How much will I need to earn to get a mortgage alone?

[MushroomTree]

I'm a single parent to one DC and would like to get on the property ladder in the next 2-5 years.

I'll be buying alone in Hampshire/Dorset. I imagine budget will be 200k max.

I'm lucky enough that when the time comes I have money from a family member for one of the "lend a hand" mortgages.

But how much am I going to need to earn per annum to get a mortgage in the first place?

I'm in the middle of retraining and will be changing jobs once this is done so my financial situation will be different when I purchase a property.

Also, to add to the other comments - we paid exactly the same as we would if we owned the place ourselves but it was just split as "rent" and "mortgage". Also, we were literally inundated with people wanting our house when we came to sell, the housing company had to draw up a priority list and pick the buyer. You'd be surprised how many people are on a shared ownership waiting list

A friend of mine earns £43000, and could only get mortgage for 180,000 at the very most. Depends on personal finances and expenditure more than salary now. You need to look at your other outgoings, any credit, car finance, insurance etc etc

Ah I get it! So after that time you will have paid off the deposit, but they raid the savings account if you default? I really hope it works out for you and your DD. It's scary and confusing diving into the murky world of house viewings and mortgage applications and conveyancing, but it's worth it in the end. Except maybe the conveyancing.

@user1471548941 if it's got a beach you're probably thinking of the right area!

@Kitty878 it's a slightly complicated situation with the deposit money. They can't gift or lend it to me but they can move it into another account for a period of time, so the lend a hand mortgage is my only option if I want to use that money.

Thanks for all the other advice everyone and the positive stories about shared ownership

Those who've done shared ownership, would it be possible for you to private message me the details of what you bought, where you bought it, and how much you paid please?

It would be useful to have some actual figures in front of me.