Getting a mortgage with low paying job?

scottkerr12

I've been looking into buying myself a cheap flat, however as the title I don't have two years work history as I was travelling. I've been working a part-time job for the last 9 months and I'm trying to get more work. I'm more than aware this doesn't make me a great candidate for being granted a mortgage.  However I don't have any debt, I have saved up a 15% deposit on my own and also my family would be willing to help me out financially. I've been looking at flats in the £40-50K range so I'm not looking for a huge mortgage. My dad, who is 57 and has a good paying job would be happy to take out a joint mortgage with me, I understand there's a standard joint mortgage or a joint borrower sole proprietor which would potentially allow me to make use of some of the government first time buyer grants. 

I'm looking for some honest advice, have I got any chance of making this work? 

Thanks, I appreciate you reading.

K_S

scottkerr12 said:

I've been looking into buying myself a cheap flat, however as the title I don't have two years work history as I was travelling. I've been working a part-time job for the last 9 months and I'm trying to get more work. I'm more than aware this doesn't make me a great candidate for being granted a mortgage.  However I don't have any debt, I have saved up a 15% deposit on my own and also my family would be willing to help me out financially. I've been looking at flats in the £40-50K range so I'm not looking for a huge mortgage. My dad, who is 57 and has a good paying job would be happy to take out a joint mortgage with me, I understand there's a standard joint mortgage or a joint borrower sole proprietor which would potentially allow me to make use of some of the government first time buyer grants. 

I'm looking for some honest advice, have I got any chance of making this work? 

Thanks, I appreciate you reading.

@scottker12 There's not enough information on here to be able to tell. If you are able to share the following, I can give you a very rough idea of your potential options -

- ££ amount of deposit

- basic income in current job

- age

- what govt FTB schemes are you referring to

scottkerr12

@K_S

Thanks for you reply,

- ££ amount of deposit: £8000, however I can get an additional £3-4k from family.

- basic income in current job : £650, after lockdown my hours should increase to around £900-1000

- age :  24 

- what govt FTB schemes are you referring to : So I've been saving up in a cash to buy ISA. However I've also been looking into the first home fund. It's available again from May, where the government are offering up to £25k and the hold a share of the property. 

K_S

@scottker12 For a standard mortgage, with the circumstances described in your post, you're very very unlikely to be able to borrow what you need on your current income. Once you get close to a 12k basic income, there should be some options.

I don't do a lot of Scottish mortgages so unfortunately can't comment on the FHF in detail off of the top of my head. Based on what I know, it could well be an option suited to you. For the price range you are looking at (40-50k), and the deposit at hand (12k), if your earnings go up as stated, you won't really *need* a JBSP mortgage.