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Low income but have savings - what are my chances of getting a mortgage?
Comments
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Thanks for all the replies - much appreciated. My salary will rise to 10k next year (I have this in writing) and i've thought of another thing which may help.....the place in question is 2 bedrooms so i may ask one of my family members if they would be interested in a join mortgage with me so then their wage can also be taken into account. Does a joint mortgage sound more feasible as i dont want to struggle to pay bills ect.0
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Thanks for all the replies - much appreciated. My salary will rise to 10k next year (I have this in writing) and i've thought of another thing which may help.....the place in question is 2 bedrooms so i may ask one of my family members if they would be interested in a join mortgage with me so then their wage can also be taken into account. Does a joint mortgage sound more feasible as i dont want to struggle to pay bills ect.
You've received a lot of sound info so far from everyone.
Buying the property with someone else is definitely a possibility but then it opens another can of worms. Not least of all, if he/she refuses to pay the mortgage, you're still liable for the full amount. Also, you'd have to consider if that person wanted to sell up, would you be in a position to buy their share or be willing to sell up too? If you do go ahead with this route, it'll be wise to have something written in writing to address these possible scenarios to avoid arguments later."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0 -
He's buying a newbuild?Idiophreak wrote: »In theory you could look at help to buy
If they leant you 20%, and you pitched in 15k, you'd be looking at getting a 41k mortgage
BTW on HTB - Equity Loan available on newbuild only, 3% of the equity loan is deducted from affordability, so not necessarily a solution either way.I 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 -
Idiophreak wrote: »If they leant you 20%, and you pitched in 15k, you'd be looking at getting a 41k mortgage, which is getting closer to doable....kingstreet wrote: »He's buying a newbuild?Idiophreak wrote: »...But, of course, that relies on their being eligible new builds in your area for the right price.
I did say that was a limitation...0 -
Would any of you recommend shared ownership schemes? part buy/part rental? I guess this could be another option for me.0
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The rent would then limit down how much you could borrow...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
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Would any of you recommend shared ownership schemes? part buy/part rental? I guess this could be another option for me.
These schemes could be a good start for you. Once your income increases and you've saved up some more money, you could consider increasing your ownership of the property."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0 -
would I be in a worse off position that way? I have found a decent one with 50% ownership at 50k.0
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would I be in a worse off position that way? I have found a decent one with 50% ownership at 50k.
How do you mean worse off? Clearly owning a property 100% is better than 50% if that's what you mean... but everyone has to start somewhere. The only concern, as has been mentioned already, is the affordability of mortgage when interest rates rise, given the rent + the other bills too."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0 -
...and at 50k on a 10k wage, part-rent, part buy...you're really pushing your luck again with affordability...0
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