How can I get a better mortgage offer?

rootlemouse

Hi,

I'm a mature student and have just sold my flat and about to buy a new one. However as I am a student I can only get very limited buy to let mortgage deals through brokers.

I am wondering if it's possible for me to say I am buying with my father and use his salary to help me get a residential mortgage deal instead? I would want the property in my name. It would be his second home. Is it possible to do this? Any advice would be appreciated!

Thanks,
Anna.

cattie

How are you going to pay the mortgage if you buy a new property?

Do you have any income? Only I think that's something people will need to know before being able to give an opinion as to whether you could get a residential mortgage on a new property.

rootlemouse

I'm using part of the money regained from the sale to live on and the rest is enough for a deposit.

superfran_uk

So you are using the money from the sale to pay off the mortgage each month?? Now that doesn't make much sense, I have to admit!

rootlemouse

Maybe, but better than paying off someone else's mortgage with it. As a student I unfortunately have no choice, I need to free up some cash to live off and this is the only way I can make things work. 'This current climate' means I can't borrow extra on my current mortgage.

DaveyDave_3

rootlemouse wrote: »

Maybe, but better than paying off someone else's mortgage with it.

Oh Pleeeeaasse!. Not that one again!. Of course, everyone's situation is different but renting is not always bad. I think investing into a depreciating asset is probably worse.

Oh and BTW, I think it's traditional for mortgage payers to have a job.

monkey_george

I bought when I was a postgrad student (mortgage based entirely on my partner's salary but paid 50% by me), and it made us £60k and saved a fortune in rent. So "traditional" it may not be, but that doesn't mean it's a bad idea.

Depends what you think will happen to prices, really.

DaveyDave_3

monkey_george wrote: »

I bought when I was a postgrad student (mortgage based entirely on my partner's salary but paid 50% by me), and it made us £60k and saved a fortune in rent. So "traditional" it may not be, but that doesn't mean it's a bad idea.

Depends what you think will happen to prices, really.

I think you can't fail to do well if you buy at the right time in the cycle. Anyone who could get a mortgage in 2002-2005 would have been mad not to with hindsight. Seems to me that the 2-4% rises or falls on large property values will always dwarf all other costs or considerations. That is presumably why Northern Roxck was happy to give people 125% mortgages 2 years ago and won't lend without a 15-20% deposit now. They know the market is going to drop and they don't want to take the can if the borrower defaults.