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Buying a house without the income
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Kayalana99
Posts: 3,626 Forumite
Hi guys,
Just a quick one, I've got the deposit for a house but not the income to actually get the mortgage. (Well in theory I would have because I can pick up the overtime, but not provable)
Is there a way I can buy it with my Dad? The main issue I see is really I'd want a 35+ year mortgage to keep costs down but he's in his 50's....
Is there anyway round the income issue? Not sure it would make a difference but there are two houses one at 110k and one at 115k I'm looking at and I'd have around 17.5k (although needs to include solicitor fees etc)
Just a quick one, I've got the deposit for a house but not the income to actually get the mortgage. (Well in theory I would have because I can pick up the overtime, but not provable)
Is there a way I can buy it with my Dad? The main issue I see is really I'd want a 35+ year mortgage to keep costs down but he's in his 50's....
Is there anyway round the income issue? Not sure it would make a difference but there are two houses one at 110k and one at 115k I'm looking at and I'd have around 17.5k (although needs to include solicitor fees etc)
People don't know what they want until you show them.
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Comments
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Kayalana99 wrote: »Hi guys,
Just a quick one, I've got the deposit for a house but not the income to actually get the mortgage. (Well in theory I would have because I can pick up the overtime, but not provable)
How would you manage if there was no overtime for a while, say 6 months? You wouldn't, by your own admission.
Is there a way I can buy it with my Dad? The main issue I see is really I'd want a 35+ year mortgage to keep costs down but he's in his 50's....
You will be lucky to find a lender who will lend beyond his 70th birthday. A need for a 35+ year mortgage shows just how short of income you are. Buying with your father, or any relative is fraught with danger.
Is there anyway round the income issue? Yes. Increase your income. Not sure it would make a difference but there are two houses one at 110k and one at 115k I'm looking at and I'd have around 17.5k (although needs to include solicitor fees etc)
I think you have to accept that you aren't currently in a position to buy.0 -
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Kayalana99 wrote: »Sorry but you do not know my current position at all
We do - you want a mortgage but can't prove you have the income to support one. You've told us that.0 -
bertiewhite wrote: »We do - you want a mortgage but can't prove you have the income to support one. You've told us that.
Right, and my question is there a way around it!People don't know what they want until you show them.0 -
Kayalana99 wrote: »Right, and my question is there a way around it!
Yes, and it's a stupid question. How can you commit yourself to a mortgage (which isn't a commitment to be taken lightly) if you don't have a guaranteed income to pay it.0 -
Think you are living in a dream world OP
I think most lenders would run for the hills given your position.0 -
Kayalana99 wrote: »Right, and my question is there a way around it!
Yep. Lie. .0 -
Overtime isn't guaranteed, so it's not a predictable salary, so it's not factored in to the calculations. You could commit mortgage fraud, but that would be rather foolish.
Don't buy a house with a family member, that's more hassle waiting to happen.0 -
Is your dad in a position to increase your deposit, so you can borrow against your basic income?They are an EYESORES!!!!0
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Have you sat down with an independent mortgage broker to go through all your options?0
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