First time buyer, help.

Inf0war

Hi,

I want to buy 2 or 3 bedroom flat or house and then rent it to few people and live in one room. My parents will act as 'garantors' for the price and I'll pay for the mortgage from my job.

How to arrange all this and what are the best places for mortgages.

thanks you

bonnie_2

one question why do your parents need to be guarantors, this never works in theory as if you lost your job they would end up footing the bill. if you cant afford to buy a house on your own dont do it there is a lot of additional expense not just the mortgage youve got insurances,maintenance etc etc.you will need need a lot of money saved up just for legal fees etc.have you thought about problems with tenants after watching that series on telly i would give it serious thought.

Inf0war

bonnie wrote:

one question why do your parents need to be guarantors, this never works in theory as if you lost your job they would end up footing the bill. if you cant afford to buy a house on your own dont do it there is a lot of additional expense not just the mortgage youve got insurances,maintenance etc etc.you will need need a lot of money saved up just for legal fees etc.have you thought about problems with tenants after watching that series on telly i would give it serious thought.

No. Don't warry I can handle it. Just anwser my questions. Thank you.

maggie1976

I would suggest that you post your message on the House Buying or Mortgages board as I'm sure people there will help too.

The great thing about public message boards like these is you get such a variety of people giving you advice from varied experiences, some of which you might not have thought of before. However you do have to bear in mind that you might not agree with, or like all of that advice.