First time buyers advice

Hcm1989

It sounds like a lot I know..but we live/work in London and currently pay £500/month each on rent. So a 450k 3 bed is pretty hard to come by! Rooms can be rented here for £600-700 month, and we have siblings who might need to rent in the near future. A whole different load of issues I know! It would be much easier if we were looking for a flat for us alone but part of the parental investment is knowing that the siblings will have somewhere to live should they need to

Hcm1989

GMS wrote: »

Without you being included and your income used it may well not be possible. You could be kingmaker in the deal.

Regardless of the legal points of any agreement drawn up there needs to be some trust betweem all parties involved in a transaction like this. Forgive me if I am speaking out of turn but your parents 8k may well be the same to them as the 150k of your boyfriends parents in real terms. Both sets of parents are willing to help albeit with differing numbers.

IF you can find a lender willing to protect your boyfriends parents deposit then you would need an agreement drawn up. If the lesser depoait from you is causing an issue with the larger deposit providers then consider staying away from the transaction. May well not happen without you anyway

Thanks. My boyfriend spoke to a broker who apparently told him that an additional 30k income wouldn't make that much difference..I couldn't believe this!

GMS

So does that mean your boyfriend earns 30k?

Have his parents considered buying a place for you to rent? Seems a way to secure their funds.

Or are you determined to buy?

InsertWittyName

Hcm1989 wrote: »

Thanks. My boyfriend spoke to a broker who apparently told him that an additional 30k income wouldn't make that much difference..I couldn't believe this!

Get a different broker. Now.

kingstreet

A broker has told you half the income you have told us about won't have much impact?

Really?

Is this broker planning to use a buy to let product for your main residence, by any chance?

£30k income is worth upto £150k off your borrowing power. The only way that is not an issue is if someone is planning to use the rental income value instead.

If the lender gets wind of it, the game will be up, I'm afraid.