Getting a mortgage (UK)?
I am looking to buy my first house and i will be doing so with my father,
My dad is retired and has a pension of £38k per year but I currently don’t have a job as i am just doing my finals at uni, I have a job set up and starting at the end of july (contracts signed). I will therefore have no record of any income at the time when we are applying for a mortgage.
I have typed in some figures into the online mortgage calculators, and when i do a joint mortgage with my current income a zero it doesn’t reject just decreases the loan value.
Will we be able to get a mortgage .. i know it is really hard at the moment. My parents don’t have any mortgage left on their own house.
If I understand you correctly, you are asking your father to co-sign your loan. There is a better and more tax efficient way to do this; get your parents to mortgage their house, loan you the money and then buy the house you want for cash.
Better still have them give you the money. If they make this a gift, you can avoid inheritance tax if they survive seven years. In the meantime you can ‘support’ them by giving them money each month that just happens to be equivalent to the amount they are paying for their mortgage.
If you borrow from your parents, they will need to be ok with the possibility that it could be a while before you can get a mortgage in your own name as banks require an earnings history not just a contract!
How to make the most out of a bad situation!
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