Any chance of a mortgage?

Pricivius

I'm 90% sure the answer will be "speak to a broker as it's complicated", but it may be a straightforward "not a hope"...

Person X is aged 40 and earns £30k per year in a job he has had for about a year. Approximately £15k saved and no debts. Previous homeowner but sold about 15 years ago. Since lived with his mum or in his car or on friends' sofas but has no history of paying rent or bills. Credit history is probably okay, maybe the odd default, but spending will be an issue due to no evidence of budgeting or paying normal household expenses. Expensive hobbies and numerous holidays, as well as periods of self-employment/unemployment over the last decade.

1. Any chance of a mortgage? If so, how much?

His mum is prepared to help. She is 67, widowed with pension income totalling about £30k (state and private). Owns her own home and car outright, no debts and in very good health. Credit file clean as a whistle and clear evidence of managing finances well since forever.

2. Is she a possible guarantor?

3. If not, is a joint mortgage an option?

Thanks in advance for any help you can offer.

kingstreet

Pricivius wrote: »

Credit history is probably okay, maybe the odd default

Lenders deal in specifics.

It's default date(s), amount(s) and date(s) of satisfaction before anyone can speculate on what might be possible.

ACG

1) Yes - but possible defaults needs exploring in depth. Around 4-4.5x income.
2) Unlikely.
3) Unlikely.

Pricivius

Thanks very much - I will find out about defaults. I was concerned that the affordability rules would catch him out as his lifestyle pays no attention to the need to pay bills.

kingstreet

Many lenders use ONS averages and only look at specific outgoings such as credit, student loan, season ticket, ground rent & service charges, childcare, maintenance, dependents etc.