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is it possable to get a mortgage for 100k my salery is 15k a year
andyuk21us
Posts: 26 Forumite
I earn 15k a year and I need a mortgage for a 100k I have seen a house for a 140k I have got a 40k deposit to put down now I tried 3 lenders first direct / hsbc / Chelsea. But the best offer I got was 73k from first direct :sad: not 100k which I need they are basically saying I don't meat there criteria as I only earn 15k a year I applied as a sole borrower my girlfriend earns around 18k a year but I cant add her to the mortgage application as she is on a zero hours contract there must be a way around this I am not going to give up on this even if I have to save up 30k it will take me three years to do that I hope the house prices don't go up to much lol
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You will not get 100k on your salary alone.
Speak to a broker and see if there is a lender for a joint mortgageI am a Mortgage AdviserYou 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.0 -
Not going to happen on sole salary, save yourself some time by not approaching any more lenders.0
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maybe shared ownership then0
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Why not try as GMS suggests?
There are lenders who may accept your girlfriends income.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.0 -
Stop applying to lenders without finding out whether they will accept you BEFORE doing any credit searches.
There are lenders who will accept the 0 hours contract - subject to certain criteria. The rates wont be as low as HSBC etc however.
You do really need to speak to a broker to have a decent chance of getting this through.I am a Mortgage AdviserYou 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.0 -
No. With shared ownership, the rent is deducted like any other credit commitment and this will see your borrowing power reduced.andyuk21us wrote: »maybe shared ownership thenI am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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