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Parent's Help with Mortgage
Options
BaxUk
Posts: 67 Forumite
Hi,
I'm looking to buy towards the end of the year, house price is likely to be around £125,000.
I earn around £20,000 so looking at the calculators the average i can borrow is around £80,000, and I'm going to have a 10% deposit, so £12,500.
So there is likely to be a shortfall of around £32,500. My parents don't have the savings pot to make this up, however they are happy to underwrite the difference or also be named on the mortgage for a time.
Are there still options out there for parents to underwrite the difference?
Many thanks for any advice or help!
I'm looking to buy towards the end of the year, house price is likely to be around £125,000.
I earn around £20,000 so looking at the calculators the average i can borrow is around £80,000, and I'm going to have a 10% deposit, so £12,500.
So there is likely to be a shortfall of around £32,500. My parents don't have the savings pot to make this up, however they are happy to underwrite the difference or also be named on the mortgage for a time.
Are there still options out there for parents to underwrite the difference?
Many thanks for any advice or help!
0
Comments
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Hi,
I'm looking to buy towards the end of the year, house price is likely to be around £125,000.
I earn around £20,000 so looking at the calculators the average i can borrow is around £80,000, and I'm going to have a 10% deposit, so £12,500.
So there is likely to be a shortfall of around £32,500. My parents don't have the savings pot to make this up, however they are happy to underwrite the difference or also be named on the mortgage for a time.
Are there still options out there for parents to underwrite the difference?
Many thanks for any advice or help!
Could be complicated / messy. Why not look for a cheaper property?0 -
I live in the South West and after browsing a number of websites, to get a decent two bed property the minimum is around £110k, with most around £125k.
There isnt really any properties within my own budget (90k) using the above figures
and my parents are happy to help, but just dont have savings to give towards a deposit. 0 -
I am sure barclays are doing something called a springboard mortgage where your parents put up some equity in their property to guarantee your short fall and you can reduce it over time, might be worth looking into.0
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If your parents cannot save the money to help you it does indicate they do not have the spare cash to underwrite your mortgage either.
Either you need to wait and save a larger deposit or buy within your means.0
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