We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Getting a mortgage on minimum wage

Sae1991
Sae1991 Posts: 2 Newbie
in Mortgages & endowments
Me and my fianc! are wanting to move out and wanting to get a mortgage. We have been looking at the part buy part rent schemes. But was wondering what the likeliness of us getting a mortgage is. We are both on full time minimum wage and we have £6000 for a deposit we are living in the south east England so housing prices are a lot more. Please help.

Comments

  • originalmiscellany
    originalmiscellany Posts: 1,655 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    I fear even part buy, part rent will be too high :(
    I haven't got the figures, but if you're in South East England, you probably want at least 20k for savings.

    The issue is that on minimum wage, you would struggle to pay bills and mortgage and maintain a house.

    Save as much as you can over the next year, and maybe consider a promotion or moving jobs to get some more money?
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
  • Sae1991
    Sae1991 Posts: 2 Newbie
    To own 25% the house would be about £55k so we have 10% but not sure if they would give us a mortgage at minimum wage and at a younge age. :(
  • tomjonesrules
    tomjonesrules Posts: 770 Forumite
    Sae1991 wrote: »
    To own 25% the house would be about £55k so we have 10% but not sure if they would give us a mortgage at minimum wage and at a younge age. :(

    How much would the rent be on top of that?

    What is your joint take home pay?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.8K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture