Buying a house/property

lelboy123

MovingForwards said:

You have over £35k in savings and are also claiming universal credits? The cut off is £16k.

Is your wife employed? If so, what's her income as you'll be looking at a mortgage off the back of that.

We're close so have no worries sharing money.

MaryNB

lelboy123 said:

The idea in my head was to flip the house & move on really. Perhaps that isn't as profitable as they make out online then!?

How about some how buying a property to then rent out? I'm just trying to think of ways to make the most of our situation & to get some money coming in. I'm sure my dad would 'gift' me the money if need be. We are close & both wanting the best out of this.

Have you looked into all the responsibilities that come with being a landlord? There are a lot of regulations. 

Can you afford to keep paying the mortgage if the tenants stop paying rent? If they fail to pay it will take several months to evict them with no guarantee you'll get the rent back or recover your costs.

You can engage a letting agency to do some of the work but it will obviously cost you and you'll still be responsible if any regulations aren't met.

Post 7: New landlords (1):advice & information :see links in next post

Post 8: New landlords (2): Essential links for further information

MovingForwards

lelboy123 said:

MovingForwards said:

You have over £35k in savings and are also claiming universal credits? The cut off is £16k.

Is your wife employed? If so, what's her income as you'll be looking at a mortgage off the back of that.

Yes I have over 35k in savings but it's in my dads account under his name. We're close so have no worries sharing money

You're looking at benefit fraud and then potentially mortgage application fraud, with a CIFAS marker as the cherry on top.

Slithery

MovingForwards said:

lelboy123 said:

MovingForwards said:

You have over £35k in savings and are also claiming universal credits? The cut off is £16k.

Is your wife employed? If so, what's her income as you'll be looking at a mortgage off the back of that.

Yes I have over 35k in savings but it's in my dads account under his name. We're close so have no worries sharing money

You're looking at benefit fraud and then potentially mortgage application fraud, with a CIFAS marker as the cherry on top.

Indeed.

Wanting to purchase a property is the least of your worries....

badger09

MovingForwards said:

You have over £35k in savings and are also claiming universal credits? The cut off is £16k.

Is your wife employed? If so, what's her income as you'll be looking at a mortgage off the back of that.

I thought I'd missed something spotted by your eagle eye, but I assume OP has edited out the reference to £35k savings following your comment.

MovingForwards

@badger09 OP said:


Hi all,

I was hoping for some advice on my current situation. I am looking to buy a house which needs work doing on it to then sell on at a profit. That is the plan. The advice I need is will I be able to get going on this based on my current situation:

1, I am a full time carer for my dad. I also have power of attorney over him both medical & financial.

2, Due to being a carer for him I am unable to get a full time job. I am therefore claiming Universal credits, carers allowance & attendance allowance. 

3, I have savings of over £35,000

4, My dad has savings of just over £100,000

5, I am renting a flat at the moment with my wife.

6, My dad owns his own house (mortgage paid off years ago).

7, My dad is bringing in just under £2000 from 2 pensions each month

8, After doing research my dad's house is worth roughly £400,000

Based off all that is there a way I could get on the property ladder? I've never owned my own place so this would be a first & is all new to me. My dad is happy for me to invest the money this way should we think it is profitable. But first things first - would I be considered?