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Mortgage on Low Income

Suarez
Suarez Posts: 970 Forumite
in Mortgages & endowments
A friend of mine is looking for a mortgage but he only earns £10,000 per year. I have just looked on money super market and it seems most lenders have a minimum income of £15k pa.

Are there any that will lend on a salary of 10k? Its for a 40k house.

Comments

  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Yes there are some lenders for this, a good independant broker will be able to help here.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What deposit does he have?
  • Rupinder_Khurana
    Rupinder_Khurana Posts: 27 Forumite
    Hi

    I hope he must have savings. Even if doesn't have, there are lenders in the market who would love to offer mortgage. Secondly check with independent financial broker as well.

    In the mean time, if you could state the purpose of the mortgage, that would be easier for use to reply. If you don't wish to state here, then contact the broker and get a suitable advise.

    Regards,
    Rupinder Singh Khurana
  • Suarez
    Suarez Posts: 970 Forumite
    JimmyTheWig wrote: »
    What deposit does he have?

    He has 10% and a couple of thousand for fees.
  • Suarez
    Suarez Posts: 970 Forumite
    Rupinder_Khurana wrote: »
    Hi

    I hope he must have savings. Even if doesn't have, there are lenders in the market who would love to offer mortgage. Secondly check with independent financial broker as well.

    In the mean time, if you could state the purpose of the mortgage, that would be easier for use to reply. If you don't wish to state here, then contact the broker and get a suitable advise.

    Regards,

    Its for a house. It has a shop below though but hasn't been used for years so it's basically just a room on the ground floor.

    The property needs to be refurbished but it can be lived in.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Suarez wrote: »
    Its for a house. It has a shop below though but hasn't been used for years so it's basically just a room on the ground floor.

    The property needs to be refurbished but it can be lived in.

    Is the property commercial rather than residential?
  • Suarez
    Suarez Posts: 970 Forumite
    Thrugelmir wrote: »
    Is the property commercial rather than residential?

    Well it's a 3 bedroom terraced house. Has kitchen/living room downstairs and 2 bedrooms upstairs with bathroom.

    The front of the property has a room and entrance which was a shop years ago.
  • Meeper
    Meeper Posts: 1,394 Forumite
    The amount won't be a problem. The state of the property may be.
    I am an Independent Financial Adviser
    You should note that this site doesn't check my status as an Independent Financial Adviser, so you need to take my word for it. This signature is here as I follow MSE's Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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