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Can my Mum apply for mortgage or help me??
olive28
Posts: 2 Newbie
Me and my partner were saving up to buy our own place. The plan was to apply for a joint mortgage as he has steady income and Im self employed.
We have recently split up and split our money, I have enough for a deposit on a smaller place but as I have only been self employed for 1 year and a half, I don't think my application for a mortgage would be successful.
I thought about asking my Mum to apply for a mortgage for me, she is 50ish, already owns a home (she bought from the council in the 80/90's) and works, but Im not sure if she would be successful?? I also read about parents helping out by proving they can pay the mortgage if the kids can't - but I don't understand if they have to give money to the bank (in a deposit type way) or just prove that their earnings are enough.
the place I have my eye on is £60000 so its not a crazy price - I would really like to just get a place of my own so I don't have to worry about renting or where I might be living next - any advice would be great
We have recently split up and split our money, I have enough for a deposit on a smaller place but as I have only been self employed for 1 year and a half, I don't think my application for a mortgage would be successful.
I thought about asking my Mum to apply for a mortgage for me, she is 50ish, already owns a home (she bought from the council in the 80/90's) and works, but Im not sure if she would be successful?? I also read about parents helping out by proving they can pay the mortgage if the kids can't - but I don't understand if they have to give money to the bank (in a deposit type way) or just prove that their earnings are enough.
the place I have my eye on is £60000 so its not a crazy price - I would really like to just get a place of my own so I don't have to worry about renting or where I might be living next - any advice would be great
0
Comments
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What percentage deposit will you have?
You may be able to apply for a joint mortgage with your Mum assuming she earns enough and fits the lender's affordability criteria.
Speak to a whole of market broker for your options, they will be able to advice and best place your situation."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
I have 5% of the deposit and Im very sure I can keep up with the repayments its just getting the mortgage thats the difficult part.
With a broker will I have to pay them first for advice or pay them when you want to process the application??0 -
I have 5% of the deposit and Im very sure I can keep up with the repayments its just getting the mortgage thats the difficult part.
With a broker will I have to pay them first for advice or pay them when you want to process the application??
Quotations do not normally cost anything, if they want to charge you first then find another broker.
I am sure you will manage to pay the mortgage, its just finding a lender that suits you."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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