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Mortgage with no income
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outofluck
Posts: 3 Newbie
I'm a student, I have £15k for my deposit but no official income as all my living expenses come from my parents. Are there any banks that will lend me the £85k I need to buy a studio flat? I could use my parents' house as collateral if that would help. The way I see it, instead of paying a landlord £500 a month on rent for one room in a grotty student house, why not see If I can put that money towards my own property.
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oh dear ha ha0
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Do your parents work/have an income?
If so you may be able to look at a guarantor mortgage. But your options are very slim with no income.I am a Mortgage AdviserYou 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.0 -
They do! Where can I find out more about a guarantor mortgage?0
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I may be missing something obvious here, but how are you going to pay the monthly mortgage payment with no income? A deposit is one thing, but you need to pay the bank something towards the mortgage each month otherwise how would you ever pay it off?"The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 18640
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Would you lend someone money that didn't have a job?!
If your parents were going to pay the mortgage then get them to buy the flat for you and then when you're ready buy it off them.... Or possibly go into a joint mortgage with your parents?This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I would be paying the bank with the money I currently use for rent.0
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The parents then have to pay higher rate stamp duty and potential CGT when selling it.AlexandLauren wrote: »Would you lend someone money that didn't have a job?!
If your parents were going to pay the mortgage then get them to buy the flat for you and then when you're ready buy it off them.... Or possibly go into a joint mortgage with your parents?I am a Mortgage AdviserYou 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.0 -
If you bought a house with rooms which could be let to other students which financed the payments, there is a great product to fund this with parental help.
You'll need a broker, either way...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 -
https://www.bathbuildingsociety.co.uk/mortgages/mortgage-products-for-individuals/buy-for-uni
Have a read and see if this helps.
However as a student landlord myself you need to be in for the long term NOT 3 years at uni0
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