Mortgage advice, first time buyers

Savings_newbie

Hi all,

I've used these forums for quite a while especially for researching rights as a student. I'm currently living in rented accomodation with my girlfriend after we graduated 2 years ago. We're self employed and have poor credit ratings so us getting a mortgage is fairly out of the question I think. Our business is doing extremely well showing profits of around £3500 (£6000 Turnover) in year one, £12000 in year 2 (£20k Turnover) and £25000 this year (£35 turnover) but silly things like missed payments on mobile phone bills have dropped our rating during our time as students. We are doing all we can to raise this now but in all honesty we didn't realise the harm it was doing at the time.

My parents have paid off their mortgage and the house is valued at around £150-180k and they would like to help us out with a mortgage or buy to let or similar. The only problem is that my mum went in on a mortgage with my brother in 2006 before the crash, they paid around £90k and there is about £80k left on the mortgage. My brother pays this in full and my parents have never paid anything towards the mortgage however my mums name is still there as he changed jobs and could not take over the mortgage in just his own name as orignally planned.

We live in a more expensive county and would need a total mortgage of £110,000 over 20 years. Firstly is this even possible or should we give up for the time being? Secondly if it is possible what would the best options be in terms of buy to let or residential mortgages etc.

Any help would be really appreciated

Dave_Ham

There is likely to be a solution, although there is way to much going on and too many variables to pluck out of the air what it will be.

I think it is likely that a buy to let that you live in, owned by parent/s may be the easiest but that does not always mean the most cost effective.

All the best....