I've got a deposit but a low income. How can I get a mortage?

maria2554

I'm not really sure how to word my query. So here goes...

My cousin has inherited 1/3 of the house that she lives in. I'm not sure how much the house is worth but at a guess, for their share I think they are likely to receive approx. £50,000 once the house has been sold.

Does anyone have any suggestions at she might be able to reinvest this money into a new property? She only earns about £5,000 per annum. She is a single mother of two.

I'm not sure if the best option would be a shared ownership mortage. Could she get one of these if she has such a large some to put down as a deposit? I think the problem is mainly to do with her low income.

Any suggestions would be gratefully received.

Henry_P_Chester

I very much doubt you could get a mortgage on such a low income. £50,000 is not such as large amount for a deposit now days. Especially in southern England. It would only be about a 30% deposit on an average house.

Shared ownership is an option but personally I think it's a con.

Why not invest the money in ISAs or NS&I index linked inflation certificates.

nesco

there are places shared ownership with housing association
try
www.placesforpeople.co.uk

Person_one

Where in the country is she? On income multiples she could borrow probably between 20 and 25k and in some areas 70K will get you a nice little terraced house or decent flat.