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gribbitt

Low Wage Mortgage

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Hi,

Was looking for some pointers or advice before throwing myself into a sea of credit searches and interviews with Mortgage brokers.

I have the option to buy my parents house from them, property value is approx £115000. They are asking for £25000 from me, so effectively there's an £80000 deposit, or 70ish % equity within.

My concern is that I am on a low wage of just under 10Kpa, but do receive working and child tax credits that put my total income at closer to £20kpa.

My history is excellent over the past 10 years, with only 1 or 2 occasion late payments throughout, and these, down to oversight rather than neglect, no major outstanding credit or finance.

Would a mortgage company class tax credits as part of income? would i likely be able to find a product. Really unsure where to start.

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Hi,

Was looking for some pointers or advice before throwing myself into a sea of credit searches and interviews with Mortgage brokers.

I have the option to buy my parents house from them, property value is approx £115000. They are asking for £25000 from me, so effectively there's an £80000 deposit, or 70ish % equity within.

My concern is that I am on a low wage of just under 10Kpa, but do receive working and child tax credits that put my total income at closer to £20kpa.

My history is excellent over the past 10 years, with only 1 or 2 occasion late payments throughout, and these, down to oversight rather than neglect, no major outstanding credit or finance.

Would a mortgage company class tax credits as part of income? would i likely be able to find a product. Really unsure where to start.

Lots of banks don't lend below a certain amount

For such a low sum would it not be better to agree with your parents to pay them directly? Why have the banks slice a margin from you both?

Tell them you will pay them £500pm every month for 5 years

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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