Anyway my folks can use house to help me buy one?

ALPINESURFER

Still looking at all my options for house buying.

Does anybody know if any banks/lenders will let folks sign as guarantor or something along them lines?

They have a house worth £200 grand plus with no mortgage

I need around 130,-150, grand to upsize as we grew out of our house before we had 2 kids now its way to small and no room to extend out back or we would.

My folks are willing to help anyway they can but they are with Halifax and they don't have any options that would help us out.

Just wondered if anybody else knew of any ?

kingstreet

What's your problem?

Unable to get a mortgage at all, due to income or credit problems?

No/insufficent deposit?

StuC75

Sounds a massive risk for your parents to be risking there home for you..

After all if they mortgaged for you to pay it back, which then went wrong then you would run the risk of losing both homes..

What about pooling together, you both sell up and buy a new place with your parents......

Dave_the_Ginger_Cat

Having looked at some of your other posts, I would concentrate on living within your means, pay some unsecured debt down, and try to make your current house work for you.

There are options out there for parents to cosign dependent on their circumstances, but none of them are great. They appear to distract from the point which is I don't think your affordability or history is good enough to lend.

Now if a bank is not keen to lend to you, why would you ask your parents to consider? This board contains many tales of woe of family deals gone wrong.

Sorry, but sometimes banks say no for good reasons

duchy

If you grew out of your house before you had one child let alone two....do you just have a one bedroom house or just lots of junk ? Did you not realize children would take up space ?

Why not ask your parents to sell their home and downsize to a one bedroom flat so you have "room to grow" although frankly it seems to be all about you and your unwise choices. Perhaps the most useful thing your parents could do is offer childcare so you can both work full-time /take on second jobs and get your finances on a firm enough footing that you can do it for yourselves without compromising their financial security?

ALPINESURFER

We got a small 3 bed house worth around 90-95 k

I have no debt at all to anybody pay card off every month (now)

partner has bad credit and dmp (10 years before paid but this is not a problem as we can get mortgage just need a larger deposit for bank/lender to be happy)

what i was trying to do was sort it in 6 months i did kind of have a 2 year plan but thats gone out the window as we have a new arrival on the way.
we know we can get house sorted but was trying to sort it out before new baby arrives.

we have some deposit saved depends on what we spend and bank and what type of deal we go for (i can have first time buyer) or part buy or straight forward sale etc etc.

In an ideal world we would buy bigger house and rent out the one we live in but cant raise that cash i don't think.

House income between £55-60 grand a year before tax.

we do both work and parents do help out or we both could not.


Somebody gave me an idea sell both houses buy big one?maybe something in that....but doubt we still could rise the money for property of an ideal size but i will look at that..

If there is no way we will have to make this house work for now i was only asking because there are a lot of very helpful people on here who know much more then i ever will about house buying etc
but as with any forum there are plenty of idiots also.

Thanks for the help :T

Tiffany_Aching

With three kids in a three bedroom house you have not 'outgrown' it. Why can't the children share a bedroom? Is it due to too much clutter? If so then, obviously, declutter!

Children are quite capable of sharing a room - 14 years ago I was in a teeny-tiny 2 bedroom starter house from Barratts with five kids . Honestly you wouldn't be able to fit a cat in it, yet alone swing the thing! The three eldest boys were in the 'master' bedroom - you could barely fit a double bed in it so we had a bunk and a cot. My daughter was in the single bedroom and we were in the sitting room on a pull out sofa and baby in a moses basket. It was cramped and it wasn't much fun but we were saving to get a deposit so we could move. I'm not saying it is ideal, but I am trying to give you an idea as to how it is possible.

You have a good income - put up with a little discomfort and save a larger deposit. Whatever you do, don't get your parents to guarantee your loan. If anything went wrong, the mess could be spectacular and even less fun than being cramped in a small house for a year or two.