Low income mortgages

kcvmitchell

Hi there (new to this),

Could anyone possibly provide some options/advice/support on my next steps.

I am a lone parent, working 29.5hrs per week (part time salary of £16,610) with nursery fees off-set against the working tax child care element benefits, with a deposit of £25k (from anequity buy out) however I am struggling to find a lender who can offer my a mortgage for £130k (house value of around £150k). On paper I can afford a remortgage payments (35 year term) for a house price of £150k but of course lenders will only go as far as 4.5x my annual income.

I'm just looking for the extra £20-£25k in a mortgage. My parents are retired/18 years off retirement so I couldn't use them as a guarantor as it would bring down the mortgage term making the repayments unaffordable for me.

Nursery fees will be halfed as of Jan 2020 as she'll be eligible for 15 hours free.
Then I'll be looking to go full time with my current employer.

I've had a joint mortgage in the last 3 years so I'm technically not classed as first time buyer.

Any other options/help would be greatly appreciated.

Thrugelmir

Affordability governs what lenders are prepared to advance. That's a regulatory stance. There's no low income mortgages available. Unfortunately you'll need to rethink yoour options.

foxy-stoat

Even at 5 times your salary you are miles off.