Mortgage on an apprentice salary

FTBAngst

I’m making a career change and going to become an apprentice on £15k. Having done moderately well in my current career I have a deposit of approx £150k. I’m moving to Yorkshire/ Bradford way and was looking at houses around £210k but when I used the Barclays how much can you borrow calculator it said they would only lend me £13,000. I had used 4x your salary rule. Does that not apply if your salary is very low?

mattvolatile

Speak to an all market broker. There are good online ones, and good local ones.

FTBAngst

I have/ had a broker. Do they get paid on percentage of the loan? If so, she’ll be really disappointed when I tell her I’m moving from a £65k salary trying to buy a £320k house in the south to this...

RelievedSheff

Why not buy a house with the £150k that you will have and forego the mortgage.

£150k should buy you something half decent in the Bradford area.

FTBAngst

Can’t find anything of the size/ location. I’m not looking at the centre of Bradford. More between Bradford and Leeds

Let_Us_See

Once you have taken cost of living expenses from a £15k income, there is little left towards mortgage affordability.

FTBAngst

Not even if I’m only looking to pay £200 a month. My current monthly spend is only £1100, my rent is £600 (sharing, everything included). Plus with the change in job I won’t be commuting 2+hours a day (which is approx £250)

I can top up my pay quite easily with freelance work. My plan was to use holiday time to work at my current job and weekends.

alex_163163

I bought my first property on my own with a salary of £16k pa. I was applying for a mortgage of just under £60k, so similar to you. I was with Nationwide.
This was back in 2015 so lending criteria could have changed, but it was certainly doable for me.

kingstreet

Plug your income and outgoings into different lender calculators and see what you're offered.

FTBAngst

I’ve used approx 6 different ones and the range of how much I can borrow is 13k to 104k!

scholesfan88

FTBAngst wrote: »

I’ve used approx 6 different ones and the range of how much I can borrow is 13k to 104k!

Suggest you go with the one offering 104k then.