Mortgage when earning less than 10k?

Elisa44

Is it possible to get a mortgage when earning less than £10.000 per year?

If I multiply my income by 4 then there is lots of choice of houses in my area, (I'm look at houses between 20-25k), I would have at least 90% deposit, and could afford the repayments.

However with my low income would getting a mortgage be impossible?

heytoki

90% deposit of a 25K property. That means you will put down £22,500

Why dont you ask for a loan?

Elisa44

heytoki wrote: »

90% deposit of a 25K property. That means you will put down £22,500

Why dont you ask for a loan?

sorry, thats my friday frazzled head, I should have wrote I will have at least a 10% deposit,

GMS

You are below minimum loan for most lenders and a property of that value is unlikely to be considered suitable security.

Elisa44

GMS wrote: »

You are below minimum loan for most lenders and a property of that value is unlikely to be considered suitable security.

Whats generally the minimum loan?
Would the all propertys of that low price be considered as not suitable security or would it be looked at on a house by house basis?

oh and when you say most lenders, does that means theres a chance a few might consider?

ACG

You can probably get a secured loan, they go up to £25k - some secured loans can be first charges, others can not so before making applications its best to ensure they can be first charges.

I dont think any mortgage lenders will lend against a property valued at £25k.

Kirstyb1987

Where do you live?????? I wouldn't mind buying 5 or 6 of them!

Elisa44

ACG wrote: »

You can probably get a secured loan, they go up to £25k - some secured loans can be first charges, others can not so before making applications its best to ensure they can be first charges.

I dont think any mortgage lenders will lend against a property valued at £25k.

Whats a first charge? Am I more likely to be considered for a loan than mortgage?

Kirstyb1987 wrote: »

Where do you live?????? I wouldn't mind buying 5 or 6 of them!

The north east of england, although whilst spending an hour on rightmove, the northwest has its share of cheap houses too.

Mortgage_Mark_2

The lowest I can think of is a minimum property valuation of £40k with Halifax.

kingstreet

Plenty of local building societies have no minimum property value and no minimum loan.

However, you will not get 4x income on a sub £10k salary. As more of your income is taken up with subsistence expenses, you'll be offered a lower mortgage as a result.

Try different lenders' online calculators and see what I mean...

Elisa44

kingstreet wrote: »

Plenty of local building societies have no minimum property value and no minimum loan.

However, you will not get 4x income on a sub £10k salary. As more of your income is taken up with subsistence expenses, you'll be offered a lower mortgage as a result.

Try different lenders' online calculators and see what I mean...

Would going to see a mortgage broker be the best way to go? That way i'd get some defininate figures too.