Mortgage help please - my family is gonna get made homeless

Smissah

From what I understand, the landlord needs to sell some houses because he hasn’t been getting much business (people haven’t been buying up that he’s refurbished). With our living in that place for so long, he hasn’t been able to modernise the house and rent hasn’t been as high as other places near us. He made us aware at the start of the year and even offered to look for other places for us to rent. It was my uncle who suggested buying cause it’s wasting money if we rent.. but it’s what we’ve been doing al this time

[Deleted User]

This sounds worse by the minute.

You won't get a loan for a part house purchase without making a fraudulent application.

A CIFAS marker will hinder your home buying aspirations.

Candyapple

How old are your parents – will they even be able to get a mortgage? Or is your uncle proposing that the mortgage be in your name and your parents pay you rent/the mortgage?

This is a bad idea all over.

You’ve been told to take out a £15k loan? But yet you don’t earn a lot? Yea that’s not going to happen and your family are living in dreamland.

Are you and your girlfriend actually still living with your parents?

Can your parents not downsize and find somewhere else to rent?

kazwookie

It could well be the LL, is planning on selling the house with T insitu, so all this about homelessness is ATM irrevelant

Smissah

Thanks for the response. Can you please check out my update? I’ve written it as a comment as I can’t edit the post

Candyapple

Smissah wrote: »

Thanks for the response. Can you please check out my update? I’ve written it as a comment as I can’t edit the post

Your post doesn’t answer any questions.

Who is the mortgage going to be consisting of: you, your mum and your dad? Anyone else?

What are all of your salaries?

How much deposit have you all managed to come up with individually?

What is the asking price of the house?

Do you have any other siblings living with your parents?

How many bedrooms does the house have? You make it sound like there are no other similar properties to rent in the area.

Mojisola

Smissah wrote: »

They’re planning to ask the landlord to lower the price of the house on paper so we can get the loan from the bank with the salaries we’ve been able to combine.

Neutrinno wrote: »

She wouldn't as she wouldn't own the property. The OP said she's been asked to take a loan out to contribute towards the deposit of her family buying the rented house. Gifting a deposit does not = an interest in the property.

It sounds as if all their salaries combined will be needed to get a mortgage so the OP will be an owner.

Smodlet

Mojisola wrote: »

It sounds as if all their salaries combined will be needed to get a mortgage so the OP will be an owner.

Not if his/her name is not on the deeds... OP, well done for asking questions on here. Now, please, wake up and realise that, if you take out a loan and just hand it over to your parents with no redress in the form of getting the house in your joint name, you may never be in a position to buy a place of your own while either of your parents is still living.

Neutrinno

Mojisola wrote: »

It sounds as if all their salaries combined will be needed to get a mortgage so the OP will be an owner.

I've deleted my original post in order to use multiple quote so apologies, easier to just address this.

If that is the case then they may struggle finding a lender who will allow multiple salaries to be taken in to account a long with part deposit coming as a loan. Of course the stamp duty issue will arise then for the OP.

Mojisola

Smodlet wrote: »

Not if his/her name is not on the deeds...

Will mortgage providers have someone on the mortgage who isn't an owner?