Can I get a 100% mortgage on a £24,000 a year salary?

Posted on 24 April 2008

My partner and I are looking to buy our first property. I am employed and earn £24,000 a year. He is self-employed and earns around £18,000 a year BUT the problem we have is that he is unable to prove his income as he does not have any accounts. We do not have a deposit therefore a self-certified mortgage is out of the question. What would you suggest is the best option in our circumstances? We have seen a property for £135,000 - would I be able to get a mortgage for that amount on my income alone?

Unfortunately, the changes in lenders' criteria over the last month means that they are unlikely to go to the 5.6x income that you need now.  More of issue is that there are no longer 100% mortgage available at all.  They were all withdrawn a month ago as a result of the credit crunch.
 
As a minimum now you would need to save a 10% deposit.  All first time buyers are in this position now, and a lot of people have several years of hard saving to do. But it will be worth it. Also, by this time, your partner will also have a set of accounts so you will both be in a far more favourable position.

Best of luck.

Category: 100%+ borrowing, First-time buyer

 

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