We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

1st time buyer mortage question please help!!!

thecableguy12
thecableguy12 Posts: 290 Forumite
edited 19 July 2011 at 10:03PM in Mortgages & endowments
Hello can someone help, im going to buy my 1st home very soon, my question is my mother is coming to stay with us for good and she will be giving me a large amount towords the mortgage from her private pension about £9600 a year, will most company's take this into consideration as a rental income without placing her name on the mortgage? could this be done if my mum can proof her income? many thanks in advance

cheers:D

im planning on getting this mortgage with nationwide
Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
«1

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Being dependent upon your mother to afford the mortgage will not assist your application.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You cannot use income from somebody not named on the mortgage.

    Do you need the income from your mother to support it?
    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.
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    no im not dependant on my mother but she insists to pay it, the only thing it affects me with is the amount i need to borrow which is out by about 15k
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • jimjames
    jimjames Posts: 18,800 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    thecableguy12 wrote: »
    no im not dependant on my mother but she insists to pay it, the only thing it affects me with is the amount i need to borrow which is out by about 15k

    If you are unable to borrow the money for the mortgage as you are £15k short then surely you are actually dependent on her money to complete the purchase?

    Could you get the required mortgage based on your own salary?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    jimjames wrote: »
    If you are unable to borrow the money for the mortgage as you are £15k short then surely you are actually dependent on her money to complete the purchase?

    Could you get the required mortgage based on your own salary?

    i have passed the credit check for 200k and have a deposit for 30k the house i want is 245k, i know if i could include mums income i would pass for 215k, now for 215k and 200k mortgage i can afford both monthly payments, so i just want to know if i can include mums income to increase the amount to borrow from 200k to 215k, i am no way dependant on her for the mortgage payments etc
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • Gobbyuk
    Gobbyuk Posts: 12 Forumite
    Could your mum lend you the £15k to cover the shortfall as an alternative to 'rent' for a while?
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    To have your Mums income assessed as part of your application for the mge of 215k - she will have to be a party to the mge i.e go on the application with you, and pass all lender status checks (inc max age to redemption and income during retirement).

    There is absolutely no way to do this (mge wise) without her going on the app as a named party, if you need her income to achieve suitability for a 215k mge.

    The only other suggestion would be Mum taking a 15k personal loan (subject to lender criteria etc) - but your problem there, is finance lenders don't usually lend monies in respect of property investment - which is technically what this would be. Thats if the true reason for the loan is declared and that its not for a car or such like.

    Other than that, try and get the Vendor down by 15k :eek:

    Hope this helps

    Holly
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    Gobbyuk wrote: »
    Could your mum lend you the £15k to cover the shortfall as an alternative to 'rent' for a while?


    na she has no capital only her pension! i wish she could, its a shame cos i applied to borrow 215k with a 30k deposit but they said the max is 200k
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • thecableguy12
    thecableguy12 Posts: 290 Forumite
    holly_hobby wrote: »
    To have your Mums income assessed as part of your application for the mge of 215k - she will have to be a party to the mge i.e go on the application with you, and pass all lender status checks (inc max age to redemption and income during retirement).

    There is absolutely no way to do this (mge wise) without her going on the app as a named party, if you need her income to achieve suitability for a 215k mge.

    The only other suggestion would be Mum taking a 15k personal loan (subject to lender criteria etc) - but your problem there, is finance lenders don't usually lend monies in respect of property investment - which is technically what this would be. Thats if the true reason for the loan is declared and that its not for a car or such like.

    Other than that, try and get the Vendor down by 15k :eek:

    Hope this helps,


    thanks for this help, im gonna have to try and get the vender down! gulp! thanks again
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    Listen .... its a buyers market and if you don't ask, well you don't get ... you may be pleasantly surprised !!

    The fact that you are a FTB, not already in a chain, and already have a mge AIP in place for 200k - are all very positive negotiating tools .... make the most of them ... !!

    Go get 'em tiger !!! :D

    Holly
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture