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First time buyer wants to know whats the best mortgage options with father investing?

andykrissy
andykrissy Posts: 3 Newbie
in Mortgages & endowments
Hi, I'm looking at purchasing a house valued at £105,000. I'm employed on a salary of £28k and have a good credit rating. My father is 62 and is on sick pay. He also has no mortgage. I have £4000 in savings and wondered whether it would be best to borrrow the money off him to make up the 10% deposit or get him to come in as a joint owner.

Any suggestions please.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Whether he is joint owner or not, you will need the 10% deposit as a minimum

    If you can get 25% then you are hitting the better rates.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • andykrissy
    andykrissy Posts: 3 Newbie
    What would the monthly payments likely to be with a 10% and a 25% deposit at todays rates sorry i'm just new to all this.
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