Low income mortgage

Monkey88

Hi,

I've got the opportunity to purchase a house from a family member. The house value is approx £175k and I can buy it off him for £105k.

My income is only £15k and I have a £10k cash deposit although hoping I could use the difference in the purchase & value toward a deposit? - I'm pretty sure I can't get the mortgage on my own with this income but thought I'd ask her before contacting brokers etc.

My parents are both elderly - 63 & 73 years old so I'm not sure I could use them to help, maybe a joint mortgage with my mother or something?

The final option is to get a second job, but I don't know how much I'd need to earn on a second job to be able to get £105k?

Thanks in advance for any help and/or advice :-)

Blu4

I'm on £14k only and First Direct abd Nationwide both declined me on affordability this week. Tsb agreed but said min. 29 yrs. this was for £70k mortgage so you may struggle. A broker would be the way to go I think.

nubbins

I think you are going to really struggle to be honest, someone will be along to correct me but i'm sure with most of the lenders a second/part time job they only take 50% of the income if that, might be wrong on that one.

amnblog

No-one is going to lend you 7 times income.


You need to more your income up or your expectations down.

Monkey88

amnblog, as I stated in my first post I'm pretty sure I won't be able to get that much on my current salary which is exactly why I posted here for some advice.

Nor are my expectations too high, as I stated in my first post the opportunity has arose to purchase a house from a family member - I'm not specifically looking for a mortgage at this current time, the opportunity came to me!

Mainly I think I'll need a second job, which I also said, I'm just keen to know roughly how much I'd need a second job to be paying to make it viable to apply for £105k

Thanks.