First timer Buyer Help

Majorchance

Hi all


I'm hoping to come here for some help please


So myself at my ex have split up and leaving separate lives now in the same rented house ill be moving out soon and she will be staying there as its a family member house .
I live in Northampton and rent is a lot I have found a double room for like £525 PCM :O however im looking to buy instead .
Im on 16500 per year I do overtime some weeks so that would boast my income and I have just started working a second job where I get lik 300 per come as only work weekends and not every weekend .
my mom has said she will go on a mortgage with me as she doesn't have a mortgage anymore . that will boast my affordability as the bank saying I can only borrow like 94k that works out repayment of about £300 per month or their about however im happy to pay more and really I need to borrow about 130k to buy in Northampton .
I have about 10k for a deposit and about 3k is in a help to buy isa so will get 25% on top of that .


Has anyone had experience in buying with a family member is this allowed are there any restriction she wont be living there nor paying any money towards it its just to boast lending


Any help would be great please

Rich2808

Would be useful to know roughly how much your mum earns - as that will determine the total mortgage you can get as you are at the upper end of affordability on your own as it seems you are looking for a 4.5 times salary mortgage. Also is your second job £300 extra a month?

You will also need to allow money for a solicitor and a surveyor which will probably add around £1k to the purchase costs.

There are around 50 properties listed on right move with a price below £100k in Northampton. So you could potentially buy on your own - but it depends how much space/what area of the town you want to live in.

Also if you buy a place with your mum you won't be eligible for the first time buyer stamp duty relief - but can use the help to buy isa bonus. But that's only an issue if you buy a place costing more than £125,000.

Hope this helps as a start. Also make sure you can cover the cost of repairs and service charges (if buying a flat).