Mortgage on low income

[nomorename]

To think I can get a mortgage?! Wondered if anybody could share any wisdom or secrets! I have a sizeable deposit due to a little inheritance but a low income so as a single applicant, I can't get a mortgage! Any tips on options for the lower paid? TIA

OP look into keyworker housing schemes, I did shared ownership as a keyworker the terms were good, the total including rent and mortgage was less than private rent in the same area by about 25% and in the 6 years I had it I made 40k without increasing my share, plus was able to save whilst living there. I was on about 25k salary at the time. I had one open house for two hours and got six offers, shared ownership works if you live in/around London as there will always be demand. Mine was with family mosaic, it was a new build estate with big houses and just two little blocks of 4 flats and they all went to keyworkers only, there was me, a nurse, a police officer couple and a fireman in my little block and another block of 12 that were social housing. By the time I sold my career had jumped a couple of times and DH and I were living together so had two salaries for the next mortgage. It's been the biggest benefit of working in the public sector!

Could you take on a second job, even for a couple of years?

@KarlKennedysDurianFruit

OP look into keyworker housing schemes, I did shared ownership as a keyworker the terms were good, the total including rent and mortgage was less than private rent in the same area by about 25% and in the 6 years I had it I made 40k without increasing my share, plus was able to save whilst living there. I was on about 25k salary at the time. I had one open house for two hours and got six offers, shared ownership works if you live in/around London as there will always be demand. Mine was with family mosaic, it was a new build estate with big houses and just two little blocks of 4 flats and they all went to keyworkers only, there was me, a nurse, a police officer couple and a fireman in my little block and another block of 12 that were social housing. By the time I sold my career had jumped a couple of times and DH and I were living together so had two salaries for the next mortgage. It's been the biggest benefit of working in the public sector!

Thank you!! This is really reassuring! I will have a look into this!

Thanks all for your advice!

I got a small mortgage as a single person on minimum wage. I did have a 40% deposit to put down and the house was cheap so the monthly repayments are very low. It is possible!

Sorry op, do you mean you want a mortgage more than 3 times or so your earnings? No one gets this

Really? I did!

I do live in the Midlands though so obviously it's cheaper. It's really unfair for people who live in the south that you'd have to move away from all family and friends to afford a house.

Op, you can get a mortgage, unless you have credit issues etc, you can get a mortgage for the same multipliers as everyone else. So on your salary you’d get a mortgage for about 80k.

With a deposit of only 35 k this doesn’t give you enough to buy a property where you are.

You’d need a multiplier of about nine. Which is simoly not affordable.

The issue is your earnings. You could look at things like shared ownership etc,

@georgeggg try Mortgage Advice Bureau, John Charcol or London and Country. Used all of them in the past as they are whole of market and they have always been good.

Where exactly are you? There are quite a few areas in the south where you can get 1 bed flat for around £100k. Not the nicest, not in the best areas, but they exists. Or maybe start with a studio flat.

Any opportunities for a promotion in the next couple of years?

@SchrodingersImmigrant @letsnotscaretheneighbours

Thank you, I will have a look on google