Low income - do I have chance of buying?

Fosterdog

Around three years ago I was offered up to £78,000 based on £11,000 contracted income but did earn between £14,000-£17000 in the few years leading up to it with overtime and bonuses. So depending on who you go with I can't see why you wouldn't be offered similar, more even if your contracted wage is higher than mine was.

Pixie5740

Zizou wrote: »

That is realistic!

Have a lodger to help you out but you'll need a permission from bank to do so! Do this after few months in!!!

Make sure the property does not require work which is more than £5-7k!!

Mortgage amount is basically 4.9 x your Income

Good luck!

You don't necessarily require consent from the lender to have a lodger. Lodger income might help the OP when she's bought somewhere but lodger income won't help her meet the mortgage lender's affordability.

A 4.9 income multiplier is high never mind for someone on a low income. The affordability looks tight but a larger deposit should help.

n217970

hazyjo wrote: »

You'll need your credit card/overdraft to be clear for around 3 months. They usually ask for the max that's been on it in the last 3 months. May be longer for a FTB.

IME lenders have always been perfectly happy when I say in the application any debts are to be cleared - I have never had to provide proof - although I suspect they do check the credit profile when funds are drawn down....

hazyjo

n217970 wrote: »

IME lenders have always been perfectly happy when I say in the application any debts are to be cleared - I have never had to provide proof - although I suspect they do check the credit profile when funds are drawn down....

May have changed over the years, or vary from one lender to another. When I bought the time before last, they included all of my now-ex's debt and some, and knocked it off what they'd lend - even though we'd have tens of thousands after he'd sold his (which would have happened way before we bought).


Ended up having to reapply anyway after it had all been cleared as it took so bloody long to form a chain/buy somewhere.

Muttleythefrog

Agree with above... I'd really start saving hard.... the bigger that deposit the greater your chances.... and yes remember money needed for the actual process of buying... you'll evade stamp duty but moving and solicitor and survey fees consider as minimum. Get on a local buying and selling facebook type once bought the new home and can probably get furnished cheaply thereafter. At least the market seems fairly static or not rising fast... thus really this is your moment for catch up.. save hard and get some mortgage advice. Don't overstretch yourself though... estimate the costs associated with having a home of your own... bills.. council tax.. insurance etc. Clear debts ASAP and perhaps have a check of your credit rating... think the 3 big credit reference agencies all now have score or report freely available.. try joining Noddle perhaps for access to Call Credit one... just to make sure there's nothing nasty lurking (in error) before trying to get mortgage.