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Mortgage for a 21 year old
Comments
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This is not going to happen.
Why?
Lenders do not like offering BTL mortgage to individuals who do not won their own home because they often trying to buy them to live in them themselves.
Lenders like borrowers to have a minimum personal income to ensure that they can still make the mortgage payments if the property is temporarily un let.
If you are serious, buy with Dad.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
As suggested, the best way would be if you jointly own your residential property with your dad and then you could either apply jointly with your dad for BTL or solely. However, if you do apply by yourself, there will restriction on lenders due to income below £25K.0
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ExpertAdvice wrote: »As suggested, the best way would be if you jointly own your residential property with your dad .
That is not what I am suggesting.
Put Dad on the BTL.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
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No, that is not the case.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I don't need to buy my own home as I'm going to live with my dad in his house (which I'll inherit)
What if he has to go into care and the house needs to be sold to finance the charges?
What if he remarries and his wife inherits the house?
Don't plan your life thinking that an inheritance is guaranteed!0 -
Buy a house to live in yourself.
Live it it for a while (However long is required before being allowed consent to let) - then go live with your dad and rent the house out asking the mortgage lender for consent to let - hopefully you will get this for 2 years but then you can move onto a BTL as hopefully your income is high enough.
Go see a mortgage broker to discuss optionsWeight loss challenge, lose 15lb in 6 weeks before Christmas.0 -
Buy a house to live in yourself.
Live it it for a while (However long is required before being allowed consent to let) - then go live with your dad and rent the house out asking the mortgage lender for consent to let - hopefully you will get this for 2 years but then you can move onto a BTL as hopefully your income is high enough.
Go see a mortgage broker to discuss options
I like that idea, I'll consider that. I'll go see a mortgage broker as well.0
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