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