Single buyer

AdrianC

andy444 said:

AdrianC said:

Remember that £25.5k is really not that well-paid

Loads of people would be happy to earn £25.5k a year.

Indeed.

But when minimum wage is £17k full-time...

The £15/hr minimum wage suggestion that's been causing headlines this week would be £31k. £10/hr is £21k.

ele_91

The problem isn’t that you can’t get a mortgage. The problem is you don’t earn enough to borrow enough to buy in your area.  So you really only have two Options; increase your earning power or move to a cheaper area. 

babyblade41

andy444 said:

AdrianC said:

Remember that £25.5k is really not that well-paid

Loads of people would be happy to earn £25.5k a year.

I agree but the economics of buying a house is just that,economics.
I live in one of the most expensive areas in the country and most people who are a lot younger than me by a generation usually have 3 incomes coming in.. 2 full time and invariably one part time .

Unfortunately moving out of an area is the one  way , get a second job is another or progress very quickly in a current one 

OW95

Thanks for all of the comments. I live in Hertfordshire so it’s quite a pricey area, I am looking to move further away but need to factor in increasing costs of getting to and from as well. Unfortunately even studio flats are about 140k which I can’t even afford that and it’s so disheartening when I’ve worked so hard to get to where I am already - I wish I had a partner to help but I can’t magic one from thin air haha! 

With regards to my earnings, I’m very careful with my money and budget very well and have saved nearly 30k. I’m currently studying for a degree which I finish in December then will be going onto doing a masters so in that respect I’m doing everything possible to increase my earnings as the type of jobs I’m looking for as a career require the qualifications and unfortunately that can’t be done overnight. 

OW95

Just to add, I have very carefully considered a second job but with working full time and studying I haven’t got spare time to do that unfortunately, otherwise I most definitely would get something to do at the weekends 

bbat

Have you spoken to a broker? I spoke to one (for free) and I was surprised about what mortgage I could get. Might be worth a chat so you know how far your salary and deposit will get you. Then you'll know if you need to keep saving. 
It may not be different to what you have found on lender sites, but it might be. 

kingstreet

Brie said:

do you have credit available that you are not using??  i.e. a credit card that you use for £200 and pay off each month but has available credit of £10k?  That will count against you in your application.

Eh? Not in my 37 years experience it doesn't.

fewcloudy

kingstreet said:

Brie said:

do you have credit available that you are not using??  i.e. a credit card that you use for £200 and pay off each month but has available credit of £10k?  That will count against you in your application.

Eh? Not in my 37 years experience it doesn't.

Thank God someone said that!
I thought that if anything, that sort of behaviour would demonstrate good money management, someone living well within their means etc.

martindow

OW95 said:

With regards to my earnings, I’m very careful with my money and budget very well and have saved nearly 30k. I’m currently studying for a degree which I finish in December then will be going onto doing a masters so in that respect I’m doing everything possible to increase my earnings as the type of jobs I’m looking for as a career require the qualifications and unfortunately that can’t be done overnight. 

Maybe it is best to carry on saving and see what happens once you have your masters.  It could be that the job you get then is in a different area, so not being tied by a house you've bought will be an advantage.

Well done with your efforts at saving, by the way!

Brie

kingstreet said:

Brie said:

do you have credit available that you are not using??  i.e. a credit card that you use for £200 and pay off each month but has available credit of £10k?  That will count against you in your application.

Eh? Not in my 37 years experience it doesn't.

Really?!  Well you're lucky then I guess.  I had the amount of my mortgage restricted due to the amount of other credit I had available even though I wasn't using it at the time.  I could of course have cancelled the cards but that wouldn't have been an immediate solution.