Help to Buy - Unusual Circumstances

GraceAmy

We are currently homeless living in temporary accommodation (long story). My mother recently sold her late fathers house which needed modernization we could not afford. She didn't get enough to buy a property outright, having just over half the amount for the size property we would need in this area. What little money she did get we do not want to waste on expense renting trap or have our things taken out of storage from miles away to then move again. I am not working which is the problem with getting a mortgage anytime soon. I will be looking for work as soon as we move but am unable to commit with our current situation. I am my mothers unpaid part time carer and have always lived with her, so want to stay together. Is there any possibility of either or jointly we could get a mortgage my mother has plenty for a deposit then use the rest of the money into an agreement similar to guarantor mortgage to show we can make the payments ? Sorry if this makes little sense it's complicated situation we re sadly in, any advice be appreciated.

kingstreet

A mortgage will be determined by one of the applicants having a verifiable income. Mortgages are not granted on the basis that you can spend savings to make the payments.

GraceAmy

Thanks, seems madness in climate we are in. Anyone can lose their job or on zero hours contracts that they are deemed more secure than someone who can prove they can pay the mortgage from savings and secure an amount for safe guard. It's the same with shared ownership even with enough to buy the share and cover the rent for at least 3 years that is not possible either. We don't want hand outs just a chance to get ourselves back on track and have a security like a lot of people. More schemes are needed and to be tailor to personal circumstances in changing times. Renting is not the answer it's overpriced with expense non monitored agent fees. Alongside landlord who then decide to sell you can be moving often each time losing more money. Times are great for landlords

ACG

Whats more mad...
Lending to someone who has a job and may lose it or lending to someone who has no job and may not get one? 0 hour contracts are viewed differently to someone in a permanent full ime position btw.

Get a job, prove you can work, get a mortgage and then move jobs if needs be. Or get a job in the area you intend to move to - its a ball ache for a couple of months but once you have moved it will be fine.

ethank

Unfortunately, you will need to get a job (or another allowable income) before you can get a mortgage