Buying a house without the income

xylophone

Is your father in a position to make you an outright gift so that you have a higher deposit?

Rambosmum

The short answer is no.


You wouldn't pass the financial eligibility check due to your basic salary.


Your father wouldn't be allowed to borrow over 35 years.


Things you could do:


Increase your deposit to reduce the amount you need (either by borrowing off your father or saving longer)


Get a higher paying job/ increase your contracted hours to increase your borrowable amount.


You may be able to find a sub prime lender who will lend to you and you father but this is unlikely and a bad idea.

aneary

Is this a home for you or the one you were looking at for BTL?

bertiewhite

Don't you already have a mortgage?

https://forums.moneysavingexpert.com/discussion/5487590

LandyAndy

bertiewhite wrote: »

Don't you already have a mortgage?

https://forums.moneysavingexpert.com/discussion/5487590

At least she is self employed so the overtime won't be a problem. :rotfl:

Kayalana99

Rambosmum wrote: »

The short answer is no.


You wouldn't pass the financial eligibility check due to your basic salary.


Your father wouldn't be allowed to borrow over 35 years.


Things you could do:


Increase your deposit to reduce the amount you need (either by borrowing off your father or saving longer)


Get a higher paying job/ increase your contracted hours to increase your borrowable amount.


You may be able to find a sub prime lender who will lend to you and you father but this is unlikely and a bad idea.

Thank you, was just weighing up options anyway.

Medihv

Heya,

Also, don't forget about all of the additional costs that come with running a house. A mortgage of say £500 may seem affordable if you are able to get some overtime:
But consider the following:
Council tax - £90 a month (approx)
Home insurance - £30 a month
Gas, electric, water - £55 a month
Tv / internet £40

There is an extra £200 a month and that doesn't even include food.

Plus, interest rates could go up, O know that a whole different topic, but if you got a fixed mortgage for 2 years, and then suddenly you had to increase from £500, to £625, could you do it?

Just my 50 pence.

00ec25

Kayalana99 wrote: »

Sorry but you do not know my current position at all, my question is it possible if anyone can help.

Many thanks.

the bare details you have given show very clearly that your current position is: it's stupid

if you are now saying "there's more but I haven't told you what it is" then go away and come back when you are ready to provide the full story

meantime you cannot afford a mortgage. Your father cannot join you in one at his age for the term you want and if you do manage to get one you will be living hand to mouth and occasionally starving for long periods. Welcome to the real world of post credit crunch house buying.

glasgowdan

I want a 40ft yacht but I don't have enough money. Is there a way I can have it?

Kayalana99

I can afford to pay £575 in rent, and a mortgage would cost somewhere between £350-400...it makes a lot more sense to buy.

All these comments saying I can't afford it, but really it's actually cheaper and I do have to have a roof over my head...