Wanting to get a good mortgage on part time wages.

[Darren Bent]

if you get right property rent a room out to help the running cost and provide a cushion if income drop.

[Robtor]

I think the complete opposite to the general reply here.

£80,000 loan with a 25% isn't a big requirement at all. The Halifax (the biggest lender in the country, largely because it's lenient) will give you that 80k on a salary of £17,250. You can EASILY achieve that. Repayments in the £350 a month area.

As someone who invests in property and likes to exploit those who think renting is good, I really wouldn't advise renting for no reason. I had a guy come up to me and ask me about getting a mortgage at work the other day, he has 10years before retirement and frankly no chance, and it's only just dawned on him he can't afford his rent when he does retire.

IF your income at Royal Mail goes tits up in the future (like it could in any single job across the country) then you'll have to look at the options and what's the worst case scenario? You sell up and rent, cashing in all those mortgage payments you have been paying up until that point.


The next major point, as Darren Bent said; if you have spare rooms and you want more money, get a lodger. It's an absolute gold mine. A friend of mine has his house full of them while he lives in an annex on the side which he built, it nets him £400 a week.

Get in touch with the Halifax, if they comfortably do it then try somewhere like The Leeds for a better rate, and go for it.

[Dorset Plodder]

As someone who invests in property and likes to exploit those who think renting is good, I really wouldn't advise renting for no reason

It's very easy to get the wrong impression from posts/texts...... did you really mean to come across as an exploitative landlord?

[postiewhite]

I think the complete opposite to the general reply here.

£80,000 loan with a 25% isn't a big requirement at all. The Halifax (the biggest lender in the country, largely because it's lenient) will give you that 80k on a salary of £17,250. You can EASILY achieve that. Repayments in the £350 a month area.

As someone who invests in property and likes to exploit those who think renting is good, I really wouldn't advise renting for no reason. I had a guy come up to me and ask me about getting a mortgage at work the other day, he has 10years before retirement and frankly no chance, and it's only just dawned on him he can't afford his rent when he does retire.

IF your income at Royal Mail goes tits up in the future (like it could in any single job across the country) then you'll have to look at the options and what's the worst case scenario? You sell up and rent, cashing in all those mortgage payments you have been paying up until that point.


The next major point, as Darren Bent said; if you have spare rooms and you want more money, get a lodger. It's an absolute gold mine. A friend of mine has his house full of them while he lives in an annex on the side which he built, it nets him £400 a week.

Get in touch with the Halifax, if they comfortably do it then try somewhere like The Leeds for a better rate, and go for it.

That is absolutely great advise!! there is no way i'd go back to renting. Im 42 now and when im near retirement I want to sell what house I have at the time and move and retire in spain (where I spent 13yrs in my 20s/30s). If I rent its basically dead money and I wont have a penny by the time I get into my 60s. Borrowing 80k or a bit less is going to be in the region of paying £350 a month back. If interest rates jump up then ive taken all this into account upto 5%. Id pay more than that in rent and I don't know how anybody can think of scenarios such as "what if overtime dries up" and "what if I lose my job". If everyone thought like that then no one would commit to buy. Ive done calculations and im not going out of my depth too much in what I borrow, Id probably struggle if interest rates jump to over 5% but then again so would everyone and then i'd sell and look at other options or take on more DJ work or a lodger but that would be a bridge id cross if that rate gets that high.

[tiggle]

I'm looking to move from my flat and buy a house. I will have about 25% deposit after my flat is sold but I will need to borrow a minimum of 85k to get anything half decent. The only issue I have is that Im on a 25hr contract but i am on a long term contract. Most mortgage companies I think will take 50% of your overtime into consideration on top of the basic and the likes of NatWest will lend around 4.5 times your salary compared to lloyds who will lend you less.
In our office there is opportunity to do 40+ hours and surrounding offices are so short staffed there is also an opportunity to work your day out there.
Im not very 'au fait' with mortgages but my theory is to do work in the region of 45-50hrs a week for 3 months which is realistically achieveable (Nat West want 3 months wage slips OR P60) to achieve an average gross wage of £450-£500 per week, £250 being my basic and half of the remaining is what a bank should consider as 50% overtime giving me a gross average of £375ish.I ve got no debts and don't owe any money to anyone.
Has anyone worked their ass off to make their wageslips look good for a mortgage company and is this the only way that will work for me to get a decent amount when applying for a mortgage?

I have a few buy to lets and I use a company called London and Country to sort out the best deals.Their advise is free and you could go for a fixed rate for 5 years if you are worried about interest rate rises.Renting is dead money,insecure and is a lifelong cost.Buying isn't without its risks but its the lesser of two evils,I bought my first house and got knocked back to part time when someone transferred to our office.I had to get an evening job and a lodger and do other peoples d2d for extra money.I was permanently knackered.That was years ago and now the mortgage is paid.nuff said