First time buyer mortgage advice

Epicelephant

Hi,
I am currently in a rented property with my partner and son. Unfortunately my partner has asked us to move out. I have managed to get enough money for a 10% deposit but unsure that will be enough on my sole wage. As you can imagine It's quite stressful with the relationship ending and I work very difficult shifts, my gp has advised me to use a sick note while we get sorted but would that effect my chances to get a mortgage? Thanks in advance

ACG

It is unlikely to affect your mortgage, although a lender may want to see you have returned to work prior to allowing you to complete.

Also, buying can take months. You can not really take time that much time off to sort your situation out. I suppose you can, but as an employer I would not be impressed with that.

As a general rule of thumb you can lend 4.5x your income. Add your deposit and that would be maximum purchase price. Although if your income is below around £18k, you might find 4.5x income with a dependent is a bit of a stretch.

Richard_Pia

Yes, most lenders I am aware of would require you to have returned to work before offering a mortgage. Any payslips you receive while off work should state 'sick pay' on them, which the lender would pick up on.