First time buyer mortgage with big deposit but income too low?

fariba3

Hi,

We're desperate to get on the property ladder but my partner appears to be making not enough money to get a mortgage despite a fairly large deposit of almost £100k. (My parents gifted it to us instead of inheritance when they are gone). Shouldn't this offset the income we're making somehow? Especially as we'd like to get a share-to-buy property? How much can we actually afford?

~Beanie~

You haven't said how much you earn...

muhandis

Did you check the Sharetobuy affordability calculator? https://www.sharetobuy.com/affordability/
https://www.sharetobuy.com/mortgage-comparison/

You should see a broker who has experience in shared ownership.

fariba3 wrote: »

Hi,

We're desperate to get on the property ladder but my partner appears to be making not enough money to get a mortgage despite a fairly large deposit of almost £100k. (My parents gifted it to us instead of inheritance when they are gone). Shouldn't this offset the income we're making somehow? Especially as we'd like to get a share-to-buy property? How much can we actually afford?

stripeyfox

fariba3 wrote: »

Hi,

We're desperate to get on the property ladder but my partner appears to be making not enough money to get a mortgage despite a fairly large deposit of almost £100k. (My parents gifted it to us instead of inheritance when they are gone). Shouldn't this offset the income we're making somehow? Especially as we'd like to get a share-to-buy property? How much can we actually afford?

I guess it depends on your combined incomes and the price of the house you are looking at?