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Hi all,
My brother has a PAYE job but its with a ZHC. He said he can earn around 35k p/a with his other job (3 month contract teaching at a university).
He wants to buy a house and has about 60k saved. Where he lives, he'd ideally be buying in an area close to family where a terrace goes for around 130.
Is that even feasible? I had a quick google online, and it seems like online mortgage brokers at least invite you to put your details in, but I'm not sure. My mortgage advisor didn't seem optimistic when I looked into this but that was some years ago.
Experience/advice welcome.
Cheers,
FM
I think that's one for a broker.
I think you have it- get him to speak to a mortgage broker. Several online ones that don’t charge a fee. I used one for our last mortgage, I might even have a code to get a few extra quid cash back for him if he goes ahead with a mortgage. The one I used was whole of market so effectively looked at all deals there were and had to recommend the best.
Edit: wot he said, beaten to it
I'm self employed with no predictable income and they were happy to look at past income as a guide to future income. I think when you have a decent amount of savings they are more flexible with the other aspects. I certainly got that impression when we remortgaged recently. Having almost 50% equity it really ought to be straight forward but I'm not an expert. He may need to shop around a bit or use a broker.