Single parent first time buyer

somethingneedstochange

Hi, I'm new. I had a quick look to see if there were any recent posts similar to what I'm asking but couldn't find any.

How much do I realistically need to earn to buy a 2 or 3 bedroom house? I'm a single parent with no one to put down as guarantors (if that's even still a thing). I currently live in a rented property in a rough area, I want to raise my child somewhere a bit nicer.

Properties in the area I'm looking at range from £95k-£124k for a decent terraced house. There aren't many properties to rent and the few I've seen are quite expensive.

I have a £30k deposit which I think is pretty good but everywhere I look for advice online seems to be aimed at couples. Gingerbread, the single parent charity, don't have any info on their website either.

Will I even be considered for a mortgage on my own?

ACG

Lenders will not discriminate based on your family make up.
It will have to pass affordability.

General rule of thumb is that you can lend around 4.5x income, but if your income is low/expenses high then that may will come down.

So how much is your income?
How much debt do you have in terms of credit cards, how much are you spending on loans?

somethingneedstochange

Thanks for your reply.

I work part time at the moment but I'm looking for a full time job around 20k a year within the next 6 months. How long do I have to be in employment before I can apply for a mortgage?

I have never had debts or loans apart from student loans. I've got a credit card that I pay off in full each month, I got this to build up a good credit rating.

ACG

Probably somewhere in the middle of the figures you have given should be possibly. £80k give or take plus your deposit.

Jaywood89

Can only help by explaining my details

First time buyer
Single mom of two, have a bf but we don’t live together.
Work part time
No debt
Borrowed 86k with NatWest
I used a broker as I have a few missed payments over a year old. They negotiated the deal

Find a lender who takes tax credit (if you get any) into consideration is my best advice as that tops up your income. Also I work a job that is reduced hours on my request but I am a full time employee and I had to prove this to the lender so not sure how part time work is taken.

Also I only needed 20% LTV so very little risK

Wish you the best of luck