First time buyer needing help

kev88_2

Hi there,

Im a 20 year old student living in Scotland. Currently, Im looking into getting my foot on the property ladder. My parents are happy to invest in a flat with me. I have enough money to put down a good deposit and im able to afford maybe £400 a month. However, I cant get a mortgage. I earn all my money from buying and selling websites and I dont have a stable job as such which would qualify me for a mortgage (i.e. some months i earn maybe only £500 a month and others i can earn £5000 a month depending on how much time i have). But, I have about £25k-30k in savings.

My parents have lived in their house since 1995 on a small mortgage and they have spare money to maybe take out a mortgage for me in their name. is this possible? (i.e. they take out the mortgage in their name, i pay it (maybe 75% of it) and live in the flat, and my parents pay 25% of the mortgage.

hope i make sense

thanks for the advice

dimbo61

Could you take out a BTL mortgage with mum and dad

robin_banks

Unstable earnings from what is little more than a hobby - sorry you've no chance of getting a mortgage.

luckyfool

Kev88,

Do your parents have enough provable income to afford the mortgage? If so there are lenders that would allow your parents to buy the property in their name only, or potentially with you on it as well. Your solicitor could draw up the legal side to protect your deposit/share of the property.

HenBroon

robin_banks wrote: »

Unstable earnings from what is little more than a hobby - sorry you've no chance of getting a mortgage.

But 25k in savings by the age of 20 - that's a pretty lucrative hobby! The OP may not be a good mortgage prospect but he sounds like he's made some pretty smart financial moves so far - are you jealous Robin Banks ?

kev88_2

robin_banks wrote: »

Unstable earnings from what is little more than a hobby - sorry you've no chance of getting a mortgage.

this is definitely not a hobby. i would be full time if it weren't for my BioMed degree.

luckyfool wrote: »

Kev88,

Do your parents have enough provable income to afford the mortgage? If so there are lenders that would allow your parents to buy the property in their name only, or potentially with you on it as well. Your solicitor could draw up the legal side to protect your deposit/share of the property.

Yeah they have a joint income of around £50k. They're half way on a £90k mortgage i think.

robin_banks

HenBroon wrote: »

But 25k in savings by the age of 20 - that's a pretty lucrative hobby! The OP may not be a good mortgage prospect but he sounds like he's made some pretty smart financial moves so far - are you jealous Robin Banks ?

It's unstable, cannpt be verfied, and no doubt the inland revenue aren't aware.
Seriously no lender will touch it.

Smart moves yes, jealous - nah. I've little/no skill or interest in what the OP does.

kev88_2

robin_banks wrote: »

It's unstable, cannpt be verfied, and no doubt the inland revenue aren't aware.
Seriously no lender will touch it.

Smart moves yes, jealous - nah. I've little/no skill or interest in what the OP does.

thanks for your opinion robin

robin_banks

Good on yer OP, making that money shows initative and drive.

Will we be seeing on the apprentice in 2010 then?.