Can I get a first-time buyer mortgage?

Phil_rich

Afternoon all,

The situation is as follows, I currently rent a place with my o/h and have seen a place that needs doing up that i want to buy. However to get a big enough mortgage i need to go in with my father.

Will i still be able to get a first time buyer mortgage if he is on it aswell or will it have to be a 'normal mortgage' because he has previously had one, which he has paid off?

Also if i was to finish doing it up and then rent it out instead of living in it will i need to inform the mortgage people?

Thanks

Phil

herbiesjp

There are no real benefits of being classed a FTB or not.

Also your father could be classed as a guarantor if you wanted.

MortgageMamma

There are plenty of mortgages on which you and your partner and father can all buy together, your best bet is to speak to a whole of market advisor to get you the best one. As for declaring rental to the lender, strictly speaking you should as you can be in breach of your mortgage contract and there are various consequences, but it is unlikely that if you chose not to inform your lender that they would find out.