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First time buyer needs advice!

13

Comments

  • ambroze
    ambroze Posts: 60 Forumite
    Thanks for that Pinkruth :)
  • Ihatecameron
    Ihatecameron Posts: 406 Forumite
    GMS wrote: »
    90k on an 18k salary is 5 x income. This is a high multiple. It may be possible but it would be restricting lenders.

    I believe 5x is what they lend on now, it used to be 3x before property prices went through the roof.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ihatecameron wrote: »
    I believe 5x is what they lend on now, it used to be 3x before property prices went through the roof.

    Not many lenders offer such a blunt tool as income multiples now. Affordability calculators are used by most but as a rough guide 5 x income would be stretching it.

    If you are sure there is a 5 x income for sole name using somebody elses money as deposit who will reside at the security product available then feel free to disclose to the OP
    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.
  • Ihatecameron
    Ihatecameron Posts: 406 Forumite
    5 x income would be stretching it

    Possibly but then he could say he has extra income from OH if needed.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ihatecameron wrote: »
    Possibly but then he could say he has extra income from OH if needed.

    Dont be ridiculous. Cannot declare income from somebody else.
    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.
  • Ihatecameron
    Ihatecameron Posts: 406 Forumite
    GMS wrote: »
    Dont be ridiculous. Cannot declare income from somebody else.

    He can say what he likes, nothing to declare as such, he has access to more funds if needed.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ihatecameron wrote: »
    He can say what he likes, nothing to declare as such, he has access to more funds if needed.

    Fraud is a speciality of yours is it? I really hope the OP does not take any of your 'advice'
    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.
  • Ihatecameron
    Ihatecameron Posts: 406 Forumite
    GMS wrote: »
    Fraud is a speciality of yours is it? I really hope the OP does not take any of your 'advice'

    No fraud involved, he will be living with his GF who is willing to contribute if needed.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Ihatecameron wrote: »
    No fraud involved, he will be living with his GF who is willing to contribute if needed.

    He cannot declare income which is not his, simple as that regardless of whether there is access to it or not.
    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.
  • Ihatecameron
    Ihatecameron Posts: 406 Forumite
    GMS wrote: »
    He cannot declare income which is not his, simple as that regardless of whether there is access to it or not.

    Obviously he can't declare it as income, he can say he access to more funds if needed, through family and friends making his position stronger. Anyway he does not need extra funds, if someone on 18k cant get a 90k mortgage then the whole country is fcked, virtually no one will be able to get a mortgage.
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