Right to acquire with no income

tori.k

glasgowdan wrote: »

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!

That's a bit presumptuous

PersianCatLady

tori.k wrote: »

That's a bit presumptuous

If it is that easy for someone to just walk straight into a well paid job then why hasn't the OP done it already?

tori.k

Why is it assumed that the OP would only get a low paid job and struggle to pay a mortgage they haven't stated what line of work the do.
So I will assume that the reasoning comes from the information provided that the OP is a single parent living in social housing.
Lots of wealthy people live in social housing also many single parents have mortgages.
The OP may not be eligible to currently get a mortgage in this current situation but a few years down the line when they are working I can't see why not.
I managed to raise two kids and pay a house off on one income

-taff

tori.k wrote: »

That's a bit presumptuous

Not really. Who walks into top paying job immediately after years of being away from work? I can only think of a couple of those and even they would have be kept up to date with yearly refresher/updates/subscriptions.

Besides, who bumps a three week old thread just to berate someone?

tori.k

Three weeks I never noticed I didn't resurrect it.

AnotherJoe

tori.k wrote: »

Why is it assumed that the OP would only get a low paid job and struggle to pay a mortgage they haven't stated what line of work the do.

Because if it was that easy for the OP to get a well paid job which will enable them to buy a property on the open market why are they living in a HA property on benefits and needing a relative to buy them a house via a complex scheme in order to leave an inheritance for their daughter ?

OP appears to have done a runner anyway, unless perhaps their new high paid job as CEO of Acme Corp on £1M a year isn’t allowing them time to reply.

Comms69

tori.k wrote: »

That's a bit presumptuous

Not really.


I wouldn't hire someone with no recent work history. They may be qualified but have no work ethic.

SnooksNJ

Whangarei wrote: »

My sister or her husband could have put themselves on my tenancy and pretended to live with me for 12 month thus giving them the right to buy the property with me but we know that wouldn't be right (or even legal??) hence why we looked at this option. Their names will not be on the paperwork but merely helping out financially. If her name was Barclays Bank I suspect there wouldn't be a problem...that's if a bank was to ever give interest free free money

That's called fraud.

FBaby

Makes sense. The joint borrower sole proprietor mortgage sounds like the best option though my lack of income and credit history may still not make this possible as I assume the bank will want to look into my finances too?

Your sister would have everything to lose whilst you'd have everything to gain from this arrangement. It's all very well to make plans on assumptions that all will go well (you get a FT job, you can pay the mortgage, bills and do so for the foreseeable future, you don't meet anyone who might want to move in etc...), but the reality is that the best case scenario rarely last forever.

Your (and her motive) as you lay them here don't come across as genuine. There is no need to leave a property to your daughter, like most people, she will have the option to get on the property ladder herself.

You have more to lose than gain, as currently, you have secure tenancy and don't have to worry about repair costs etc...

Your sister has no reasons to take on the high risks that would come with the plan considering the above.

So really, it only leaves a strategic plan to buy the house so that it can be sold as soon as permitted to make and then share a profit....

[Deleted User]

I don't think the OP is visiting the forum anymore.