Where to get a mortgage ?

kewns

Hello,

i just wanted to know if it was possible to get a mortgage with out a deposit ?

Am interested in buying home at 88000 but this home would be for an ex partner who i do have kids to so would be for them as well
as i would rent it out to her. as she cant get one on benefits even duo she earns more than me lol

don't think you can in todays market just ave to save for next few years

my income is just over 16500

kind regards

Stephen

minimike2

Im afraid these mortgages are no longer available

kewns

thanks very much for your reply
so i would need a 5% deposit to get one
properley better of waiting and see how the market goes

regards,

stephen

superged

Actually it still could be done via Bristol & West or Bank of Ireland on one of their first start products either you would have to go joint with a close relative (parent usually) or she would with one of hers. As your kids would be living at the property it would be regulated so you could do it either way. You need a broker who knows what they are doing for this one really though.

homer_j_3

If you are wanting to rent it out then you will need more than a 5% deposit. However, the fact that relatives are living there could make a difference.

Your income would be difficult to stretch to an 88k mortgage as 4 x salary = 66k and you are exceeding 5 x salary. So even if you were living with parents paying nothing, it would be difficult to arrange.

Going back to the Buy To Let scenario, your rental income on the survey would have to exceed the mortgage payment by 25% normally - although some do less but once again, adding all the combinations together, you are going to be struggling.

minimike2

superged wrote: »

Actually it still could be done via Bristol & West or Bank of Ireland on one of their first start products either you would have to go joint with a close relative (parent usually) or she would with one of hers. As your kids would be living at the property it would be regulated so you could do it either way. You need a broker who knows what they are doing for this one really though.

In realiaty no one is going to go on this product. Plus in this circumstance the product is not appropriate anyway.

I cretianly will not be placing any clients on it.

kewns

Yeah I thought my income was not high enough
It looks like will have to wait a couple of years might even get back with the ex you never now

Maybe now is the wrong time to buy anyway

Thank you for all for the advice

I hoping to get a new job soon but still want be on any decent money that will let me get a house in Liverpool

But I will pop back on here in the future
I will have to let this house go for now

Regards,

Stephen

homer_j_3

wait for the capital of culture to be forgotten and you will be fine

Conrad

Kewns keep in mind over the next 2 years that you must not miss any payments on anything, ensure you are on the electoral register, and try to avoid moving home if you want to maximise your credit score.

jai_2

Am interested in buying home at 88000 but this home would be for an ex partner who i do have kids to so would be for them as well as i would rent it out to her. as she cant get one on benefits even duo she earns more than me lol Just be warned that housing benefit is not payable to a tenant who is responsible for their landlord's child

jai_2

You said she is claiming benefits so Just be warned that housing benefit is not payable for a tenant who is responsible for their landlord's child