Low income mortgage

rlkk

Looking for some advice on here before approaching a mortgage advisor.

I earn approx 13.5k (gross) from two part time jobs, both within the same school. I also earn approx £300/month (net) overtime, 11 months of the year. None in August because of the school holidays.

In a few months, I should have a deposit of 70k (savings from the last four years, plus a very generous offer from the bank of mum and dad). I’d need to borrow an extra 40-50k to buy my first home, probably a one-bed flat.

How feasible is this? I’ve checked and double checked every mortgage calculator on the internet and it looks like it might just about be doable, but would be grateful for any real-life experiences. Am I being completely unrealistic?

rlkk

Forgot to say, I have a good credit score and no dependents or committed outgoings other than the usual bills, travel, council tax (single person discount), £15 phone contract, service charge, ground rent, buildings insurance etc.

datlex

I just tested your figures on Halifax website. They would offer sufficient funds. (up to £53K) Other firms might not. Don't forget that you also need to budget for legal costs- mine were nearly £600 including searches, survey (if you do use Halifax their level 2 survey is £360).

rlkk

Thank you, that sounds promising. Yes, I’m putting aside another 5k for moving costs and emergencies!