Is a mortgage possible in this case?

Alan_Cross

MovingForwards wrote: »

Non-high street rates are 3% +,
could be 5%+ depending on his financial circumstances eg adverse credit within the last six years.

Nothing to stop you having a look at the likes of Halifax, Aldermore, Barclays and seeing what interest rates they are currently offering.

Thanks. Good idea.

Davy_Jones_II

Alan_Cross wrote: »

I didn't realise that the monthly repayment could vary that much dependent on his income. Interesting. He certainly earns over £20k although I haven't asked him outright. What rate would be likely if he has to go elsewhere than the high street, then?

Again, this raises the question of how he’s saved £50,000. This is not prurience on my part, he’ll be expected to evidence the source of the deposit.

Is the “family sourced” £50,000 a gift or a loan? If it’s a gift then the giver will be expected to sign a declaration saying as such, and confirming that they have no interest in the house, will not be living there, and that they will not expect repayment.

Will this be an issue?

AnotherJoe

Alan_Cross wrote: »

He is declaring his income but is less than efficient with keeping documents and records. When you live in a succession of rented rooms and house shares, meticulous record keeping is not always an easy matter, as I know myself... and this is often all too readily derided by those who live a settled existence in comfortable, multi-bedroomed properties...

My question stands. Let us assume the availability of a few years worth of HMRC tax calculations/statements. I would love to hear from anyone able to offer thoughts about what might be available to him.

Right, because it's impossible to store records electronically if you live in rented accommodation... oh no wait ....