help i earn 15k a year need a 90k mortgage

andyuk21us

I earn 15k a year and I need a mortgage for a 90k or I have seen a house for a 140k I have got a 52k 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 90k 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 plus her credit is very bad 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

I last phoned up mortgage company's 3 months ago may be help to buy 2 will help me
please help some have i got a chance

harrys_dad

You might need it, you cannot afford it, not without some income from your girl friend anyway. You are only trying to borrow 65% loan to value anyway so HelptoBuy will be of no assistance. Sorry, but on your income you really cannot afford more than a 75% mortgage. If interest rates rise you cannot even afford that.

mlz1413

At £15,000 earnings per year you can't afford to pay a mortgage and and all the bills, let alone eat, hence why lenders will not lend to you.

I am a bit surprised that you can afford to save 2/3 of your income per year. But as you can i would encourage you keep saving and try and boost your income so that you meet more criteria. Also try and get your girlfriend to work at her credit score so that when you re apply you have more options.

andyuk21us

when I fist applied 3 months ago I needed 100k but my my mum is going to help me out and lend me 10k so I need 90k now an also I have saved 2k so now my deposit 52 k

AndyGuil

Loaned money can't be used for a deposit.

andyuk21us

I would not say the 10k is a loan to a morgage broker I have not yet put the money in my bank yet I might feed it in to my account a bit at a time

19lottie82

andyuk21us wrote: »

I would not say the 10k is a loan to a morgage broker I have not yet put the money in my bank yet I might feed it in to my account a bit at a time

That's fraud.

Even if u get this mortgage how will you afford to pay it plus bills and food? It's a disaster waiting to happen.
Buy something cheaper or get a better paid job.

LondonDreamer

andyuk21us wrote: »

I would not say the 10k is a loan to a morgage broker I have not yet put the money in my bank yet I might feed it in to my account a bit at a time

As PP said, that's fraud. You would also need to prove where this money came from as part of anti-money laundering screening. On your income, I think a boost of 10k in savings over a relatively short time would be questionable.

Help to Buy (part 2) is about securing a 95% mortgage, but is still subject to affordability tests. You won't get more than 5x income from any lender, particularly on a low income. Sorry, but the answer is either to keep saving, buy somewhere cheaper or earn more. Probably all three, to be honest.

andyuk21us

mlz1413 wrote: »

At £15,000 earnings per year you can't afford to pay a mortgage and and all the bills, let alone eat, hence why lenders will not lend to you.

I am a bit surprised that you can afford to save 2/3 of your income per year. But as you can i would encourage you keep saving and try and boost your income so that you meet more criteria. Also try and get your girlfriend to work at her credit score so that when you re apply you have more options.

in my eyes I can afford a mortgage its sad but in the banks I cant my girl friend pays the bill and the 650 rent and I do the saveing for our house I don't smoke or drink and I ride a bike to work our out going are low. so far I have been saveing 1k a month for the past 4 year

sabretoothtigger

Surely anyone can buy a house with cash without having to prove its their money.
Sounds like you'd need someone to act as guarantor on the loan, thats more useful then lending or giving money.

My old landlady bought her house for 10k and fixed all the things wrong herself. It was a depressed area though so most have no such choice

Beckyy

Sadly, the banks don't always see it as we do.

You would have to say where you deposit came from, and they may well ask for proof. Why don't you try seeing an Independent Financial Advisor to see the maximum you could borrow at a reasonable rate?

There's the option of buying a cheaper house too?