First time buyers and not so picky lenders lol :)

Mumto3cheekymonkeys

geoffky wrote: »

Interest only is not a good idea unless you have a investment alongside..Its a disaster waiting to happen.

This is completely true which is why we are selling. It was not sold to us correctly and us being complete novice's had no idea about them. but for some people they are the only way of getting on the ladder.

geoffky

Mumto3cheekymonkeys wrote: »

This is completely true which is why we are selling. It was not sold to us correctly and us being complete novice's had no idea about them. but for some people they are the only way of getting on the ladder.

The best thing is there should be no rush as prices are not rising anything like the 15% a year in the stupid years of lax lending..if fact a lot of people would do well to wait..

samtoby

Well I have had a strange couple of days....

My Mum was so sad about my job etc but has come up with a suggestion that I might just take her up on!

She wants to move into a bungalow as she has arthritis and struggles with the stairs. Thats why I need to go asap.

She has seen a property for sale close by. Offers in the region of 260k. It is a 3 bed semi which is extended and at the bottom of the garden it was a two bed annex. Brand new kitchen 17 foot lounge/diner two double bedrooms and shower room.

She proposed. She sells up. Her house being worth around 200k one next door has gone for 202k last in January and its very dated like my Mums but with a smaller garden so here is hoping.

In this time (it can take a long time to sell I appricaite, type I can't spell) I do my best to get a perm job (I might have just got myself one all looks good - I don't sit around lol) and then we go in for a mortgage together for the remianing 50k or what ever if is. My Mum earns 16k a year, this job I have applied for is 18k so I would hope that would be enough to borrow around 50k. I use my despoit for any fees and solicitors and searches, or mortgage fees.

She ends up with her bungalow where she can too and fro as much as she wants (she spends a lot of time in Oxford with my lets say step Dad - they go away a lot too)

And I end up with a three bed semi!

Ok not ideal for everyone with their Mum in their garden but my Mum and I are close and in the last month she has been away and working most of it so have hardly seen her.

My Mum is very solitary and enjoys time alone she would not be in the house a lot etc I know what she is like.

I don't know how long I would need a job for before applying but most are three months and surely with a huge desosit (like 70%) borrowing that much wouldn't be too much of a challenge!

samtoby

Oh Mummy is 52 and retires at 66. But I would aim to have that over say 10 years.

samtoby

Oh and deal is its in both our names but I pay the mortgage myself.

gaznolan

Use a broker Aldemore and Kensington will look at your application as a first time buyer