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Mortgage Low Income
jt91
Posts: 2 Newbie
I was just wondering what are my chances of securing a mortgage on a low income.
I earn around £18,600 a year salary and then about £2000-4000 in overtime.
What are my best options for low income?
I earn around £18,600 a year salary and then about £2000-4000 in overtime.
What are my best options for low income?
0
Comments
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I was just wondering what are my chances of securing a mortgage on a low income.
I earn around £18,600 a year salary and then about £2000-4000 in overtime.
What are my best options for low income?
How much deposit?
Do you have any loans or credit cards? Any car payments? Any child support payable?
It's possible...:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
I was just wondering what are my chances of securing a mortgage on a low income.
I earn around £18,600 a year salary and then about £2000-4000 in overtime.
What are my best options for low income?
You can't really say nowadays as it's all about affordability - so it depends on your outgoings too.
But the old income multiples usually hold true in many cases. Overtime probably won't be considered unless it is guaranteed.0 -
no loans or debt. Pay into my pension too. And put away £500 a month in an ISA. So would probably be able to save arond 10k for a deposit. What would be the best mortgage option?0
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How much are you looking to borrow?0
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There's no such thing as a low income, only an unaffordable mortgage. If you asked to borrow £40k, I'm sure you'd have no problem. If you asked to borrow £140k, you'd be disappointed.0
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See a broker that doesn't charge you for advice, they'll run a check through & give you a figure
And actually a lot of lenders take overtime in full or part as long as its ongoing & there us a record of it previously. For example, they may take an average of last three monthsPoorMoon
Cleared £15,000 debt whilst being a student full time, bought a house, all whilst working full time.... it can be done!0 -
jt91, do you have any kids? Any other secondary income such as tax credits???0
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If you have an income, have a deposit and no adverse credit, you will get a mortgage.
The amount is what is in question and that is determined by;-
the term
your income and expenditure
the chosen lender.
You may wish to consult an independent mortgage broker to establish your options.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
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