Still learning, but could I get a mortgage?

maninthestreet

Nothing illegal in that, but then you're not likely to get the mortgage due to affordability....

no1wf

Okay, so I'd be better off asking work first for the hours, then the mortgage people would let me have one?

maninthestreet

How many hours per week do you work currently? How many extra hours p/w do you hope your employer would agree to, and how would this affect your grioss annual income? Why do you feel you will be better off buying the property? What monthly rent are you and your father current paying?

no1wf

I currently work 17 but it's 16 with breaks. I'd hope they could double it, maybe 4 or 5 in the morning, dinner, then 4 or 5 in the afternoon which is what I do when I have overtime but like I said you can't rely on that can you. It would affect it because I would start paying tax, that's the only thing I can think of. I'm not sure if any of my dads benefits would be affected.

Well I'm looking to move out anyway, and I was deciding between renting and getting a mortgage/buying, I would like something at the end of it instead of just renting for the rest of my life so started looking into it. I've lived here all of my life and if I can get a sizeable discount on my childhood home and live here even longer then I don't see why not. I'm also worried that if I moved out my father would be evicted, and if my father died then I would be evicted too and I would have no choice to where I was living.

I'm not sure how much rent we're paying, I think we used to get it part paid for us but there's been a change and I'm not sure what it is.

Yorkie1

You say your father is the only person named on the tenancy. Has he always been the only person, or has anyone else (e.g. your mum) previously also been named on it?

If you move out, he will retain the tenancy - so what makes you think he will be evicted if you move out?

If you are not on the tenancy and he dies or otherwise moves out, then your position is more precarious. Hence asking about the history of people on the tenancy earlier in the post.

no1wf

It was mum and dad originally, she passed away so it changed to just him, apparently now they can't make any more changes to put my name on it or anything.

He said he could get evicted for under occupancy and they might move him into a 1 bed house/flat or something.

Yorkie1

no1wf wrote: »

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

Are you absolutely sure about this? All the responses I've seen on previous threads state that only the person on the tenancy can apply for the right to buy.

I don't know enough about the rules re. underoccupation - someone else might be able to advise on the house buying board, perhaps, if nobody here deals with the likelihood of actual eviction or downsizing for your dad.

no1wf

Well I read it on here https://www.gov.uk/right-to-buy-buying-your-council-home/overview as well as other places so I'm assuming it to be true. I don't really want to go over to the other board as I've done searches about RTB on here before and people seem to get slated when they post on there lol

amcg100

An interesting conundrum. You certainly have the right to buy along with your Dad, and I would expect that you would get a mortgage fairly easily so long as there was a reasonable expectation that you can make the payments. The reason for this is that the value of your house will greatly exceed the value of the loan ( because of the discount ). I would expect a mortgage to be less than what you pay in rent, but from what I have read, you are not sure whether your dad pays rent or has it paid for him in housing benefits. - if this is the case, he will certainly lose any means tested benefits if your income increases.

I don't think you will be able to get a mortgage until you are 18 though.
I think the best thing you can do is to make an application to buy the house just now, just in your dad's name. It will take a while for the valuation to take place an an offer to be made. Once you are made an offer it is valid for two years, so this gives you time to improve your situation in preparation for attacking a mortgage. So long as your dad makes sure you are named as a joint purchaser on the application, if anything happens to him, you can still proceed.
If you decide to move out and rent, then your dad would not be evicted but would be offered alternative housing

no1wf

amcg100 wrote: »

An interesting conundrum. You certainly have the right to buy along with your Dad, and I would expect that you would get a mortgage fairly easily so long as there was a reasonable expectation that you can make the payments. The reason for this is that the value of your house will greatly exceed the value of the loan ( because of the discount ). I would expect a mortgage to be less than what you pay in rent, but from what I have read, you are not sure whether your dad pays rent or has it paid for him in housing benefits. - if this is the case, he will certainly lose any means tested benefits if your income increases.

I don't think you will be able to get a mortgage until you are 18 though.
I think the best thing you can do is to make an application to buy the house just now, just in your dad's name. It will take a while for the valuation to take place an an offer to be made. Once you are made an offer it is valid for two years, so this gives you time to improve your situation in preparation for attacking a mortgage. So long as your dad makes sure you are named as a joint purchaser on the application, if anything happens to him, you can still proceed.
If you decide to move out and rent, then your dad would not be evicted but would be offered alternative housing

I'm 25

Is that right, the offer/application for the house counts for 2 years I didn't know that, certainly makes me feel a bit better about applying and then it's in there then and we just focus on getting the money together.

Is that also true in the case of a mortgage? If we applied for this house, and we got a mortgage, and something happened to him, would I still be allowed to carry on myself provided I could make the payments?