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Mortgage for young man limited income
wadewade
Posts: 735 Forumite
At the age of 25 our single son has decided he would like to move out and buy a small house. The problem is although he has a good full-time employment record since leaving school he is only earning £17K. We are putting up £20K for his deposit.
Small houses in this area cost about £115K. When he went into our local Nationwide they more or less laughed at his request for a mortgage.
I know it's going to be difficult for him but can anyone suggest a building society where he might get a reasonable offer of a mortgage? Even if we have to find more for a deposit. Thanks.
Small houses in this area cost about £115K. When he went into our local Nationwide they more or less laughed at his request for a mortgage.
I know it's going to be difficult for him but can anyone suggest a building society where he might get a reasonable offer of a mortgage? Even if we have to find more for a deposit. Thanks.
0
Comments
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The £17k income will limit his options unfortunately. His best bet would be to make an appointment with a good whole of market broker who can go through his finances with him in detail and give him a firm idea of how much he can afford to borrow.
Asking friends and family for a recommendation is a good way to find a good broker.Happily an ex mortgage broker!0
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