Applying for a Mortgage: Difficult income situation

loralora

We have a bit of a different situation to most typical first time buyers and I have struggled to find information on the internet related to our exact situation, so I was hoping someone might be able to give some positive advice on how we might be able to afford out own place?

Me (30) and my partner (35) are looking to buy our own first small home in South Yorkshire. We dont have much income but we are keen to get out of the renting trap. We have seen an ideal house on the market for £135,000 and we have a deposit of £10,000, however we have struggled in qualifying with a normal mortgage.

We both have credit scores in the 800's, we dont have any debts in any way, we dont have any children, or a car. Our current rent is £525 a month (we have a 10 year record of meeting rent payments, never been late with any) and we could afford to go upto £630 a month with our lifestyle.

Our annual income is:
Me PIP Disability: £2,640
My part time as self employed work (only 6 months records though so it doesnt count I believe): £10,000
Partner: £11,400 normal employment

My mum has also said she would be willing to be included if possible, she has an income of £11,800 and a fully paid off house currently worth in the £250,000 region.

My partners parents are both retired but also fully own their own home worth about £170,000

Thank you for reading and any advice would be really appreciated

ACG

I think you are going to need to fold fire for 6 months untl you have 1 years accounts.

loralora

would a guarantor mortgage be possible at all?

ACG

Maybe but not in this instance as I do not think they are earning enough and their ages are likely to be a problem as they will presumably be retiring well before the mortgage finishes.