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£100,000 deposit

JohnLock
JohnLock Posts: 74 Forumite
in House buying, renting & selling
my brother has saved £100,000 deposit.

he wants to buy a £220k new build house.

he is a first time buyer.

would he get a mortgage?

anything that would go against him?

Comments

  • Bossypants
    Bossypants Posts: 1,286 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    What's his employment situation and fixed outgoings (car payments, other loans, child support, etc)?
  • JohnLock
    JohnLock Posts: 74 Forumite
    Bossypants wrote: »
    What's his employment situation and fixed outgoings (car payments, other loans, child support, etc)?

    he earns about £50k year.
    he is single.
    no outgoings except utility bills.
  • Bossypants
    Bossypants Posts: 1,286 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Does he have a permanent contract? If yes, on those facts alone, it should be a pretty easy sell for most lenders. I had the same loan-to-value ratio when I bought my first place 7 years ago, but earned only 60% of what he does, and my application sailed through. If no, things get a little trickier and he will be better off seeing a broker, but could still be possible.

    One thing I've had recommended to me is that if he does any sort of gambling which would show on bank statements (even totally normal, innocent stuff like a fiver on his favourite team or a little flutter on the Grand National), make sure they are at least three months in the past. Apparently a lot of lenders get really funny about that, even with otherwise great applications.
  • soolin
    soolin Posts: 75,002 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Before spending time responding it might be worth a quick read of some of the other threads OP has started.
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
  • Bossypants
    Bossypants Posts: 1,286 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Well now I feel silly, assuming good faith on the internet like that, I ought to know better by now.

    Still, happy 2019 all! :beer:
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    soolin wrote: »
    Before spending time responding it might be worth a quick read of some of the other threads OP has started.
    yes, I did wonder when I read his second response that it was just a bit too good to be real but could not be bothered to comment at that time
  • theartfullodger
    theartfullodger Posts: 15,989 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    JohnLock wrote: »
    he earns about £50k year.
    he is single.
    no outgoings except utility bills.
    He should stay where he is: Where someone else is daft enough to pay all his expenses - travel, car, mobile 'phone, clothes, food, holidays, insurance, etc etc etc



    Is this a wind up?
  • parkrunner
    parkrunner Posts: 2,610 Forumite
    Eighth Anniversary 1,000 Posts
    soolin wrote: »
    Before spending time responding it might be worth a quick read of some of the other threads OP has started.
    theartfullodger wrote: »
    He should stay where he is: Where someone else is daft enough to pay all his expenses - travel, car, mobile 'phone, clothes, food, holidays, insurance, etc etc etc



    Is this a wind up?


    Yes a complete wind up, as soolin says look at his previous posts.
    It's nothing , not nothink.
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