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Is it possible to get the mortgage we need?

Posted on 31 December 2012 by Jessica Ditchfield


Hi,

If I am wanting to get a mortgage of around £130k - £135k, how much will I need to be earning?
Basically, me and my partner have student loans but no other loans or debts (credit cards) and neither of us are in our overdraft.

Whilst one of us is still studying and therefore not with a career yet, there are prospects for this in the near future. The other, has £20k fixed salary, with many bonuses and commissions on top as well as some freelance work... If this came to approx £25k per year for example, would this be accepted and would there be any chance of the mortgage or would we have to wait for both to be working?

Jessica,

Without a doubt it would be far easier to obtain the mortgage you are looking for if both of you were in full time employment. I think that with only the salary you have mentioned it isn't going to be possible as things stand. However it may be worth considering whether there's any close family member who would be prepared to stand as a guarantor for the mortgage. Then when you are both in full time employment and can meet the lenders standard requirements, the gaurantor can be removed.

If you'd like to know more about guarantors and how they work, please let me know and I'll arrange for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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