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Mortgage and annual income question..

_Chris14_
_Chris14_ Posts: 21 Forumite
in Mortgages & endowments
What is the least amount 2 people could earn, and still be considered for a mortgage? We are students finishing our final year, and looking to get full time jobs in May. Just a general question about what is the minimal earnings and still be considered for a mortgage?

We will have a deposit of around 10/15%.

Thanks, Chris
"When life gives you lemons - sell them on eBay..."

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Well it kind of depends on how much you want to borrow really, and what kind of credit score you get with a lender.

    There is no minimum as such - but each lender will want to verify affordability for the mortgage requested based on the income disclosed.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MRG
    MRG Posts: 31 Forumite
    Hi Chris,

    Just basing on the figures in your signiture.

    If you've got £7,000 deposit. Most lenders want 10% deposit so if your looking at a purchase price of £70,000 you will need a joint income of around £14,000 per annum.

    As a general rule of thumb take the figure you need to borrow and divide it by 4.5 (or 4 if you want to be conservative)
    I am a Mortgage Adviser. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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