Buying a house as a single applicant

whizzybee

Adding my own personal experience as a FTB buying a house solo. It will obviously depend on how much the house is and how much deposit is. There are going to be so many variables. However I had an AIP for up to £103,000 which in hindsight was way too much and we knew that from doing our financial calculations. Very glad that I bought a much cheaper house because there is simply no way a lender would have lent me that much, despite living in it with my now husband (recently set up a new business so would have found it difficult to get on the mortgage). So I borrowed £78,500 on a house valued at £85,000 last October which is 3.5x my salary. Impeccable credit rating - never missed payments however I did not have enough of a credit footprint - so much so that the first lender turned me down. I have had credit cards, still do but never bills (i.e. Direct Debits) in my name (I have always lodged).

kingstreet

dalehitchy wrote: »

Surprised no one has asked you this.... But what area are you in? You may maybe afford a house at 90k but if you in an expensive area you won't be able to get anything...

It says Norwich!

00ec25

dalehitchy wrote: »

Surprised no one has asked you this.... But what area are you in? You may maybe afford a house at 90k but if you in an expensive area you won't be able to get anything...

it says Norwich, which is why I gave examples of properties available in Norwich that he can afford

ReadingTim

dalehitchy wrote: »

Surprised no one has asked you this.... But what area are you in? You may maybe afford a house at 90k but if you in an expensive area you won't be able to get anything...

No-one needed to ask because the OP told us in the last paragraph of their post. Keep up.

snoop2008

OnlineAlex wrote: »

Hello all,

I'm a new member although I have used the website and forum to find information for a long time.

Just over a month ago my partner left me after 6 years. We had just received a mortgage in principle from Halifax having saved for a deposit whilst living in rented. It was a shock but I'm ready to move on but feel I need to regain some control over the direction of my life.

My question is in regards to buying my own property as a single applicant. I'm very keen to save my half of the deposit and continue building on this. My parents have kindly offered me the use of their second home rent free to allow me to do this.

The difficulty I foresee is the amount of money I earn. At 17k pa I understand that this can limit the amount I can borrow significantly.

What I would really like is advice (and hopefully a little bit of hope) that I can own a home without needing a second applicant and how I could go about putting plans into motion to achieve this. For example, help to buy schemes or shared ownership? New builds or existing? 5% deposits?

I know it's going to be difficult and I'm happy to receive any advice. I live in Norwich if that helps. Happy to give examples of house prices if necessary.

Thank you,
Alex

Afternoon Alex,


The advice on here has been fantastic.. my daughter is in a similar situation.. wants to go solo and has been saving for a good few years now.. I agree save as much as you can. My daughter lives with me rent free, so that she can save...


she is in a situation where she can not afford to buy in London, but can in places like folkstone. Obviously train fares has to be taken into account, but she researched flats in that area for around £137.000 and recently a 2 bed terrace for £160.000.


its hard to have a big mortgage but she will be on target in couple of years to buy outright which is her aim in the above area.


It is possible, some one here mentioned trying to get a better paying job.. My daughter did this so was able to save more each year. I know you can do this, so keep saving and researching..


I often use the mortgage best buys here on MSE. to give us clue how much mortgages will be in terms of deposit and terms . I find it helpful as a guidance tool for now but useful.


Good luck

humidex7

I really struggled to find anywhere in my price range as a single applicant on 18k. I got a pay rise to 19k and managed to bag an affordable £82,000 terraced house with monthly payments of £281.

My advice would be to push for extra income, save as much as possible, and aim for something cheap!

It's disheartening as I had a more expensive property previously, with an ex, and feel I've downgraded... but this is ALL mine and that is more satisfying