Struggling to find a mortgage as a single person

MaryNB

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

I got a 4.75x mortgage as a single person during Covid. £160k should be easily achievable given your salary and deposit. 
Check your three credit files to make sure everything is ok (Use Credit Karma for Transunion, MSE credit club for Experian, and Clear Score for Equifax). And as somebody said above, start using your credit card, keep the balance within 30% of your limit and pay it when you receive your statement. Lenders like to see you using credit (responsibly, obviously).

K_S

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

Gem_M90

I'm a single applicant first time buyer. I earn 30k/year and my mortgage is for £134k with a 33k deposit (and also using HTB for another 5%). 
Financially I have more credit than you do, I have a loan and had a few thousand pounds across other lines of credit (most of which has been cleared down however my application was approved with them still existing). 
My mortgage is through Halifax on an excellent interest rate 2 year fixed. 
I'm in Scotland so unsure what difference that makes, however 100% speak to a broker...there will be options for you. 

MikeL93

Deleted_User said:

Student loan maybe? 

Don't have one as I didn't go to uni

MikeL93

K_S said:

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

I think I'm going to have to speak to someone else then about what mortgage I can get, when I last spoke to someone though it was in May. By that point I had already paid off both my car and the dentist so didn't even mention.

I am sort of stressing now feeling like I'm never going to get a mortgage. My parents keep telling me though not to stress and worry about having to move out anytime soon.

K_S

MikeL93 said:

K_S said:

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

I think I'm going to have to speak to someone else then about what mortgage I can get, when I last spoke to someone though it was in May. By that point I had already paid off both my car and the dentist so didn't even mention.

I am sort of stressing now feeling like I'm never going to get a mortgage. My parents keep telling me though not to stress and worry about having to move out anytime soon.

Honestly, at least from what I can see, there's no reason to be stressed yet. Good luck!

MFWannabe

MikeL93 said:

K_S said:

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

I think I'm going to have to speak to someone else then about what mortgage I can get, when I last spoke to someone though it was in May. By that point I had already paid off both my car and the dentist so didn't even mention.

I am sort of stressing now feeling like I'm never going to get a mortgage. My parents keep telling me though not to stress and worry about having to move out anytime soon.

There’s no need to stress; you’ve got a well paid job; good deposit and can stay at parents as long as you want and need to. Also you’re only 27! 
Check your credit files; just in case there is something flagging up on there that you’re unaware of / not right
Speak to a good broker; honestly they make it so much easier. Absolutely worth it IMO especially when you’re a FTB 

MikeL93

MFWannabe said:

MikeL93 said:

K_S said:

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

I think I'm going to have to speak to someone else then about what mortgage I can get, when I last spoke to someone though it was in May. By that point I had already paid off both my car and the dentist so didn't even mention.

I am sort of stressing now feeling like I'm never going to get a mortgage. My parents keep telling me though not to stress and worry about having to move out anytime soon.

There’s no need to stress; you’ve got a well paid job; good deposit and can stay at parents as long as you want and need to. Also you’re only 27! 
Check your credit files; just in case there is something flagging up on there that you’re unaware of / not right
Speak to a good broker; honestly they make it so much easier. Absolutely worth it IMO especially when you’re a FTB 

Thank you, I guess I'm just feeling old to be living at home compared to my mates as they all moved away to uni and then moved in with their girlfriends so they've been living independently in their own properties for a number of years now. Added to that my sister who is 23 has now moved out so I guess I'm just putting pressure on myself. I just have to keep reminding myself that my mates and sister have all had joint mortgages whereas I will be applying on my own unless something drastically changes in the next 6 - 12 months.

MaryNB

MikeL93 said:

K_S said:

MikeL93 said:

K_S said:

ACG said:

£99k seems low, I would expect something closer to £135k + your deposit. 

I'll second that. £99k seems awfully low. Where did you get this figure from @MikeL93 ?

Some of the aspects that may bring down max borrowing are if your credit history is poor (recent late/missed payments or defaults on file) or if your income of 30,750 includes a variable element such as commission/bonus, etc. If it's a basic income of 30,750 with a clean credit history and no debt, a single 27 year old *should* be able to borrow around 4.5 times income.

I can't remember off the top of my head where I got that figure from, it was a mortgage advise company that I had to have a telephone meeting with. My income is a basic income but then last month and this month I've had bonuses in my pay cheque. I imagine I have a clean credit history, I've never actually checked my credit score but I also forgot to mention I have for the past few years been paying £350 a month for my car which is now all paid off and for 6 months last year I was paying a £200 direct debit to my dentist every month for work I was having done, I never missed a payment on either of them. Part of me is thinking if I am facing an uphill struggle due to what is going on with Covid and lenders are less willing to lend money.

@MikeL93 That's probably it. If you add monthly outgoings of £350+£200 to your affordability calcs, that could reduce max borrowing to around 100k.

Assuming the bonus you are talking about is over and above the basic, then that should still mean you should have a max borrowing figure of around 4.5-4.75x basic income.

Covid has no impact on any of what I've said above. As far as I can tell, based on the limited info shared someone in your situation should potentially be able to borrowing at least 135k towards the purchase of a 160k property.

I think I'm going to have to speak to someone else then about what mortgage I can get, when I last spoke to someone though it was in May. By that point I had already paid off both my car and the dentist so didn't even mention.

I am sort of stressing now feeling like I'm never going to get a mortgage. My parents keep telling me though not to stress and worry about having to move out anytime soon.

Don't stress about it. You are far from alone in your situation. I'm only just buying my first place at 31 and I know very few people of my generation who bought in their 20s (at least without substantial help). I know a few older than you who are still living at home while they save up to buy. Think of it positively, you're saving way more living at home that you would be renting and therefore can get on the ladder sooner. Also, you miles away from having to worry about still having a mortgage as you approach retirement.

ACG

There are pros and cons. I think I moved out at 25 around 11 years ago, back then I wasnt in any major rush to move out but now I would never move back. 

You will have more money each month now than you ever will when you get a mortgage and bills - a mortgage also comes with council tax, gas, electric, water, tv license, house insurance, a proper food bill, repairs etc. Think about what you are giving up. No harm moving out, but do it because you want to, not because you feel like you should.