Getting 1st time mortgage with low income but with sizeable cash assets

GOLFMAN_3

I am looking to buy my 1st home . I have £65000 in cash assets but presently only have a very low income of £650 per month nett due to low working hours ( which could increase at some point ) . Realistically as a single person could I obtain a mortgage and if so how much ? If so what type of mortgage could I get ? What price range house could I get and how much of my assets would I have to sacrifice ?

Any help would be appreciated .

roswell

WHy not work backwards, What sort of house are you looking to get? what is the average price of that property ??

that way someoen can advise you the amounts you can borrow and the amount you will need to put down to make up the deposit / shortfall

herbiesjp

Hi GOLFMAN and welcome to the boards

Agree with Roswell

Work it the other way round in terms of starting to look at figures.So if you can give a rough idea of what the house prices are like in your area it would help.

Also, if you can give a rough idea of your GROSS annual income it will be easier to see what amounts can be offered to you.

ALso do you have any other debts in the background i.e. credit cards/loans HP etc?


HTH

GOLFMAN_3

Thanks Roswell and Herbiesjp .

I am looking to buy in Coventry area possibly . Through checking local papers etc . I have seen potential properties in reasonably nice areas from between £120k to £140k ( ie / semi detached or end terrace with 2 bedrooms , DC , GCH - no garage needed ) . However , even with my good cash assets this could be unrealistic on the basis of what lenders tend to lend as I currently only have a Gross income of £9000 pa due to low working hours at present . However , as per initial message this could increase in future by several thousand .

Good point about other debts , forgot to include in initial message . No , I am totally debt free and have never had any sort of loan . Only had 1 credit card which i've never paid a penny in interest on .

I am in fortunate position of living with relatives so these are initial steps I am taking as there is no urgency . I am in my thirties and this is something I could take months , even longer maybe to plan .

On the basis of this additional information
what type of amounts could be offered to me at present do you think ?

Thanks

Golfman

herbiesjp

Working on the lower purchase price of £120k with the 65k deposit there may be a handful of lenders that could potentially look at this for you.

As the income is on the low side they will just need to make sure there is enough affordability for you to pay the mortgage and still have enough to live on - a mortgage adviser would hopefully do the same just to make sure you have enough income to cover all costs

HTH