Buying with parents

skipgimp

Hi All,
I posted a thread on a different section, I probably shouldve put it here. Anyway, I'm trying to find out how my parents can help me get a mortgage of £150K - £160K. They are mortgage free and own a property worth about £360K. The highest income is my dads (£30K) I get £24K not sure about mum's but around £20K. I have no deposit and they can't lend me a large amount. So how can they help me? Is it possible for all three of us to be on the mortgage agreement but the house in my name and I make the repayment? ANY IDEAS!!??

adamzetec

I'm in the same position, i'm 22 and looking to get a property for around £160k.

You can get a joint mortgage with you and your dad or could look into your dad acting as a guarantor for your own mortgage. Both takes yours and your dads income into consideration together.

However, not having a deposit may be a problem. I'm hoping to scrape together £16k if possible

Alan_M_2

If you obtain a joint mortgage the deeds of the property will need to have all the same names present.

Your parents could act as guarantors or use their own house as collateral.

noyk

Why doesn't anyone want to buy a HOME anymore. Why does everyone call homes PROPERTIES!!!

Sorry for the rant.

black-saturn

Be careful. My parents bought a house with their parents and now they are stuck with them living there when they are in their 90's and need constant care.

Jonesya

So you're looking to borrow £150k, presumably paying an interest rate
of what, say 6%, so you're talking £9.6k/year just in interest without any repayment.

So £9.6k/year in interest payments from an income of £24k/year - seems a bit tight, are should can actually afford the property?

Amitoocautious

I have got to say that i dont think its right to rely on your parents to help get you on the ladder. If you cant afford it without their help then wait and save a bigger deposit. Whatever the bears and bulls say its unlikely houses will go up huge percentages in the next couple of years.

I really wish every one didnt feel the need to get on the ladder whatever and saddle themselves with a huge debt just so they could join the pyramid scheme and to suck your parents in is wrong IMO

code-a-holic

IM interested in this too. My inlaws want to help us get our first home. Me and my husband are in our early twenties with 3 children. we rent a small 3 bedroomed cottage in the area i grew up and my eldest son goes to one of the best schools in the county. We love living here and have no intention to move! We are feeling a need to buy though - we need the extra space, and stability for our family. This is the only property thats been for rent in about a 10 mile radius in the last year. We are always looking! We are out in a cluster of remote villages. House prices bounce around £160k for a 3 bedroom. Not a first time buyers budget! My husbands parent want to help us. They have retired with 2 holiday homes in UK and live in France. They dont have a lot of cash free to help us. We may be able to have a few K as a deposit and they wnat to be a gurantoor or simmilar. But i struggle toget information from mortgage brokers - dont they like the idea?! We need to know if its possible before looking for a house - yet they say we need to find a house first.
My husband works full time and im currently on incapacity and full DLA - hope treatment will mean i'll be able to work in a few years but not the immediate future.