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Can Anyone Answer A Few Questions
incorrect_2
Posts: 213 Forumite
My nephew is wanting to try and buy a property he 33yrs works fulltime with salary of £23500 plus a bonus which varies each xmas. He still lives at home with parents has no dependants but does have some debt. He has a bank loan of £14000 and £2000 on a credit card. He has one late payment in the last year to a store card which he has now paid off and closed the account and his parents (my brother) has said he will give him £300 every month towards any mortgage payments if he is able to get a mortgage.
What are his chances of getting anyone to lend him the money to get a property?
What are his chances of getting anyone to lend him the money to get a property?
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Comments
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What's the monthly payment on the loan and what deposit does he have?
As usual, this will be more about what he can borrow, taking into account the debt, rather than can he get a mortgage, deposit permitting, of course.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi thanks for the quick reply, he tells me he has around £4000 in savings so I assume that is all he has but his dad will help him out. I don't have a clue about house buying as have never done it (always lived in private rented)He pays £310 each month to his loan.0
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A little more information required to assess. Level of proposed mortgage borrowing? Amount of available deposit?
Parents providing £300 per month to son for mortgage payment will serve little or no practical purpose and is unlikely to be taken into account by any lender.0 -
If he really does have only £4k saved, then I think he is on a hiding to nothing.0
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ok thanks I will let him know he will have to rethink his plans0
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