Young Home-Owner (18 years)

Larry365

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PoorDave

Maybe if there wasn't any lying involved to borrow the money, you wouldn't have a problem, or is that too harsh?

Rick62

No, 'most' people do not lie to obtain a mortgage. Falsifying your income is know as fraud - and you expect the taxpayer to bail you out for your reckless fraud?

Larry365

PoorDave wrote: »

Maybe if there wasn't any lying involved to borrow the money, you wouldn't have a problem, or is that too harsh?

Nah I dont think that would be a problem as its only the solicitor and mortgage lender who have this on their books. Everyone lies about their income to get loans, mortgages credit cards etc, its almost expected.

Leon_W

The only "well earned break " you deserve would be at "Her Majesties Pleasure" you lying little toe-rag. It's people like you that deserve to get in a financial mess as you are reckless beyond belief. Don't expect any sympathy from anyone here.

my_gorgeous_ellie-belle

Oh dear, well to be honest your solicitor has put you in a bit of a mess - i do understand that sometimes they fib £5000 or so to put you in a certain band but that fib was just ridiculous. I think its fab you worked so hard for it but you will really need to up your income somehow, i mean getting into office work/sales or so if you can because that should up your income by about £5,000 (well down south where i am that would be the case/ im not in london by the way). Is there no chance you could have someone move in with you who is working and pay a set amount of rent? No long term girlfriend? Its a bit of a tough situation really but as your already on the property ladder just about and you seem very determined hopefully you will work something out! Good luck!

silvercar

My solicitor had to do abit of fibbing to get me the mortgage as most do with most "to-be" homeowners. I had to become self-employed and my anual wage was somewhere in the region of 30 - £40,000. This was purely so the mortgage lender would lend me the money. my actual wage was somewhere in the region of 13 - £14000.

Why do I think this thread is a wind-up?

Your mortgage broker would be the one falsifying your income to satisfy your mortgage lender, not your solicitor. Going down the (false) self employed route to create an income would not be something your solicitor would do, he would not be involved in your application for a mortgage.

I also suspect that any lender would check the credentials of an 18 year old claiming to have a financial history albeit self-employed.

Larry365

Leon_W wrote: »

The only "well earned break " you deserve would be at "Her Majesties Pleasure" you lying little toe-rag. It's people like you that deserve to get in a financial mess as you are reckless beyond belief. Don't expect any sympathy from anyone here.

I dont understand the problem here. I pay my taxes. Ive worked hard. I earn enough to pay my bills. Is not a lie that is effecting anyone in this entire world if only eventually me. The mortgage company own 90% of my house excluding rise in value. I think you will find if you ask around people lie alot about income. My solicitor said it is the only way. And before you start slating my solicitor, they aren't some dodgey alleyway company they are a completely legit company and one of the biggest in the area.

my_gorgeous_ellie-belle

What im saying is although fibbing is wrong sometimes they do fib a few thousand pounds but it should still be in an affordable range not as ridiculously different as yours. Anyway at 18 my bloke was offered in total £10,000 in credit cards (he didnt accept it all thank god) now that is just as ridiculous is it not.

I dont think its fare that the taxpayer has to help you as it a situation that could have been avoided, and a tad bit fraudulent, but there are other means of working this out and i really hope you do! x

Larry365

Sorry yes, mortgage broker not solicitor. My dad helped me alot with talking to bokers and solicitors i must admit so some details i am not 100% on

Jockthearab

Firstly, welcome to MSE!

TBH, I'm not aware that it's common practice for solicitors to lie to help obtain a mortgage, precisely because in situations such as yours, with such a high mortgage/wage ratio it can be near impossible to maintain.

You say you have an interest only mortgage, were you not also advised to invest in something that is going to pay back the mortgage at the end of its term?

I'm happy that at such a young age you are working hard & trying to better yourself-I hope that doesn't sound too patronising (that means talking down to you :rotfl: ) but taking on a mortgage is a marathon rather than a sprint. I have been 'working hard' for almost 20 years now, but hey, that's life!

I don't believe there are grants for 'young homeowners' available (or middle age or older person homeowners). However, there are plenty of other boards on here where you can pick up tips & ideas on how to increase your income & drive down your expenditure-perhaps take in a lodger or, dare I say it, cut down the Red Bull (try a supermarket own brand if you get withdrawal symptoms?!) & Ciggies.

Good luck & stick around.

JtA