new mortgage

jillyjacks

my son has the chaance to buy a house off his cousin, the house os valued at £90.000 but his cousin has offered to pay a 20% deposit for him therefore making the mortgage much more affordable. The problem is my son has poor credit history and an independant advisor he saw recently has said he cant get a mortgage. Son has been employed for the last four years but is fed up of renting.......is there any way of improving his chances of getting a mortgage?

blueberrypie

He could speak to a second independent advisor (just in case the first one was a dud) but lenders are fairly fussy at the minute, and poor credit and a gifted deposit won't reassure them.

opinions4u

is there any way of improving his chances of getting a mortgage?

Pay all his bills on time. Save as much as he can for a deposit. Wait for the poor credit history to drift away over time.

jillyjacks

Thanks for the advice...I do agree but if he waits then the chance of the 20% deposit wont be there and he will never realistically be able to save that amount of money himself

blueberrypie

jillyjacks wrote: »

Thanks for the advice...I do agree but if he waits then the chance of the 20% deposit wont be there and he will never realistically be able to save that amount of money himself

If he's never going to be able to save the money for a deposit, he needs to consider whether he will be able to afford a mortgage and the other costs involved in owning a property.

anirow

Well if he decides to takeup the mortgage at this point of time then one thing is sure that he will have to pay higher rates because of poor credit history.

jillyjacks

blueberrypie wrote: »

If he's never going to be able to save the money for a deposit, he needs to consider whether he will be able to afford a mortgage and the other costs involved in owning a property.

hes been renting for 4 years at over £500 per month and managed to afford that....his girlfriend has just had twins so they will be living together, and she is returning to work full time so there will be 2 wages coming in...( no child care costs as family are helping out) he will be better of finacially than he
ever has been in the past...despite the twins.....and you dont need to tell me how expensive babies are....we are all well aware of the costs involved.....I am after advice on getting a mortgage to take advantage of his cousins offer of a 20% deposit so he can move on, cousin already owns several properties and doesnt want to make a profit on this one...

anirow

well that might be helpful but still he has to pay the higher monthly installments. you will do well by contacting a good and experienced broker.

dimbo61

Could you buy the property and rent it to them ?