First time buyer

James21_2

Just wondered, i work fulltime on about 12500 a year, im 21yrs old and currently living with parents, however my mum plans to divorce my step dad so next year we(my mum and i) wish to move house.

My mum is 60 so is hard to get a mortgage considering she works only part time.

However is it possible for me to a get a mortgage in my name..and onbviously my my mum could put a large deposit as she would get money from selling the house we are in now.

Im not asking about garentee mortgage however you spell it where the parents say they wil make the first repayments.

This is a house for me and my mum to live in where i wil make repayments but she wil but deposit down...and obviously she wil help pay with bills etc...

Do you think i have a chance of getting a mortgage?

MortgageMamma

You do have a chance bt you will be quite limited as to what you can borrow by yourself

how much did you have in mind

herbiesjp

Do you have any other debts in the background i.e. loans, credit cards HP etc?

James21_2

herbiesjp wrote: »

Do you have any other debts in the background i.e. loans, credit cards HP etc?

yes but will all be paid by the time i come to get a mortgage.

Well ideally something just below the £100,000 mark, houses in cheshire(greater manchester) are hard to come by cheap.

Mum could probably put down 15,000 - 25,000 as a deposit.

herbiesjp

Well you may be able to go up to say £65k (maybe higher)

However would you be able to pay the mortgage at this level as well as pay the bills on an income of £12,500?