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Good deposit but very low income. Mortgage possible?

(4 Posts)
lamii Sun 11-Sep-16 14:22:44

Hi all, I need your expertise:

We would like to buy a 400K house zone 3. I am an artist, I have very irregular income. My fiance is an artist but he has had a normal job 10 years ago and he can provide 65% of the amount of the house. We lived 8years in London, we are abroad now and wish to come back.

If I manage to get a low income job, do you think we have a chance to get a mortgage? How long should I work?

Thanks for your help!

Nannynowamummy Sun 11-Sep-16 16:41:17

We very recently (3 mths ago) had a £640k deposit (100% cash)

Our income is a total of £16k p/a and we battled and struggled and fought for 6 months to raise a mortgage of £45k.

For this we had to provide a heck of a lot more than we did 10 years ago.
At one point we were advised our employers would be contacted to confirm we'd still be employed when the mortgage finishes in 16 years time.

Common sense seemed to have gone out of the window when we applied. After all, we could have changed jobs, got pregnant etc.

Even our SA 302's weren't enough.

lamii Sun 11-Sep-16 20:58:49

Seriously insane...worrying!

ShortLass Sun 11-Sep-16 21:04:59

You might want to ask a mortgage broker. They can go through options without doing stuff like credit checks. You don't have to pay a fee unless you go with products they recommend. Alternatively, have a chat with your bank.

I had a chat with a broker a couple of months back. Finding out the options was helpful.

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