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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think my sister is being naive for thinking she will get a mortgage as soon as she leaves uni

171 replies

thefantasticfour4 · 16/05/2023 20:31

My sister is 20 and due to graduate uni next year. She is absolutely adamant that she will be able to get a mortgage as soon as she graduates. This is based on her apparently doing some research into some new scheme where you can get a mortgage without paying a deposit (haven't actually looked into this myself so have no idea about it). She says that she will qualify for this as one of the requirements is that you privately rent for 3 years, and she has been paying for her uni accommodation (actually, she pays for a fraction of her accommodation and my parents cover the rest). Apart from this, my sister has never paid a bill in her life so has virtually no credit history.

I've told her she's a bit naive if she thinks she'll be able to get a mortgage as soon as she leaves uni. After I left uni, it was years before I even qualified for my mortgage. She's now completely flown off the handle and said I'm not supportive of her being ambitious and having goals. So am I being a bit harsh in thinking this is a completely ridiculous and unrealistic goal?

OP posts:
sparklelikeadiamond · 16/05/2023 20:32

I got one straight out of uni last time 100% mortgages were available.

titchy · 16/05/2023 20:33

100% mortgages do exist now. But she'll need a job before she can get one.

She'll find out what's needed soon enough, no need for you to comment now is there?

Nowthereistwo · 16/05/2023 20:34

Does she have a job, surely that's the bit of info that's missing?

Original poster
thefantasticfour4 · 16/05/2023 20:34

No she doesn't have a job currently

OP posts:
PuffinMcStuffin · 16/05/2023 20:34

I don't think it's your job to tell her what she can and can't do. Let her do some learning. Honestly to me you sound a little too keen to squash her hopes.

ArcticSkewer · 16/05/2023 20:34

guarantor mortgage might be a better bet.

Why bother arguing though? Let her find out/decide herself

Nowthereistwo · 16/05/2023 20:35

Also old enough to have had a 100% mortgage back in the day, but obviously did have a job

gogohmm · 16/05/2023 20:35

My dd has just been approved 6 months after graduating. She has a 10% deposit (very specific circumstances, not help/inheritance) she is borrowing 4x joint salary

Neurodiversitydoctor · 16/05/2023 20:35

In the late '90s/ early noughties it was pretty standard.

BranchGold · 16/05/2023 20:35

It’s not an impossibility, if she’s focused with a good plan. What’s her uni degree in? Is it something with a guaranteed vocation post qualification?

Singleandproud · 16/05/2023 20:36

She's talking about 100% mortgages that were in the news last week.

Does it matter? Being young and naive is part of life, give her time to become cynical. She may get a 100% mortgage she may decide to travel the world but its nothing to do with you really. It's always better to just nod along and agree that it sounds like an exciting time.

GeraltsBathtub · 16/05/2023 20:36

She’ll still need to be earning enough for the salary multiplier and most lenders won’t give her a mortgage until she’s passed her probation at work.

bellac11 · 16/05/2023 20:37

It depends what her definition of 'as soon as' is

She could graduate, get a job, and 6 months later apply for the mortgage, get a 100% mortgage and she might even have a little bit saved up by then for other bits and bobs. Or wait a year rather than 6 months.

I personally would recommend that, the sooner you can buy your own property the more stable your living arrangements can be over time, plus you're not paying money on rent

CaptainMyCaptain · 16/05/2023 20:38

PuffinMcStuffin · 16/05/2023 20:34

I don't think it's your job to tell her what she can and can't do. Let her do some learning. Honestly to me you sound a little too keen to squash her hopes.

This.

Original poster
thefantasticfour4 · 16/05/2023 20:38

From reading some of the responses I'm obviously coming across like I'm trying to squash her hopes but I'm really not. Just trying to be realistic. She came to me for advice and I didn't want to encourage her to pin her hopes on something that might not be possible. Although from reading some of the replies here it's looks like it might be.

OP posts:
SarahSmith2023 · 16/05/2023 20:39

Smile & nod, smile & nod that's nice dear.

she'll learn.

Lindjam · 16/05/2023 20:40

Gosh you sound a bit jealous of her.

Depending on her salary on graduation and the area she wants to buy in, she might very well be able to buy somewhere now that 100% mortgages are back.

Would that bother you?

Schroedingersimmigrant · 16/05/2023 20:42

What price tag would she be looking at?

KILM · 16/05/2023 20:43

So... you haven't even looked into if what she's said about the new scheme is true, you've just told her she won't be able to? Aren't you worried about looking stupid if what she says is true??

Original poster
thefantasticfour4 · 16/05/2023 20:43

Lindjam · 16/05/2023 20:40

Gosh you sound a bit jealous of her.

Depending on her salary on graduation and the area she wants to buy in, she might very well be able to buy somewhere now that 100% mortgages are back.

Would that bother you?

Knew it wouldn't be long before someone said this. 🙄

I'm not jealous of my sister at all. As I said, she came to me for advice and I wanted to be honest with her. Admittedly I haven't looked into this 100% mortgage thing so maybe I am mistaken and it will actually be possible for her.

OP posts:
TeeBee · 16/05/2023 20:44

I can see why she thought you were trying to piss on her parade. Why not offer y try and find out with her to see what's possible. No need to stamp on dreams before you even know the facts.

Aquamarine1029 · 16/05/2023 20:44

Tell your sister if she doesn't really want to hear your opinion, don't ask for it.

Bargellobitch · 16/05/2023 20:44

I don't know much about this mortgage offer. But I think a job is essential to getting a mortgage surely?

IneedcoffeeinanIV · 16/05/2023 20:45

The 100% mortgage wouldn't work in her situation sadly. She needs to be working firstly for at least 6 months and then needs a 12 month rent and utility bill track record of covering the full amounts