Help From Parents

China2

As has been said your best bet is to pay off your current debts rather than get in to more. If you are unable to get a mortgage yourself, that is the banks way of saying you can't afford it! It is not done just to spite you.

When you are debt free and earning a wage, then find properties to fit that. If your parents then want to help you the easiest way is to contribute towards your deposit (as many parents do). Asking your parents to be guarantors or buy a house outright for you to pay back is a risky business, nobody can't predict unemployment, illness etc.

trfcgirl06

I do see what you mean but if my parents were happy to lend the deposit/be guarantors then that's up to us to work out the logistics of it, right? As I said, this is all just a pipe dream at the moment and has only been thought up in the last 2 days but I just wanted to see what options were available so we could discuss it and look at whether or not it was viable. It's certainly not a done deal.

Fair enough. There's no harm into looking into it and you seem open to all sort of differing opinions/advice.

I know how you feel about renting, it can be such a hassle, especially the situation you're in now. In working out the logistics you'll have to weighh the pros/cons of borrowing from your parents, but it seems like you're giving it plenty of thought. Sitting down with your parents and having a frank, open discussion with them about their income etc would be a good idea.

Also, your parents will take your brothers into the consideration as they'll want to appear fair. I would have thought anything they help/give to you they'd also want to offer to your brothers, so they don't appear to be favouring you. So although you may think your brothers don't come into the equation - they do. Unless you're their favourite!

debtfreeby2013

trfcgirl06 wrote: »

Also, your parents will take your brothers into the consideration as they'll want to appear fair. I would have thought anything they help/give to you they'd also want to offer to your brothers, so they don't appear to be favouring you. So although you may think your brothers don't come into the equation - they do. Unless you're their favourite!

Well.......................:o:p;):D

Bravehearted_2

Basing my opinion on what's been posted and obviously not knowing your folks, I reckon their not that keen on getting into debt for you.

And it's quite selfish of you to be egging this pipe dream on.

If you can't get a mortgage on your own, don't drag them in as guarantors, only to stick them with extra outgoings when it't time to retire.

What happens if you can't get a job after uni? Or if you have to move away.

Lenders assessments are usually fair and reflective of your true situation i.e. if you cant get the mortgage on your own, you can't really afford it. And in your case, the assessment would be fair - quite a bit of debt, no deposit, income shaky etc

And as someone said, what about the youngest sibling - can they do the same for him in a few years? Bit unfair if you secure a mortgage against their retirement money and they can't get him started...

debtfreeby2013

Bravehearted wrote: »

Basing my opinion on what's been posted and obviously not knowing your folks, I reckon their not that keen on getting into debt for you.

And it's quite selfish of you to be egging this pipe dream on.

If you can't get a mortgage on your own, don't drag them in as guarantors, only to stick them with extra outgoings when it't time to retire.

What happens if you can't get a job after uni? Or if you have to move away.

Lenders assessments are usually fair and reflective of your true situation i.e. if you cant get the mortgage on your own, you can't really afford it. And in your case, the assessment would be fair - quite a bit of debt, no deposit, income shaky etc

And as someone said, what about the youngest sibling - can they do the same for him in a few years? Bit unfair if you secure a mortgage against their retirement money and they can't get him started...

I think you might need to re-read my original post it was my parents that first discussed this possibility as an investment so it's not my pipe dream, it was theirs.

I also haven't egged anything on, they mentioned it pretty much as I was on my way out the door so there was no discussion. The only place it's been mentioned is here and that was because I wanted as much info about options etc in case we did discuss it properly. I wanted to see if it was at all a viable option and have many times in this thread said this is by no means a done deal and just a dig for information.

So thank you for your assumption of my selfishness but if you had even one shred of knowledge of me and my life you would know that wasn't the case. I apologise if my asking for financial options/advice in an advice forum was the wrong thing to do.

debtfreeby2013

Ps is already have a job and have had no problem getting work during summer etc and won't need to move away after uni as I'm doing social care and social care jobs are all over cardiff.

Beckyy

Although it's an exciting prospect, I really think you should wait a while. At the very least until you've paid off your current debt and found yourself a stable job after uni. It's fine having qualifications in an area that usually has lots of vacancies - but it doesn't mean to say that the vacancies will be there when you need a job, or that others won't get in before you.

Do you mind me asking how old you are?

debtfreeby2013

Beckyy wrote: »

Although it's an exciting prospect, I really think you should wait a while. At the very least until you've paid off your current debt and found yourself a stable job after uni. It's fine having qualifications in an area that usually has lots of vacancies - but it doesn't mean to say that the vacancies will be there when you need a job, or that others won't get in before you.

Do you mind me asking how old you are?

I'm 27.
I know there's no guarantee of jobs but prior to working where I work now I worked in McDonald's for 10 years and would have no qualms in going back if it meant the extra money.
Was very lucky over summer break last year, got some relief work I a hostel run by a charity I used to volunteer for and helped out in my friends shop so full time work just fell in my lap. Lol.

Yorkie1

You have £8K debt, are on a student income / non permanent job, and your parents' assistance will be a loan - which will have to be declared on any mortgage application and thus reduce what a lender is likely to lend.

By all means go and speak to an independent mortgage advisor but I don't think you are likely to be an appealing applicant at present.

Bravehearted_2

And you may need to re-read my response - I clearly stated I have no knowledge of you or your folks and my post was absolutely based on what's been said so far.

This is a public forum and people are allowed to state their take on things - you have no to get !!!!ed or agitated simply because they're not saying what you want to hear.