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first mortgage

HHH_2
HHH_2 Posts: 442 Forumite
in Mortgages & endowments
My son gets about 17K take home. he would like to get on the housing ladder but has no savings ( spent all on his year out!) It's so long ago that I had a mortgage I know zilch. 2 bedroom properties in this area are about 160K. any ideas how he could do it please?

Comments

  • chriss1979
    chriss1979 Posts: 115 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Save up an £80,000 deposit? :eek:

    Maybe shared ownership would be worth him looking into?
  • LisaT186
    LisaT186 Posts: 225 Forumite
    Part of the Furniture Combo Breaker
    Buy with a friend or member of the family (watching all the legals)?
    Have a guarantor?
  • illmonkey
    illmonkey Posts: 677 Forumite
    me and my partner are trying to get £160k. Joint salary of £40k and still were only getting offered £140k.

    Sorry, doesn't look hopeful.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think he shouldnt really borrow more than 95k or he wont be able to afford it. Perhaps he should just wait and save
    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.
  • K9cuddles
    K9cuddles Posts: 2,202 Forumite
    I'll be interested in what happens, I'm kinda in the same boat and really don't see it being possible!
    Official DFW Nerd Club - Member no. 092

    ::£2 - CSC - Terramundi is filling up!! :: Joined 3/3/06 :: 5/2/07 - 835kg + £280 Banked!!::
    ::5p,10p & 20p - Savings Tin :: Founded 9/4/06 :: 23/3/07 - 3.2kg ::

    Lost to date - 9kg (22/8/06) Next weigh in 2007!!
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