Opportunity to buy first house at 16

pokemon151

For 16 yes you have a good upbringing and a sencible head on your shoulders, however I would reach a bit further and buy a house in good time or buy with your sister and share the mortgage. I bought a flat 2 years ago as a investmet and have rented it out at a loss, meaning I'm paying in towards the mortgage.
Look into a 2/3 bedroomed.

TJ27

I don't know about mortgages but you certainly can't hold a title to a house until you're 18. I looked into doing it a few months ago.

There might be some sort of trust you can set up or something.

Minors are sometimes left houses in grandparents wills, so I guess there must be some way of doing it.

wiseman405

No i cant, but it would be dodgey

Well the ideas over anyway. Just thought if there was an opportunity for me to get on the market at my age...
But i understand with the property market at the moment, its bad

Thanks all again
Tom

Gorgeous_George

Party a little. Have great holidays. Do girls.

Buy a house when you are 22.



GG

central

pokemon151 wrote: »

For 16 yes you have a good upbringing and a sencible head on your shoulders, however I would reach a bit further and buy a house in good time or buy with your sister and share the mortgage. I bought a flat 2 years ago as a investmet and have rented it out at a loss, meaning I'm paying in towards the mortgage.
Look into a 2/3 bedroomed.

.....duurh!

PasturesNew

As the OP has said he's now got to put his parents off the deal - does anybody have some handy links to evidence that flats in Leeds are bombing?

e.g. link to an auction and a link to the original purchase, where the flat lost money, etc.

I know you've all got this stuff squirrelled away. Help the lad out.

wiseman405

Yeah dont want the father wasting his money!!! Would annoy me quite alot... sibling rivalry!!

ha!

Tom

UK007BullDog

As already stated you cannot get a mortgage until you are 18 years old and some lenders will not entertain the BTL idea until you are 21 years old. The criterias have changed a lot.

If your parents want to help your sister that is fine. A new build flat is only ok if your family want to hold on to it for a long time.

sillyvixen

i was 36 befor i could buy my house and that was with my younger brother, deposit was paid for by a both of our inheritance from my grandads estate. this is the only chance we had at getting away from the rental trap of dead money. if you can do it at 16/17 go for it..i will have t0o work past 60 just to pay my mortgage further if i want to enjoy my retirement!!

beingjdc

PasturesNew wrote: »

As the OP has said he's now got to put his parents off the deal - does anybody have some handy links to evidence that flats in Leeds are bombing?

e.g. link to an auction and a link to the original purchase, where the flat lost money, etc.

I know you've all got this stuff squirrelled away. Help the lad out.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cmbtl21.xml&DCMP=ILC-traffdrv07053100

http://www.yorkshireeveningpost.co.uk/news/Tycoon-money-back-battle.3787337.jp

But if you can buy at auction with cash, you might get a bargain over the next year or so (relative to rent, if the sister can be relied upon to pay up!) - depends how long you'd be looking to keep it.

Certainly I wouldn't expect to make a profit on a capital basis in central Leeds within a decade.