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

[thefantasticfour4]

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?

Honestly. Some posters like this one above, write absolute garbage just to get their fill of laying into an OP.

If you need to be unpleasant to a stranger online in order to feel good about yourself, seek help.

It makes 99.9% threads on here completely pointless and largely unreadable. A supportive thread is notable by its unicorn-level rarity.

This OP has been called emotionally controlling, jealous, vindictive, abusive… I mean, come on.

Unlikely but hey let her find it out herself - these are the terms:

• Need to be a first-time buyer and 21 years of age or above (this applies to all applicants).
• Need to have been renting for at least 12 consecutive months out of the past 18 and be up to date on all rental payments during this period. Proof of this will be required, which could be via bank statements or confirmation from a letting agent.
• Need to be up to date for at least 12 consecutive months out of the past 18 on household bills, such as council tax and electricity and/or gas. Again, proof will be required.
• Can't have missed any other repayment commitments over the past six months – such as Netflix subscriptions, mobile phone repayments and so on. Any defaults will show on your credit report.
• Aren't looking to buy a new-build flat.

But there is a catch – you can only borrow the equivalent of, or less than, what you pay on rent each monthNormally when you apply for a mortgage, the maximum amount you can borrow is based on your income and outgoings and a lender's specific affordability calculations. Typically, it's roughly your salary multiplied by four to four and a half.
Yet with Skipton's 100% mortgage, the amount you can borrow is not allowed to be more than the equivalent of what you pay each month in rent. In other words, if you pay £1,000 a month on rent, your Skipton 100% mortgage couldn't cost you more than the equivalent of £1,000 a month either. Below we show how much you might be able to borrow based on your monthly rent.

Mate, that was the 80s. Things have changed. 😆

It’s odd that’s your take away when many posters have said she may actually be able to do it within a year of graduating.

But…that’s not what the sister thinks:

She is absolutely adamant that she will be able to get a mortgage as soon as she graduates

She doesn’t even have a job. And has no credit history.

Why do you have to tell her and why do you have to be right? Can’t you just let her live her life and be supportive? If it doesn’t work out she will adjust her plans accordingly. She doesn’t need a voice of doom years in advance!

She came to her sister for advice. She came to ask her, specifically, about it.

Honestly, I wear myself out pointing out what OPs have already said to posters who seem to be incapable of clicking ‘see all’ on OPs’ posts.

What do you mean why do I have to tell her? I didn't just randomly go and tell her 'oh hey, by the way, I don't think you'll be able to get a mortgage', as I've pointed out numerous times, she came to me asking for my opinion and advice as I got a mortgage a few years ago so have not long been through the process.

If you would encourage a relative to do something that's unachievable (as pointed out by pp's who actually work in this field) then you are just setting them up to fail. It's not about being right, it's about being realistic.

Did she actually ask you for advice? Were those the words she used? It's just that your first post doesn't sound like she asked for advice and there's been a few other things you've said that don't sound like she said 'hi sister I would love to get a mortgage can you help me understand the process and give me some advice on what i need to do'

I know you say she asked for advice but
sometimes people mistake other people sharing their dreams with asking for advice.

It would explain why she went mad at you. Your role was supposed to be to listen to her hopes and dreams, not piss on her chips.

If I was really the abusive, controlling, jealous sister some of you are making me out to be, then my sister wouldn't even have come to me in the first place!

Really amazes me how people can make such judgements about someone based on one post. None of you know me or my sister in real life so have no idea what I'm like as a person or what my relationship with my sister is like.

Did she grow up with knowing that ideally you should save 10-20% of your income? Or know about credit history? I'd just chat about that and then tell her that mortgage requirements change and to just build savings/credit score.

She can get a 100% mortgage with Skipton yes, I’m not sure if uni rent counts towards it - but if she doesn’t have a job how is she expecting to pay for the mortgage?

Just smile and nod along and support her and see where the chips fall.

My daughter bought a flat last year. She was offered a mortgage in September, having started her first job earlier that month. The bank (Nationwide) didn't ask to see any evidence of her having paid rent or bills. She didn't even have a pay statement to show them but she sent a copy of her job offer letter.

In her case it wasn't an 100% mortgage, but banks have different rules for different scenarios. I'd suggest that she talks to an independent mortgage advisor who will know what is possible once she has a job.

This did inspire me to take a look at family mortgages. There's quite a lot of choice out there these days. Once she has graduated and started working perhaps those are worth exploring.

So you come on here asking if you are unreasonable and we give our opinions to which you then berate us for and tell us you are wrong. This is hardly changing our view that you are a domineering person who always has to be right. Honestly, everything you are saying is painting you more and more as exactly what some of us are suggesting.

@thefantasticfour4 stay out of it bar advising her to get a mortgage broker. They'll tell her what lenders will and won't lend to her.

Such an odd thread, her coming to you asking for advice and telling uou she can get one and being adamant, using your own words, are very different things.

either way, I suspect she won’t be asking your advice again any time soon.

Is there something wrong with you? Why are you gunning for the OP so much? 😆

I was offered a mortgage straight out of uni, I had a job lined up but hasn’t started yet. They even offered 110%, although that was late 2006. So not mad!

@gogogoji you're clearly a very miserable person who gets a kick out of insulting people you don't even know on an anonymous forum

If she wants advice I’d recommend she looks at ways of boosting credit rating and think about a job to show work history etc. it’s positive she’s thinking about things post graduation.

@Tiddlypomtiddlypom I just despair of people who ask for other people's thoughts only to attack them and say 'no you are wrong' and berate them saying 'you don't know me'. No of course we don't. All we have to go on is what you say. And from what has been said, our experience lead us to think XXXXXX. Don't come on to a forum if what you really want is everyone just to agree with you.

I'm not the one who upset my sibling and had them go off at me. Nor am I someone so desperate to be right that you invalidate everyone's opinion who disagrees with you. Why even come on here?

@gogogoji she came on here to ask if she was unreasonable to suggest it's unlikely her sister will get a mortgage soon after graduating, and she's not unreasonable.

This isn't really a particularly emotive subject and you've gone in at the deep end.

If the thread upsets you for whatever reason, just step away from it. You don't need to keep taking jabs at the OP, who has been really respectful throughout the thread, even to those who disagree with her.

I think she's going to the wrong people for advice tbh.

You know nothing about mortgages and specifically the mortgage she's talking about yet you call her naive and dismiss her.

I got a mortgage straight out of uni and they were happy with my university rent as reliability. It was a 125% mortgage and I made a profit within 18 months bringing down the LTV on my second house hugely.

It took a decent broker and compromise on the house I was buying and I worked my fucking arse off for 3 months in more than one job to boost my eligibility.

It's possible. She should ask the people in the know instead of you