please help me get a mortgage

jeffy22

I'm a student nurse (age 33) so i get a bursary of £6500 a year. Renting seems like dead money as in 2 years i will have a good job. I'm desperate to get on the property ladder and after speaking to my parents they can put up a £15grand deposit on a place (looking at property priced 100 - 150k) My mother is willing to get a joint mortgage between us as my income may not be enough to qualify but she doens't want to put her house at risk as she retires in 2 years.. Is there anything we can do? My mother (has a well paid steady income) has been looking around but there seems no hope. Surely if we can get a 10% deposit and the mortgage will be paid every month there should be no problem but that doesn't seem to be the case. Whilst property is so cheap i really want to get on the ladder. Please help with any ideas

Plans_all_plans

I don't think property prices will be soaring any time soon. Hang on and wait til you've finished your degree. I wouldn't want my mum to lend me money she really needed for her retirement if I were in your position.

You are gonna need more than 10% deposit to get a good rate. Not only that, if your mum is due to retire soon, I dont think a lender will be happy to take her income into account at all.

Cannon_Fodder

Mum's age will prevent her from being named on the mortgage.

Your income prevents you getting a mortgage on your own.

Be patient, get a job, save some money.

Despite the Coalition Govt saying NHS is ring-fenced, there is no guarantee of a good job for you, two years away. A Lender would ignore such guesswork.

Henry_P_Chester

To be honest property is by no means cheap at the moment. Cheap would be an average home below the long term average of 3.5 times wages. It's currently near 5. So property is in fact very very expensive.

With the current economic climate the best possible scenerio for house prices would be flat for several years. The worse case would be very large falls over the next few years.

I would say wait until you have your job, save as much as you can. Don't rush to 'get on the ladder' because you my find yourself stuck with ridiculous amounts of debt.

If you are desperate to buy and are willing to take the risk. You will still need much more than a 10% deposit.

Annisele

I agree with other posters that your current chances of getting a mortgage are pretty much zero given your income and your mother's age, and that currently property prices are by no means 'cheap'.

In addition, there is absolutely no way that your mum can be named on your mortgage without putting her own house at (some) risk.

If she's named on your mortgage, then the pair of you would be 'jointly and severally liable' for the whole debt - meaning that if you stopped paying, the lender could choose to go after you, your mother, or both of you to get its money back. So, worst case, the lender would repossess your new house, sell it for less than the outstanding mortgage, and then go after your mother for the difference - potentially forcing her to sell her existing house to pay the debt.

beecher2

You've no chance of getting a mortgage - renting isn't 'dead money' as it is providing you with a roof over your head until you are able to get a job. You've no idea what post you'll get in 2 years time, or how well it will pay - or even where it will be! Wait til then, making sure your credit file is in as good shape as it can be.

poppy10_2

jeffy22 wrote: »

Whilst property is so cheap i really want to get on the ladder.

Property is not cheap at the moment - by historical standards it is still 30% overpriced.