will i be able to purchase a property??

marliepanda

With your income you'll be looking at lending 48k (60k if you are lucky) so option 1 would be out as you'd be looking at lending 100k +

I'm not quite sure what option 2 is, will the family member be giving you the 75-80 to add to your 25k? You might be able to lend a bit more with such a large deposit (to get to your 150-170 house) but you'd be very pushed to look at more expensive houses, if you were to get the mortgage offer of the extra which would still be unlikely.

u_r

yes the proceeds from sale of current property will be added to the other deposit saved up.

thnk u all for your suggestions

00ec25

marliepanda wrote: »

With your income you'll be looking at lending 48k (60k if you are lucky) so option 1 would be out as you'd be looking at lending 100k +

the OP is not lending £48k, the OP is borrowing £48k from the mortgage lender
please learn the difference, you borrow money from a lender, you do not lend money from a lender
sorry pet hate


OP
put your numbers through the government's money advice webpage to calculate what your monthly affordability figure is and therefore how much you can borrow.
https://www.moneyadviceservice.org.uk/en/articles/how-much-can-you-afford-to-borrow
option 1 is almost certainly impossible on a 12k salary looking to borrow 100k
option 2 is more realistic if looking to borrow <70K but your budget would be tight and convincing a lender that your normal household costs (food etc) it uses in its affordability calculations will be paid by others who are not party to the mortgage will be a problem

u_r

Thank you for the link...things are bcoming clearer............wish we were all a taad bit richer!!!!!!!

ViolaLass

What you really want is a higher income.

pcgtron

What we all really want is a higher income!

19lottie82

Can you not increase your income by getting a higher paid job? ARE you looking? Are you part time at the mo? Don't tThink 12k is even nmw??

ViolaLass

pcgtron wrote: »

What we all really want is a higher income!

But in the specific context of what the OP is trying to do, a higher income (given that theirs is particularly low) would help the most.

marliepanda

00ec25 wrote: »

the OP is not lending £48k, the OP is borrowing £48k from the mortgage lender
please learn the difference, you borrow money from a lender, you do not lend money from a lender
sorry pet hate

I hang my head in shame, as a primary school teacher It's one of my pet hates too (along with could of but I do that all the time too due to my accent!), I can only blame Christmas for my error!!

Freecall

00ec25 wrote: »

the OP is not lending £48k, the OP is borrowing £48k from the mortgage lender
please learn the difference, you borrow money from a lender, you do not lend money from a lender
sorry pet hate

Not particularly a pet hate or anything with me but it simply makes it impossible to understand what someone is talking about.

We should be tolerant though, maybe the poster is not a native English speaker.