Desperate

kriss_boy

Im on 15K, and I need 6 times my salary.

I can scrape together 5K as a deposit. The property is 97,500 so i need £92,500 mortgage!!

How likely is this?

I will be at work all day tomorrow so I wont have a chance to get many details. My mum is gona speak to an advisor if she gets time.. but every second of every minute of this weekend has been torture!! My mum is backing me but my dad is very nervous of such a big mortgage!

If my parents go garantour do they have to pay anything or simply sign the documents?

I can afford the mortgage repayments but I will ahve to live at home to save on bills and council tax till i get a better job.

The line of work im in means i can get a better paid job easy, I got offered one last week but stupidly decided to bide my time till another one came along! But a salary of 25K is achievable within a year or two.

dmg24

kriss,

You can't be that desperate because you keep asking the same old questions.

If you can get a higher paid job, then do it, but you have been saying this for a long time.

You're beginning to remind me of StudentPhil!

kriss_boy

dmg24 wrote: »

If you can get a higher paid job, then do it, but you have been saying this for a long time.

Rubbish. Ive never mentioned my income before yesterday!!!!

The job I have is very comfortable. 35 hours, working on flexytime, and even when Im at work I get a lot of freedom!

I need something substantial on my CV, as my two prior jobs I was only in for a matter of months. So this one is coming up for a year which looks better.

But now is definately time to move on and get something better paid. The one I was offered the week before was 8am till 5pm though, something Id find a little hard to adjust to!

absolutebounder

Youi could get a paper round to bunk up your earnings

kriss_boy

absolutebounder wrote: »

Youi could get a paper round to bunk up your earnings

Duh.. I am a paperboy!! didnt you get that from the comfortable, flexible hours with freedom....

MortgageMamma

Hello again Kris

there are lenders which MAY be prepared to stretch to this but again I would caution you that you could end up in a mess financially. I know basically what your plans are as we spoke on the other thread and I'm not saying they are not doable at all - just need to tread carefully

I think in the meantime, just for now, you need to be looking at getting a second job until you get a job offer with higher wages. By doing this, although you might be taxed quite heavily, you will be able to save for your legal fee's and start putting money by whilst your mortgage is going through to use renovating the house

Also, have you not tried to negotiate a low purchase price? even a couple of grand off for a "quick sale" as you are in no chain could make the difference ;-)

Ps- does your mum not work as she could just buy the property jointly with you?

kriss_boy

Update.

Northern rock said they have a 'non resident option' where my dads name is jointly on the deeds. Via this he said over the phone it appears Ill have no problem getting 90K mortgage as a quick calculation shows my dads income and mine allow us 175K.

The only hitch is I have to stay in the property. I cannot live at home and do the house up. Is this set in stone or is it something people can tell a white lie about?

They said I cannot leave it empty for more than 60 days.

Im taking a half day to go home and speak to my parents about this.

Mortgage would be £550 approx. Rates are £130 per month. Any idea on home insurance for a big 3 bed house?

kriss_boy

I really really need your advice on this one!!

Mum said too that we might get it cheap as im a first time buyer, ie no chain.

But in scotland houses often go for 10-20% over the asking! This house is very dated though and the gardens a mess which has clearly put a lot of people off!

MortgageMamma

Hi Kriss

My advice to you is you will have to register for gas and elec, water and CT but if you choose to stay with parents NR would not actually know. If you put nets up and were at the property regularly how would anyone actually know it was empty? There are buildings insurance policies that are designed for landlords that cover a building for 90 days unoccupancy. That would be ideal for you. Dont just stick with NR though, there are plenty of lender who could do this for you and you might get a cheaper deal elsewhere

inch_high

most house insurance also states that you cant leave the property unoccupied for 60 days. So why not stay over once a month, that would keep NR and the insurance comp sweet.

spurs_nut

absolutebounder wrote: »

Youi could get a paper round to bunk up your earnings

How much is your paper round a week?

Just out of interest?

Sound like a good investment.

Or is it only open to immature knob jockeys?