200K mortgage

marylee

lindabea wrote:

It may be risky, but she needs to buy in London because of her job. House prices are not cheap, and I don't think she can buy anything much for under 200K. As for not having any rental income, this may not be for long as in London, renting is very easy. When she was looking for property to rent, she soon realised that properties were being snapped up very quickly.

It's a great pity that building societies do not allow sub-letting - I had a feeling that may still be the case.

Thank you both for your replies.

I am looking to buy for my daughter and son as well. She works in central london and now lives in North Harrow. As she could not afford to buy in london, we are thinking may be around Harrow where she could get good transport facilities, where she is now, she can take the Harrow & Wealdstone train and get to euston in 15 mins. The ticket costs her £160. Am interested to know how your daughter is getting on. As it is now, a three bedrooms house where we are looking cost about £285,000 and they are so small and horrible. Like you say paying £800 a month is very expensive, is that only for a room. Daughter could not afford more than £600 a room on her salary if she wants a decent social life as well.Could you not help her with her deposit. Hubby and myself have decided to help them and buy a house in their joint name. We will have to pool al our life saving and sell our investments as well, but I think, it is better to do it now, they will never be able to afford a mortgage on their own.

I will welcome any good suggestions for buying a property with good transport facilities may be 30 mins by tube. Ideally approx £275,000 but not more han £300,000. Appreciate any help, please. Thanks

li21rv

Hi Linda!

I know this probably won't help, but when i applied for a mortgage at HSBC, the mortgage advisor asked if i'd considered renting a room to help meet the mortgage repayments...so maybe go to the establishments which she is interested in borrowing from and being honest and asking, at the end of the day surely they're the only people than can give you the definite answer? Does she have anyone in mind to move in with her?

If i find anything on internet about HSBC taking it into account i'll post it here!

I totally understand about how you and your daughter feel. I am having to move to Surrey for a job and need £200,000 (as a graduate and 22 years old with £15k uni and postgrad debts!) to buy anywhere decent in the area i will be working. Luckily my parents are helping, dad is joining on the mortgage and they are paying £400 a month towards it (which i have to pay back when i sell up + interest which is only fair), but it's the only way i can get on the ladder without throwing money down the drain (renting at £800/month).

Keep positive! Wishing you all the luck!
Rhi x