Still learning, but could I get a mortgage?

no1wf

As the title says I'm only just learning about mortgages, my basic understanding is you borrow money off the bank and pay back an amount each month that is manageable with your job plus interest. But I know there is a lot more involved that I've still yet to learn.

I'm quite hesitant about asking about this as I know it's frowned upon here, certainly over on the house buying/renting section but I value your advice so I'm just going to go for it.

I would like to get a joint mortgage with my dad, and buy our council house through the right to buy scheme. My dad is the tenant so he can put the application to the council and include me, but I don't think he'd be able to get a mortgage as he is almost 60 and unemployed.

I then thought that my boyfriend could move in with us and he could help towards payments, could he join in on the mortgage too would that help or hinder anything? He just spent 3 years at uni so has student loans to pay back and I know things like that can affect your mortgage rates.

So I'm wondering if it's possible/doable/if there would be problems?

Let_Us_See

Lots of possibilities. Find a broker and confirm your requirements and they should be able to explain the Right To Buy procedure and your options.

no1wf

Is there a minimum amount you have to be earning to be able to get one? I'm not earning a lot but if I knew I could get one I would ask for more hours.

GMS

How much are you looking to borrow and what do you earn?

no1wf

It was only using the online calculator on the RTB site but putting in my postcode said my house was worth 124k and living here for 25 years we could get it for 55k. I also typed in what houses round the corner have sold for which is 81k and our discount meant we'd need 33k I think it was

I'm only working part time and only get 5.5k a year at the moment, I do get overtime but obviously you can't rely on that but if I knew for sure I was going ahead with this I would talk to my boss to see if more hours were possible

maninthestreet

does the RTB scheme allow for a non-tenant/tenants to buy a council property along with the tenant?

no1wf

Yes, at the very least they can be non family members as long as they've lived here 12 months and it's their only home

maninthestreet

That will exclude your BF then. Does your father have any savings?
Your income of £5.5K isnt going to strech to even a £33K mortgage.

no1wf

I know he can't apply for the house with us but could he come in with us on the mortgage, or is there a 2 person limit? Or are the people who apply for the house the only ones who can get the mortgage?

He does have savings but not much and we're using them at the moment to pay bills and do the food shop so it's slowly decreasing. Hopefully I could get extra contracted hours at work

maninthestreet

If his name is on the mortgage, then the lender is likley to insist his name is on the property deeds as well.

no1wf

Ah okay. Would it be illegal or anything for just me and my dad to be on the mortgage but for my boyfriend to give us money towards the payments?