Large deposit - low income

theboab

Hi,

After being turned down on a 5% (accepted in 10% but at the time we did not have the money) mortgage earlier in the year, we got an idea of what was required to get a mortgage. Since then we have been left some money (65k) and have more than enough to apply for a mortgage based on our previous earnings. Since then I have taken on a low paid job, taking home only £250 a wk. An agreement I have with the owner of a new business to assist it getting off the ground and if successful I could do very well. My wife is also on maternity (£1500 a month for 6mths) but with no prospect of going back into work afterwards as she was only on a one year teaching contract. So I can't really say to the mortgage supplier that the business will be successful or that my wife has guaranteed work so I was wondering what my options were.

Looking at property around the £110k range and I can afford a 30% deposit would the low wage be overlooked?

Sorry about the long winded explanation but wanted to get as much info as possible.

Thanks for any advice.

theboab

GMS

Income pays the mortgage, not a deposit.


If your income can't support the mortgage then you won't get it. Previous earnings are irrelevant.

Kirstyb1987

if you have 65k why are you only putting down 33k?

theboab

Thanks for the replies, sorry for my ignorance. Money kept back to invest in more cost efficient heating. But that could be put on the back burner for a while.