First time buyer - Mortgage struggle

ehdx

Looking for as much advice as I can get really...


I'm in the first stages of looking to move out from my family home.


I live just outside of London and the average 1 bedroom flat is around £250,000 (these ones aren't in particularly good condition)


I don't want to move any further out because my travel into London will be ridiculously expensive.


Based on what I earn it's looking as though I'll only really be able to get about £125,000 on top of my £40,000 deposit - still no where near what I would need, even though I can easily afford the repayments of a higher mortgage.


One of my parents friends suggested applying for a mortgage with one of my parents. I'd never heard of this before and I've tried looking online but can't really see anything that explains it... is it even a thing?

itani

You can always go the help to buy route

ACG

Your parents age may get taken in to account, which then means a reduced term which can mean higher payments or even a smaller Mortgage.

There is a scheme by the post office I think but I do not know enough about it to say whether or not it is an option.

cjv

Have you looked into Shared Ownership?

I am going that route after researching all my options. It is not suitable for everyone so have a good look around online at all the pros and cons.