What options does my friend have?

pickledonionspaceraider

It sounds like what he wants, and what he can afford are poles apart and something is going to have to change.

Either he ups his income dramatically
or
He shares.

Either way, he needs to look to move out of his parents house at 35 years old - his parents must be funding his easy life, whilst they are heading into retirement.

He sounds a right catch..

Cakeguts

He lives at home so therefore he can afford to take agency work and sometimes not work. However he wants to move out. If he had moved out the chances are that he wouldn't be doing all these small jobs and having time between working.

What he needs to do first it to move out into easily affordable shared accommodation. I know he doesn't want to share but he is sharing now with his parents so the only difference is that he will be sharing with people he is not related to. When he has learned to budget and save and has realised that in the real adult world you can't just not have a job and your parents will help you out then he can think about getting a better job that will support a flat on his own.

stator

want2bmortgage3 wrote: »

A quick search shows 3 shared ownership small flats for about 112k that could be possible.

Has help to buy changed?I thought you could put down 5% and get 20% from the govt as a loan totalling a 25% deposit? Eg deposit 10k, govt loan 40k and mortgage 150k?

Yes but the Help To Buy loan does have to be paid back at some point and after the interest rate kicks in your friend might not be able to afford it. Once your initial mortgage offer runs out you might find it hard to find a new mortgage unless you pay back the loan. Plus you have the added risks of buying a new build and negative equity etc.

Pixie5740

Can you use HTB EL when purchasing a SO property?

It's interesting that you're doing the research into your friends options rather than him.

[Deleted User]

Your friend not only has to look at how much he could borrow with a mortgage but also affordability criteria. Could he afford to live if he purchased a property?

He really does need to knuckle down and save.., and yes, do what a lot of us did when young.., be prepared to not have just one job but two.., and budget his money stringently to maximise what he can spend.

If he doesn't have a permanent job, has no savings, can't afford to rent even a studio (and may have no idea what bills need to be paid and how much they will be each month if he lives alone).., AND insists he must live alone.., he is being very unrealistic. Personally, I wouldn't try to help him unless he's willing to help himself.