Getting mortgage for son with bad credit

lola1123

Neas: You're absolutely right...! My mother says the same thing!

Poppysarah: Thanks a bunch for the birthday wishes!

mlz1413

Your son should see how very luckily he is, his father has given him the deposit to buy a house, not many of us have that chance of a non repayable loan for our first home!

I gather from the way you talk of your son he probably still lives at home and so should already have savings the fact he hasn't means he is not ready for his own home. But maybe it is time for him to move out, rent his own place and see how much it costs to live.

If your son did get a $300,000 mortgage then at 5% he needs to pay $1250 pm in interest alone, add all the bills and he needs to be able to payout over $2000 pm just to pay the bills. Get your son to prove he can rent somewhere for 6 months and not end up in crisis before you discuss him being allowed to buy a house again.

Rikki

I'd be worried if he couldn't make the payments it would come down to you. Could you cover his mortgage and your own?

You said your own marriage could be heading for divorce. If this happens you are going to need to fund your own life. I hope this doesn't happen but it is obviously to you a potential worry.

Bf109

ioscorpio wrote: »

It's people like your son in the US that has brought about the credit crunch in the UK with their sub prime mortgages.

Yes, its not like we have any subprime in the UK... all the americans fault! nothing to do with us and our 125% self-certified-income mortgages to someone on disability benefits after all is it?

F*ck some people and dumb.

ioscorpio

Your last sentence does not make any sense, it's a shame you have to resort to swearing to get your point across.

lola1123

Ok...to the folks like mlz413 and rikki -- not BF109 who seems to have some issues -- thanks very much. My son has been living on his own for the last few years and has kept the same apartment with no late payments: to the tune of $1500/mth. So he's not mooching off his mother and living at home. He did get in trouble years back with credit cards, but has since changed his ways and cut them up. He's been doing the right things and building back his credit for the past two or so years. His father, from whom I've been divorced since my son was very little, had kept a home in trust for his sons as a way of helping them get into a home of their own when they grew up. And now they're grown.

Rikki: That was very perceptive of you. My marriage is a bit rocky and one of my concerns here is: in the event that the marriage ends, I need to be able to go it alone and buy a home on my own. I've confided in my son about this situation, and he suggested that, if this happens, I could rent the apartment in his 2-family home and pay very minimal, if not any, rent so that at least I'd have a roof over my head and I could save aggressively for a down payment for my own little place....And so this is why I'm going back and forth in my mind as to whether I should do this or not....

And, finally, today, I just received word --- as has my son -- that I've finally been preapproved for a mortgage.....And, by the way, it wouldn't be a "sub prime" mortgage since they've checked my income and all the required documentation. And my son would put down the down payment of 20%. So it's a traditional mortgage. Also, my ex husband secretly told me (he doesn't want my son to know) that, when my son and I buy the house, my son's dad is going to give him the "rest" of his gift to him to help him pay down the mortgage. But my son doesn't know this now.

Well, that's it for now. I'm going to sleep on all of this tonight. Thanks so much to all who gave wise, sage advice. I do appreciate it.

Lola

lola1123

To Mrsukyankee: Thanks so much for sharing your story. You have one wise dad!

puddy

remember you are allowed to change your mind on things you have previously decided on, just because you agreed to something, doesnt mean that having rethought it, you have to go along with it against your better judgement

lola1123

I hear you....thanks for the reminder, jenner....

neverdespairgirl

I'm a year older than your son (31) and live with my other half and our 3.5 year old son.

I wouldn't dream of asking my parents to guarantee a mortgage, to be honest. I'm all grown up, and the time of financial reliance on them is long gone.

And, in addition, it sounds as if you may have your own personal issues ahead, which you have to deal with.

I agree, not ringing you on your birthday at the very least is out of order. It should have been him dropping round with a present and a card, or posting them, and a phone call is the least you could expect! He seems to be taking you for granted.

Happy Birthday for yesterday!