Getting a mortgage on a low income?

[HopefulHouseBuyer]

Does anyone know of, or have experience of getting a mortgage on a low income.

Single income of around 12k a year with very low outgoings. I know that alone wouldn't give me a hope in hell. However, I have a substantial deposit of at least 50% of the property price.

So for example (not exact figures)

100k property with a 50k deposit.

I know no one on here can tell me outright if it would be possible for me, but i'm hoping to hear of similar encouraging stories. Rather than visiting a mortgage broker and having them laugh me out the door.

Contact London and country for a free mortgage in principle. You dont have to take it. You will then know pretty much where you are at.

@StrongerThanIThought76 I'm in the same situation at the moment and only working term time. Can I ask who is your mortgage with? I need to find a mortgage that will accept tax credits and maintenance!

Thanks

Shared ownership is more attractive to people who don't have a deposit, so I'm not sure it's relevant to the OP anyway.

OP, if you're in an area of the country where you can buy a suitable property that your deposit and income multiples would allow you to qualify, you can just buy any property of your choosing that's affordable, and I wouldn't bother with SO. A broker will help you take into account any income that's not from a job, so benefits, maintenance etc and maybe stretch the income multiples, as it varies between 4 and 5 times, so some may accept you while others not.

You should also be able to justify/explain your low outgoings, in case they are well below what the lender considers 'normal'.

If the figures you post are anywhere near realistic, then you'll be fine in many areas. Round here you'd be able to buy a 1 or 2 bed terrace in an area that's absolutely fine, just not the prime areas, such as:

www.rightmove.co.uk/property-for-sale/property-64380975.html

www.rightmove.co.uk/property-for-sale/property-80432909.html

www.rightmove.co.uk/property-for-sale/property-63159720.html