First time buyer

kiran413

Half the deposit is also hers.so that isn't a problem.i know my sister that there wouldn't be a problem of what's the her share in the house.but when she gets job she will also pay.other things is that i have heard from some1 that higher education loan doesn't count really as a loan but as a income.coz it even doesn't show on credit report.
so there isn't anything to worry about my sister coz we are all very close family and help each other from time to time.

lynzpower

I wouldnt have ever thought that debt is an income? AndrewSmith? Anyone, is it? I could be wrong on this though lets see what others say.

Fair enough, you know your family better than me, if you are happy to go ahead with it, then thats fine the pitfall will be if either of you want to sell up and the other one doenst be it for that dream job in the maldives, or needing the money for another venture, or moving in with a partner.

Good luck with it

Dead_Eye_Jones

flat, 89k, in London? Is it like, missing a roof?

I went with nationwide, was 4.something a few months ago. Try buying a mortgage mag from ya local newsagent, I read a cple of those whilst looking and got up to speed on the mortgage market quite quickly - really helped.

GL!

kiran413

no,some flats are of around £80,000 and other flats which i have seen are on SHARED OWNERSHIP Basis.so thats how i can buy.i think its much better to buy something on £500 monthly instalments instead of renting on £800 monthly.at the end property would be yours.any other advice would be helpful.thanks

AndrewSmith

lynzpower wrote:

I wouldnt have ever thought that debt is an income? AndrewSmith? Anyone, is it? I could be wrong on this though lets see what others say.

Fair enough, you know your family better than me, if you are happy to go ahead with it, then thats fine the pitfall will be if either of you want to sell up and the other one doenst be it for that dream job in the maldives, or needing the money for another venture, or moving in with a partner.

Good luck with it

Quite the opposite effect actually in potentially reducing the amount you may be able to borrow.

Also as the second party would not be working she 'may' be seen by some lenders as a dependant thus reducing further the amount you may be able to borrow.

This is a huge generalisation, however it does vary from lender to lender.

Andy

kiran413

So people wot do u think i would be able to borrow if i do a sole application.can i get £100000 mortgage with 15k salary with no bad credit history or debts,

lynzpower

kiran413 wrote:

no,some flats are of around £80,000 and other flats which i have seen are on SHARED OWNERSHIP Basis.so thats how i can buy.i think its much better to buy something on £500 monthly instalments instead of renting on £800 monthly.at the end property would be yours.any other advice would be helpful.thanks

Ah, heres the rub then

If its shared ownership, check with the housing association as to whether you would be able to have your sister living with you. Some dont allow anyone other than the mortgage holder to live there.

You will have to rent the other half. so you will end up with the mortgage being one cost, but also that the rent side of it is the same amount ( give or take a fiver or so, thats what mine is)

I had a 74k mortgage, on a 200k flat ( roughly) my outgoings on interest only tot up to (without bills or life assurances) 800 a month. ish.

Add that to what Andrew is saying about your sister possibly being your dependent, and see whats going on. Best to speak to your broker about affordability in this.