Do I have a chance at all of getting a mortgage

[letitbegreat]

I work term time in a school for 3 hours 5 days a week. Unfortunately property prices seem to have gone up so much that I will need a mortgage - although I have a large deposit.
I have not sold my property yet.

Has anybody got any advice on what to do or where to turn to?

Any recommendations and advice will be greatly appreciated- I am getting worried.

You'll get a mortgage but you'll only really get 4.5 times your salary max. So whether you can afford a property with that and your deposit we can't tell you that

Use the many online calculators on bank websites. It'll give you an initial idea

You only work 15hrs a week. That’s not going to give you a huge amount to be multipled. Can you increase your hours?

I can't increase my hours there because they don't have anymore to give - I have asked. I am dealing with a stressful family situation and had to take this job.

The income is regular but it is not a permanent contract. Does this make a difference?

Are there any good brokers that can do a soft search? How much would this cost? I would like to know what the criteria for getting a mortgage is before I apply and mess things up due to lack of knowledge.

Thank you

Before you even go to see anyone or enquire about a mortgage add up your deposit plus 4.5 x your salary and make sure that is enough to buy a suitable property.

Have you already done this?

When you say you have a large deposit, is that in cash in addition to the proceeds of selling your house?

Well just add 4 x salary to your deposit. Is that enough to buy a property? If no, then no you're stuck, if yes, then depending how long you've been employed for a temp contract may be ok to some lenders.

If you're on a low income, you won't get 4.5 times your income, because you have less disposable income to cover outgoings.

What kind of contract do you have, how long have you worked there?

How much is your deposit, how much is your income and how much is the property?

I haven't sold my property yet and I will have to take the asking price. Someone offered £30,000
less than this to which I replied which "absolutely not."
So I guess I could put in the asking price plus my hours x 4.5. It may not be accurate, but I think I'll just insist I need the asking price.

I am thinking of taking it off the market, as there is such a shortage of suitable properties where I need to buy and everything has gone up in this area - I am fretful that this isn't the right time to sell.

Do you need to move?

So you're mortgage free at the moment then? Why do you need to move?

It will be cash once it is sold. Then I was planning on getting a mortgage. I don't live in London anymore and I want to buy in the area I do live in. But strictly speaking I do not have to sell now. I am loathe to rent it though.

What would you do if you were me?

Given the lack of information posted who could possibly say what they'd do in your situation?

Oh is this not a property you live in then? You live elsewhere?

We need a bit more info.
Is the house you’re selling currently empty? Are you renting elsewhere?
There are many online mortgage calculators where you put in your deposit and salary and it will give you a general idea of what you can afford. You will need to put in your regular outgoings too.

Oh I'm sorry.

The property is in London and it is empty. I go at the weekend.

It has not sold yet, but is mortgage free.

I live in a rental in Surrey, which seems to have gone up a lot in comparison to what they were, which has scuppered my plans somewhat.

I first worked at my term time job in March 2021, then got a full time job, but had to leave due to a horrible family situation. So I was given my 15 hour a week term-time job back at this school again in September. Strictly speaking it is a zero hour contract but it is always the same regular hours.

You will probably need a specialist broker for a zero hours contract.

The Propert is in London and you were offered £30,000??? What is it? A bird box? .... your information given makes zero sense. . .

The Grumpy Goat do you know where to go about finding a good, reputable specialist broker?

ShouldBe
"I will have to take the asking price. Someone offered £30,000
less than this..."
That's not an offer of £30,000, but £30,000 below asking price.

@YouWereGr8InLittleMenstruators

ShouldBe "I will have to take the asking price. Someone offered £30,000 less than this..." That's not an offer of £30,000, but £30,000 below asking price.

Omg. I knew 2pm was too early to crack open the wine 😂😂😂.... now makes sense. Thank you

Can anyone recommend anywhere else I can get advice?

Well the first thing to do would be to try and online mortgage calculator to get a general idea. Then ask local friends if they can recommend a mortgage broker.

No one can advise you without knowing your full financial details.

Thank you