Right to acquire with no income

saajan_12

1) Tenancy and discount is yours, so you must be the owner on the deeds.

2) If a mortgage secured on the property is needed, you as the owner must atleast be a joint borrower. That would involve checking your income, which you will likely mean you don't pass affordability. Also, joint borrower sole owner mortgages are rare, the chance that one takes RTA where one joint party has 0 income is not going to happen.

3) If sister has the full purchase price to give / lend you though a private mortgage, you can buy it alone and repay her.

Otherwise you have to wait until you have an income first.

westernpromise

skint_chick wrote: »

You can only get a mortgage in the name of the person on the right to acquire paperwork - i.e. you. You can't get a mortgage with no income. You can't add extra people who aren't on the tenancy such as your sister/brother in law. They will need the full purchase price in cash.

Unless they have this and are willing to gift it to you then it's a non starter.

You can't get a mortgage from a financial institution, no, but it's only because most people don't know any rich people that they borrow from financial institutions. What stops the OP's sister from writing her a mortgage?

gycraig_2

I don’t understand what benefit there is to buying a house using ur sisters money because you can’t afford the mortgage on it.

Makes absolutely no sense you will go to being at your sisters mercy instead of the government who are happy to house you for life

batg

What is the huge rush to buy this place? I presume if you aren't working you are getting the rent paid for you, so there is no financial urgency to buy it is there?
Get the job first.
Or the sis could buy you another house other than the one you are currently in, but there would be no discount on it...

t0rt0ise

One other point.. the discount on right to acquire as opposed to right to buy, is pitiful. The person doing the buying is probably thinking that they are going to get a second house on the cheap when in reality they'll be lucky to get a 10 grand discount.

[Deleted User]

OP you need to remember that unfortunately, things rarely go as smoothly as we optimistically want them to go. You may get a job, but it might not lead to an immediate improvement in your finances. You are much better off waiting until you have a job and can afford to buy somewhere to live yourself, meanwhile paying a lower than market rate rent.., rather than risking the relationship with your sister and possibly ending up homeless if she gets annoyed with you. Could be something to do with the house, could be personal but you really don't want to be in that uncertain position. It will change your relationship.

glasgowdan

Even if you get a job, I assume it will be a low paid one, and you will still struggle to pay a mortgage. If your sister wants to help, she should put money into some kind of savings for your kid. This house idea has so m7ch to go wrong and it won't be in any of your interests!

PersianCatLady

Whangarei wrote: »

Not sure about your question but I am looking to get on the property ladder and leave something for my daughter in years and years to come ie a property or proceeds from the sale of a property. This is the only way I can do so as my current situation does not allow me to do so. My sister understands and is willing to help. I don't want to be a tenant paying rent forever!

But you aren't paying rent at the moment any way, HB is paying it.

PersianCatLady

skint_chick wrote: »

You can only get a mortgage in the name of the person on the right to acquire paperwork - i.e. you. You can't get a mortgage with no income. You can't add extra people who aren't on the tenancy such as your sister/brother in law. They will need the full purchase price in cash.

Unless they have this and are willing to gift it to you then it's a non starter.

I don't think that the OP understands the process at all.

PersianCatLady

So many questions -

What if you and your sister fall out?

What if your sister gets divorced?

.......