Young Home-Owner (18 years)

Rick62

If it's really your solicitors they risk being debarred or struck off - whatever size they might be. It's true that a lot (but still a minority) lie about their income, although as a previous poster said usually more a case of presenting an optimistic estimate rather than blatently tripling the figure.

It hurts everyone because it damages confidence in the financial system, as we have seen with the recent credit cruch and insolancy of Northern Rock, making finance harder and more expensive for all the honest borrowers.

Anyway, what makes you think it will rise in value? Everyone else now realises that prices are a bubble (caused in part by people like you) and are going to come down, so sorry, but you're about to lose the equity that you've spent 2 years earning.

Larry365

Jockthearab wrote: »

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........

JtA

This is the sort of reply i was looking for. I didnt mean to start an up roar about fraud. I am an honest person and just trying to make my way in this huge world. Yes many people hve suggested a lodger and its something ive taken into concideration. Although my house is a very small house there is room for one more. Possibly two if i ever get the money to convert a reasonbly large loft. As for the job side. I am very limited with what job i can get. I am a pratical person with no qualifications and a small handful of GCSE. I like to work in the great outdoors and although there are many highly paid jobs in that sector being so young it is hard to obtain one.
Thanks

toonfish

smells like a wind-up to me. Just hope the poster and his broker don't end up having a holiday at her majesty's pleasure.

Your solicitor/broker is most certainly not "legit" as you claim

Larry365

Rick62 wrote: »

If it's really your solicitors they risk being debarred or struck off - whatever size they might be. It's true that a lot (but still a minority) lie about their income, although as a previous poster said usually more a case of presenting an optimistic estimate rather than blatently tripling the figure.

It hurts everyone because it damages confidence in the financial system, as we have seen with the recent credit cruch and insolancy of Northern Rock, making finance harder and more expensive for all the honest borrowers.

Anyway, what makes you think it will rise in value? Everyone else now realises that prices are a bubble (caused in part by people like you) and are going to come down, so sorry, but you're about to lose the equity that you've spent 2 years earning.

I know what you mean about property prices in the UK are on edge and risk falling significantly in the near future however, lincoln is very different to the majority of counties in the UK. Lincoln is a great place to invest right now. Only recently has Lincoln had large amounts of money spent on it. The average house price is only £150,000 and surrounding vilages have an average of below £100,000. Lincoln has a lot of catching up to do and with more people entering the city due to low property prices and more money being spent on it prices can only go up if not after a short fall due to the rest of the country dropping (if it does).

my_gorgeous_ellie-belle

To be honest i think we need to give this guy a bit of a break, i think alot of you will agree that we have all made c**k ups with money and have had to rectify the situation and a large number of us are still trying many years on. It is so wrong that the mortgage was given on such false information but there are many people that helped the OP get the mortgage and at 18 even i made some silly choices with credit as it is often thrown at you left right and centre. I think how to deal with finances should be taught at home and in schools to prepare us for what happens once we of age to get credit.

The OP has asked for some advice and i think we should try and give some advice without putting that person down.

To the OP, as a previous poster said hopefully this forum will give you many hints and tips on how to handle situations in future and how to save and earn a bit more than you already are!

We are not all as critical as some, and we know that you have to learn from your mistakes not be 'told off' over and over again!

phlash

Larry....

How are you saving for the £90,000 that you owe in 19 years and 7 months?

By my estimates you should have already saved £1,875 in the 5 months you've been living there, but you say you've saved none. So you are already behind.

You are getting yourself into one almighty big mess. Question is, will you be wise enough to face up to the fact that you've made a mistake in falsifying your documentation and left your goolies wide open for financial armageddon?

Sell your house, and save yourself the embarassment of bankruptcy or a jail term.

MrSafeGaz

Thankfully many of the threads I have seen on these forums have been positive and have shown people trying to get themselves out of money trouble. However, I find this thread disgusting.

I honestly can't imagine that somebody would be so careless and then have the cheek to ask if there is anyway for the rest of the UK to get them out of it. This is surely a wind up thread.

Adding a few 1000 onto your income probably does happen relatively frequently but to claim to earn almost triple what you actually do is absurd. You are living way above your means and I really hope that there is no way for you to get any kind of 'grant' to help you pay for your fraudulent mistake.

Sell up or face a very tough future.

busiscoming2

Hi
While I do agree that you may have got yourself into deep water financially, hats off to you for trying!
The only thing I can suggest (as I assume the grants are for works to the property) is that you try thr local council, they sometimes do grants for certain improvements.

nick74

Larry365 wrote: »

I know what you mean about property prices in the UK are on edge and risk falling significantly in the near future however, lincoln is very different to the majority of counties in the UK. Lincoln is a great place to invest right now. Only recently has Lincoln had large amounts of money spent on it. The average house price is only £150,000 and surrounding vilages have an average of below £100,000. Lincoln has a lot of catching up to do and with more people entering the city due to low property prices and more money being spent on it prices can only go up if not after a short fall due to the rest of the country dropping (if it does).

Much as I like Lincoln ( I was born there, have moved around the UK a bit, but moved back to Lincs again this year) I really don't see how property prices are going to rise in Lincoln when those in the rest of the country may be falling. How exactly will prices in Lincoln "catch up" with other parts of the country? Where will the money come from ? By everyone in the city pretending to earn £40k when they are really on £14k? There are just not the high local wages to support higher house prices in Lincoln.
I started looking for my current house in early/mid 2006, and there are still houses around Lincoln on the market now that were on the market then, 18 months later!

Larry365

For your information my house has already gone up in value with neighbouring houses of the exact same layout selling for up to £115000 and houses with loft conversions upto £122,500 and although my garden could do with some work the inside is new and modernised. So already money has been made. It is a 35 year mortgage, and if you think i will be on the same wage for the next 19 years then theres something wrong and i hope this doesnt reflect your own career. Jail? I dont see a reason for that. If the worse comes to the worse i sell up but i can assure you that wont be happening anytime soon. As previous people have suggested, lodgers and maybe a second job. Problem solved. I was only wondering if there was some help for first time buyers. I know the goverment are already making property developers build affordable homes, with one bed flats being built in my area for under £80000, so i thought maybe grants were available.