Mortgage Eligibility

Terrylw1

Hi folks,

I was wondering if any of you smart people could help me with an issue that I have at the moment.

Myself & my GF have been looking for a property for a while. Unfortunately, I have been off work due to long term illness. I'm due to be back within 30-60 days per my GP. So, we put off looking thinking that because I have am on a half pay basis with my employer while this is going on, that it will effect us getting a mortgage.

Looking at the calcs on the net we can get a combined mortgage of £117k based on our full pay.

I also have £40k to take a deposit out of. I don't want to commit too much of it as I am considering BLT or setting some form of business up as well as adding a sum to my pension pot over the next few years once we have a feel for the mortgage side (we are FTB's)

So, I wanted to ideally go for 5% deposit and maybe offset the rest for the next fews years while I get a fee for the mortgage and make a decision over the business side.

We have decided as FTB's to go below our borrowing ability per the calcs and head more for £90-100k and trade up later when things are more stable.

I was wondering whether this is likely? Will the half pay issue bar me from getting a combined mortgage or will they calc it based on half pay, or what?

2 houses have come up that are hard to find at the value (some work required) and I don't want to miss out if I have an option on a mortgage.

We both earn almost the same wages but alone we cover £100k even if my partner went for it and I put the deposit up for her. I just don't know whether my situation will prevent us as I would be seen as a risk?

Any thoughts would be welcomed as I've seen a lot of advisors on here.

Thanks in advance