single app mortgage?

[juneybean]

Am I right in thinking no one will give me a mortgage when I get a varied salary of not much more than £12,000.

I really want my own house but I've got no hope have I?

Depends how much you want to borrow. Standard lending multiple is 3 times your salary (£36,000) and you'll need a minimum 10% deposit these days.

So that makes your property range just under $40,000. So if you can find a property for that price or less, have your deposit and don't have any outstanding debts and a good credit rating it should be possible.

$? £40,000

Can u give us an area?

Tyne and wear

£40,000 is a poor amount

I've looked up the average price paid on Zoopla and it is £135,000.

Have you considered a shared ownership scheme/buying with a friend?

If you are a teacher or NHS worker there are various schemes available to help. I think there were plans to roll these out to everyone but I don't know if it ever happened.

Is you income likely to go up?

The area I want there are some houses for about £80,000

My income may go up but only to about £15,000 when I change jobs in March :/

Is it possible for me to get a joint mortgage but to pay it myself, like my brothers income would go up against it but I'd pay it by myself?

What's shared ownership?

Well if you're income was £15,000 you could borrow £45,000. Although some companies will lend you more than that maybe up to 4 or 4.5 times your salary (£60,000 or £67,500).

If you have any unsecured debt (loans, Hire purchase, credit card etc) they will deduct that from what you can borrow so best to clear it.

Some companies will consider a guarentor arrangement, whereby someone else (eg your brother) guarentees to make the repayments if you stop.

You could look at getting a mortgage with your brother, but he would be equally liable and would have to stump up all of the cost if you were unable to. He would also have to agree if you wanted to sell the property/remortgage it to a loan in your sole name. And you would probably have solicitors costs to pay on those occasions. If he has a mortgage already that would be deducted from what you could borrow and he may not be able to help on that basis. It is a really big commitment for him to undertake (as I'm sure you know).

You may be better off trying to see if you could get more deposit together. Is there any relative who would be prepared to give/lend you the extra £40,000 or part of it?

A shared ownership scheme is usually offered by a local housing association (HA) and works by selling you a share the property, eg 40%. You then pay a rent for remaining share to the HA. When you sell you split the proceeds according to the arrangements you agree at the beginning. You can also have the option to buy extra shares in the future until you own your whole home.