Mortgage Multiples help please

KRB2725

Hi All

This is my first post so please be gentle with me!!

My partner and I wish to purchase a home for which we have a 50% deposit (150k against a 300k house).

We are also trying to sell another house which will raise the balance with a bit left over, but in the meantime I have found a house we wish to buy.

Is there any way we would be able to raise a 150k mortgage on a single salary of 30k?

The mortgage would be paid off when we sell & we could get a guarantor if neccessary (but would prefer not to as the rate may not be as favourable??)

Any help or advice would be gratefully received.

Thrugelmir

emmatthews wrote: »

Is there any way we would be able to raise a 150k mortgage on a single salary of 30k?

Unlikely at a cost that you would consider reasonable. That's before even putting a guarantor in place.

kingstreet

emmatthews wrote: »

Hi All

This is my first post so please be gentle with me!!

My partner and I wish to purchase a home for which we have a 50% deposit (150k against a 300k house).

We are also trying to sell another house which will raise the balance with a bit left over, but in the meantime I have found a house we wish to buy.

Is there any way we would be able to raise a 150k mortgage on a single salary of 30k?

The mortgage would be paid off when we sell & we could get a guarantor if neccessary (but would prefer not to as the rate may not be as favourable??)

Any help or advice would be gratefully received.

A single applicant earning £30k with an A pass credit score and no dependents might scrape through with Halifax or Abbey for 50%, £150k on £300k over 25 years.

Try their affordability calculators.

Nationwide's suggests £135k.

If there's any existing credit, the figures will drop dramatically.

KRB2725

kingstreet wrote: »

A single applicant earning £30k with an A pass credit score and no dependents might scrape through with Halifax or Abbey for 50%, £150k on £300k over 25 years.

Try their affordability calculators.

Nationwide's suggests £135k.

If there's any existing credit, the figures will drop dramatically.

Thanks for that. 1 dependent, not sure about credit score but should be ok. No existing credit other than credit card which is cleared monthly.

Will have a look at the affordability calculators. The mortgage will cost about half of our current rent.

kingstreet

Is the partner not working?