Mortgage Chances?

bubblegum2

Hi

I have the chance to buy a 2 bed council flat (market value £63-65k) for approx £43k.

I have a brilliant credit rating and no debts etc (apart from my student loan) but the problem is I'm a single parent just out of University and only just in employment

My pay is poor but with wages, child tax credits and working tax credits I have an income of £11k per year - I'm only working part time at the moment

I've done one of those mortgage calculators with halifax and they say I can borrow between 44-50k - I know not to count on that value being true

If I was to go for the morgage how long will I have to be employed for and must it be full time work (I can up my hours if needed)

I was also hoping on getting an interest only morgage for the first two years then a 'normal' morgage after that time - when I'm able to get a better job/more hours due to childs age - Is this also possible?

Thanks in advance

MortgageMamma

Hi

HOw much you can borrow depends on the lender selected and the amount of outstanding credit commitments you have

similarly there will be lenders who want you to be in your job for six months, and lenders that dont stipulate a minimum time period

Your best option would be to take advice from a whole of market mortgage broker - stay away from the companies who knock on your door or advertise on daytime tv - they will cost you an arm and a leg

bubblegum2

Thank you for the reply

I'm going to phone around a few places on Tuesday morning - I'm getting a list together now