Mortgage help and advice needed

Money_saving_dad

Please help! I am on a fairly low income but would like to get a mortgage if possible. My annual gross is around £17,200 with tax of £1221.00. My wife is a stay at home mother as our youngest is only 4 weeks old so I am the main bread winner with some additional help from benefits. I have bad credit but have recently applied for an aqua card to attempt to improve this. I live with my wife and our three sons so I would be looking to buy a three bedroom house with prices in my area around £200,000 for a property of that size. We would like a ‘help to buy’ mortgage and are able to come up with £10,000 as a deposit. I pay my rent on time every month and have done for four years at £670.00 pcm but when looking into mortgages I have been getting offered around £80,000 which is less than half the amount I would need. Can you tell me whether there is any way to get a mortgage large enough to buy a three bedroom house in my area and, if so, how.
!
Many Thanks

andyfromotley

In the circumstances you describe, not a chance.

In fact when it comes to applying i think you will struggle to be offered £80k given the dependants you are supporting.

The only realistic options are

1. look for a much cheaper property.
2. increase your income dramatically
3. wait until your partner returns to full time work

to support a mortgage of £190k you need to be looking at an income of around £50k i would guess.

stalkah

You're looking at almost 9 times your income, not happening....

andyfromotley

Oh and thats before you even get to the difficulties that 'bad credit' will present.