Lender or broker that can sort 6 x income?

ACG

Bit closer to 5x but fair point. I will have to wait a little longer before going on countdown. 
Still a push but one that is potentially feasible. 

mi-key

Assuming house prices, and the house they want in particular, will drop by 10% this year ( and still be available by the time that maybe happens ) is a bit of a stretch though. Rightmove reported a very small increase in sold prices this month...

Manchestermrs

Thanks so much for the advice all. We are speaking to a broker and a company called Generation Home who seem to do booster mortgages using family members. 

It’s the stamp duty that is the tough bit for us as it would be around £60k but to get a home big enough for all of our kids for the next 20 years plus it would be worth it. 

My parents own their home outright - is an equity release of 60k from their house a good idea to boost our deposit or a terrible one? Does it have any implications for them? If we do have to do a booster mortgage I suspect we’ll get a much worse interest rate. Thanks! 

silvercar

Manchestermrs said:

Thanks so much for the advice all. We are speaking to a broker and a company called Generation Home who seem to do booster mortgages using family members. 

It’s the stamp duty that is the tough bit for us as it would be around £60k but to get a home big enough for all of our kids for the next 20 years plus it would be worth it. 

My parents own their home outright - is an equity release of 60k from their house a good idea to boost our deposit or a terrible one? Does it have any implications for them? If we do have to do a booster mortgage I suspect we’ll get a much worse interest rate. Thanks! 

I don’t know what booster mortgages require exactly, but Barclays do a joint-borrower, sole-proprietor mortgage. https://www.barclays.co.uk/mortgages/first-time-buyers/guides/joint-mortgages/

goater78

Manchestermrs said:

Thanks so much for the advice all. We are speaking to a broker and a company called Generation Home who seem to do booster mortgages using family members. 

It’s the stamp duty that is the tough bit for us as it would be around £60k but to get a home big enough for all of our kids for the next 20 years plus it would be worth it. 

My parents own their home outright - is an equity release of 60k from their house a good idea to boost our deposit or a terrible one? Does it have any implications for them? If we do have to do a booster mortgage I suspect we’ll get a much worse interest rate. Thanks! 

If your stamp duty cost is going to be £60k does that mean the house you are looking at is over £1m?

In which case your deposit is over £500k? Are there not other options lower in price?

ACG

£1.2m
Could you not drop to £1.1m and then you have £50k towards the stamp duty?

Equity release comes with its pros and cons. Ultimately your parents are going to have to service that debt or it is going to grow and grow.