Mortgage for Student

GeorgiaMB

Hi All,

Just wondered if any of you have come across a mortgage lender who will give mortgages to a couple with a baby where one of the couple is a student? The other is full-time employed and earns about £30K including a bonus scheme. We do have relatively bad credit though. I am what is considered to be a key worker (or I will be when I graduate) so I'd also be interested in hearing about the schemes for first time buyers who are key workers with kids, though I am assuming in this that you can't chose the house you want, you get given a selection to chose from?

My parents are hoping to help us onto the property ladder (we're both first time buyers) by selling their house to us as we simply can't save the money for a deposit.

Thanks!

GeorgiaMB

_Andy_

Can you clarify what you mean by bad credit - e.g. defaults, CCJs... amounts, dates registered etc

Sylvia1982

GeorgiaMB wrote: »

My parents are hoping to help us onto the property ladder (we're both first time buyers) by selling their house to us as we simply can't save the money for a deposit.

Could you also provide further details please for example
Are your parents gifting you the deposit?
How much are you planning to borrow?
What is the valuation of the property ?

So we can help you

GeorgiaMB

Hi

By bad credit I mean I have defaulted on a loan and while it is now all being taken care of and I'm making the repayments agreed very easily after I used the example letters on here to write to my creditors and explained my financial situation, it is affecting my credit score. I owe around the £10K mark and my other half has a overdraft and a credit card which comes to about £2K maybe (his credit score is relatively good as he pays off his credit card every month it's just me that's the issue). I've been rejected for an ordinary bank account which might give you some idea of what I mean when I say "bad". However, I was told that this would not affect my ability to get a mortgage. We've never struggled to get a rental property and we currently pay £600 per month. Hopefully mortgage payments will be significantly LESS than that and therefore we will be in a stronger financial position. The last time we rented we put my contribution down as £0 and had my other half paying the full amount. Can we do similar on a mortgage? Or can we just get the mortgage in his name only and bypass my credit score altogether? I would like to be joint owners but not if it's going to prevent us getting onto the PL.

As for the house my parents are thinking of selling to us... it would not be a gift deposit. The idea is they give us a deposit of 10% towards the value of the house which is the deposit. We do up the house and eventually when we sell it, they get 10% of the value back. While no accurate valuation has been done as yet the house is probably worth around £150K so we'd be looking at a mortgage for about £135K.