Need motivation or encouragement or advice

Mortgage2015

HanTon wrote: »

Good luck with obtaining your own home. I know how it's difficult.

Thank you!

Mortgage2015

ACG wrote: »

£200 a month!

When I was your age (im only 30 now so not exactly bobbing on just yet) I used to spend near enough that over a weekend or 2... definitely a bank holiday weekend! And I used to drink in student areas where it was £1 a pint a lot of the time... Pound a pint! greatest idea ever when I was 20-25.

Haha I've never been the biggest partier but my jobs through the years have always been evenings and weekends effectively stopping me from going out. My off days are usually midweek when my friends are working the next day so if they do have a few beers while watching thrones etc I'll join them but I don't get Saturday nights unless I book em off.

Mortgage2015

ViolaLass wrote: »

I think you should focus on increasing your income, because that's going to help with how much you can borrow, which is a sticking point at the moment.

Are you in a career where decent increases are possible? (You only mention being able to get one in three years but not what the job is or what you need to do to get the increase). Is it worth trying a different job? Getting training or a qualification? It could make a bigger difference in the long run.

I was (stupidly) trying to become a police officer. That's why I was working part time and doing a two day public service course which ends in June but I've failed to get a specials role and have heard too many people speak of being a special for x amount of years and it going no where. I've accepted a full time position in a trainee-management role which promises to increase in 3 years.

Mortgage2015

I was really hoping someone would say "This is one for the brokers" but unfortunately not.

However I am very determined and have not stopped thinking. I've come up with a 6th idea, would it be possible to get a joint mortgage with my brother next year?

He finished uni this year and got a job in the uni town but plans to come home next year and I could let him live with me in the new house free of charge in exchange for him applying for a mortgage with me. His and my income combined would mean we were only asking for between 2-3% multiplier and would have a 62.5% LTV.

Obviously all the 60k deposit would be mine and he would not be contributing to the monthly payments so I would need a deed of trust to protect my home but is it possible to have one party deeded 100% and the other 0% or would I have to give him 1%+?

Secondly I would aim to have him off the mortgage/me reassessed in 2-3 years. How would that affect his credit history? To have perfect monthly mortgage payments but not a finished mortgage? Would it look good or bad if he were to apply for his own mortgage in say 5 years time?

I know we'd be financially associated but we both have excellent ratings (as its important for me to get offered the best rates) and we would disassociated after the joint mortgage).

Anything else I haven't thought of?

amnblog

Mortgage2015 wrote: »

Anything else I haven't thought of?

That seems unlikely.

Mortgage2015

amnblog wrote: »

That seems unlikely.

Hahaha not sure how to take that :eek:

Mortgage2015

I'd just want to make sure that as I will be paying on time each month that there will be no unforeseen negative consequences for my brother.

And if there were any positives consequences what they would be. Eg would having one well paid mortgage help him in an application for another years after being taken off said mortgage? Would be handy to know before I broached the idea with him.

Red-Squirrel_2

It sounds a bit like you're feeling desperate and are scratching around frantically for ideas and schemes to get you what you want.

Stop, breathe! You're a first time buyer in your early twenties, rather than get entangled in joint mortgages, guarantors, BTL or anything else that has the potential to go horribly wrong just try to accept that you will have to make compromises.

My first place on my own wasn't a dream home, I was earning hardly anything but I needed a place to live. It was in a less than desirable postcode, just one bedroom, in a bit of a state because it was a repo and had a charming view of a brick wall! It was a roof over my head though, and I could afford it, which is the main thing. Now the area is much more in demand, and I'm hoping to sell it for a lot more than I paid for it, and have much more to put into my second home, which will be a lot nicer hopefully!

You don't have to be in your perfect home in your perfect area the first time around!

ViolaLass

What if when you're reassessed, you can't get a mortgage on your own but your brother wants to get one?