit isnt ideal, but at least its better than renting when I wont have any spare cash to save! I have an excellent credit rating 999 and no other debt or monthly outgoings.

Another question, should I be able to get a mortgage, do I have to wait until our house is sold and the mortgage paid off before I can apply? Or is it possible once an offer is accepted that I can start to look for my own house/make an offer and proceed with a mortgage application? Or is this not possible because I will still be on another mortgage?

Im sorry for the longwinded post, my mind is boggled at the moment! Please be kind Thank you!

dimbo61

No Kids ?
Why only £4K I hope thats 50% of the equity in the property after mortgage taken out ? Try and build up savings
you cant buy until other property is sold so sit tight and good luck on selling

bubblegum6000

Thanks for the reply!

Yeah its just me and a cat, no kids
The 4k is 40% of what will be left after all fees are paid. I have always paid 40% to everything as my wage was lower, so cant really grumble!

luckyfool

You don't need to have completed on the sale to start the application process. Typically though the sale will need to complete and mortgage be redeemed simultaneously or prior to new purchase completing (obviously, as in your case part of the deposit comes from the sale).

bubblegum6000

Thanks for the information! It's good to know that at least I could start the application process before our sale completes, as I really dont want to go in to rented first if I can help it!

Does anyone know if I am going to struggle obtaining a mortgage, due to low deposit/low wage?

Thanks again