Not Sure whether to go for it...

beecher2

tomvandam wrote: »

I don't think I made it clear enough that I'm looking for a lodger aswell. I need to make a decision by today !

Don't rush into such a big decision, and don't feel pressurised into making a decision before you find out all the facts. Why don't you go to see a mortgage adviser to see if it is at all possible.

Thrugelmir

tomvandam wrote: »

I don't think I made it clear enough that I'm looking for a lodger aswell. I need to make a decision by today !

Whatever your decision. The plan you've outlined will be a non starter with any financial institution.

tomvandam

Senior_Paper_Monitor wrote: »

You did - it doesn't affect the situation in terms of LTV / salary multiple etc.

When purchasing you cannot forecast additional income (be it salary increase, extra/new job or lodger) - as of today, you don't have a lodger.

Ok good point , but this is why my father has agreed to be the guarantor.

I have seen an advisor and he said I could potentially borrow 4 times my salary with no gurantor.

I think maybe the best thing is to suggest a half buy deal that way I could save for a deposit on my own house while living in this house.

It did seem unreasonable, but not impossible that I could buy this house on my own.

Senior_Paper_Monitor

I will waste a further input .....

Having a guarantor will not make a jot of difference to your acceptability in this circumstance.

Yes, 4 times income is generally possible (that's £90,000 even if we guess £5K overtime, which will usually count as 50% for affordability not the £140,000 you want). At that point, if you can get it, you will be strectched to the limit of sensibility.

tomvandam

For anyone intrested my parents are going to sell the house to me for £95,000 and effectivley I will owe them 100,000 , which they will get back when I sell the house ( I hope ! )