city London Beyond UPS Lowe's city London Beyond

A broker told me I don’t earn enough for a London mortgage. Is that true?

Reading now: 977

Q I’m almost 26 and have lived at home my whole life, just outside the M25. I am a tailor, I didn’t go to university – so have no student debt – and I have worked since I was 13 in various jobs.Both my sisters have moved out to study or live with partners, so I am feeling more and more like I need to leave and live my life on my own terms, and all the other things that being in your own space allows.

Tailors don’t earn a lot of money, I’m on £26,000 now, which I hope to negotiate this year up to £28,000 to £30,000. I don’t live lavishly and living at home has allowed me to save a deposit of about £60,000.I want to buy a flat in London to be closer to work, friends and everything else.

Renting isn’t something I feel is an option. My salary is fairly low but stable. If I move and the landlord decides to hike the rent I would not have any option but to move back home.I’ve looked into joint borrower sole proprietor mortgages but am limited by the mortgage term being age-dependent as my mum is almost 63, shortening the loan term and making it unaffordable.

No lender would go much beyond £80,000 on my salary alone. My parents don’t want to use their house as security to my mortgage as they near retirement, and could help me with perhaps a couple of thousand pounds towards the deposit, but not more.I suspect there isn’t a magic bullet, and I’m trapped as many people in my situation are.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News