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help needed
conned_2
Posts: 14 Forumite
Looking for advice on an unconventional mortgage or way of financing a house purchase. My daughter has saved up £20000 towards the purchase of her first property- a flat costing about £100,000. She does not have a permanent job so cannot obtain a normal mortgage or qualify for any of the first-time buyer schemes. I am prepared to guarantee her mortgagee- I own property worth £450,000 without any loans or mortages, one third of which will eventually go to her under the terms of my will. I am aged 62 and most lenders say that makes it impossible for me to guarantee my daughter’s mortgage, even if she had a permanent job. Can anyone help with advice or suggestions on where we could go for help?
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Comments
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If she's agency/temp or on a fixed term or zero hours contract there are lenders which accept such cases, subject to qualifying periods etc.
If you haven't already done so, an independent broker should be consulted to establish current and future options.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have you done your IHT planning well over the single nil rate band.0
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