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?

Not really respectful calling posters 'miserable person'

How long ago was this?

@gogogoji she called you miserable because she finally gave in to your repeated jibes. You've said your piece.

You do realise that you, and others like you, are the ones attacking the OP? And in many cases, for slurs against her character that they’ve made up! (Which is a mad phenomenon on Mumsnet)

The OP is just defending herself.

People seem to come here to vent their personal frustrations on people they don’t know, who’s only crime was to start a thread about something, plus other aggravating factor: owning a house/being a stepmother/not working/breastfeeding/not breastfeeding/SAH/WOH/being a single mother/being a higher earner/etc. (delete as appropriate).

If you find it so frustrating, leave the thread. Close the tab. Go do something markedly more productive than scrolling and fuming at Mumsnet.

Nor am I someone so desperate to be right that you invalidate everyone's opinion who disagrees with you

Also the irony of this is poetic.

Wow, some of the responses on here are shocking. I didn't claim to be an expert on mortgages, I just came on here to ask if I was maybe a bit too harsh in my response to my sister, and it turns out I wasn't - people who work in this field have commented that she wouldn't be eligible for a mortgage as soon as she leaves uni. I don't think there's anything wrong with being honest with someone, even if it's not something they want to hear. The only people who did manage to get a mortgage straight after uni on this thread seem to have bought their houses decades ago! Times have changed

Thanks @GoodChat and @Tiddlypomtiddlypom

It is not relevant if someone got a 125% mortgage pre-2008. That is not a thing any more. Market rules have prevented this type of lending for nearly 10 years!

You don't even understand what irony is. I'm not invalidating anyone's opinion. I'm giving mine and asking the OP not to invalidate it

@Tiddlypomtiddlypom but it is extremely entertaining that you tried to use the words 'poetic' and 'irony' but sadly in the wrong context.

😆

I am a writer. Of the highest repute. I most certainly do understand irony, and indeed, poetry.

Take that back.

I'd just leave it @Tiddlypomtiddlypom. She's clearly upset about something and this is where she's decided to vent it.

@Tiddlypomtiddlypom I shan't. And you can't make me. Naanaanaaanana

Hmmm. Assumption I'm a 'she'

We got our mortgage 2 years ago. We had to have at least 2 years of employment history and our contracts for current jobs.

Does that mean no one will lend? Not necessarily, but her options would be very limited - and the ones that will offer right out of uni may not be the ones that offer 100% mortgages. The higher the % of the mortgage, the higher the risk for the lender. If you're asking for 60% LTV, they know if they have to repossess and sell if you can't pay that they will get their money. A 100% mortgage is much risker, they won't get their input back due to costs and more vunerable to market drops. So higher percentage mortgages tend to have higher interest rates, and they usually are more stringent with the requirements in terms of employment.

Can you get a 100% mortgage? Yes
Can you get a mortgage straight out of uni? Quite possibly.
Is there a lender offering both of these in one product? Probably not. She'd have a much better chance if she had a substantial deposit.

Well, I think I’ve distracted them away from the OP, so that’s something.

I am on a one-woman crusade to defend OPs from the onslaught of Ethel the Unhappys.

No. Pretty much entirely based on rental payment history. Even if their affordability calc says you can have £300k, if the track record calc says £250k based on your rent, that's what you get.

Exactly OP.
You've had some really odd responses on here.
Well done to the couple of posters over the last page in particular who have defended you.
Too many posters on MN, take a snippet from one post then add all sorts of things they have imagined, rather than either answering the question posed, offering an opinion, or even just scrolling past.
This was such an innocuous question, I can't understand why so many posters want to do some sort of character assassination. All of my (adult) dc would ask advice from their siblings, and would expect to be told the truth if asking about something like mortgages. The idea that the sibling would say "Yes, of course, you can do anything you want" when one of them was asking about something like mortgages, is just bizarre.
The OP wasn't talking to a 5 year old who has just told you they want to be an astronaut and an ice cream seller when they grow up, and to marry their Daddy.

To be fair I’d also smile and nod.
she’ll get a bite of a reality sandwich eventually

I can only imagine the interest on that one. A trustfund could be useful. Or she'll have to give up the avocados.

@UsingChangeofName I agree. some odd responses. As a little sister if I went to my older sister for advice with something and she just nodded and smiled and i went ahead and got hurt then I'd be disappointed in my sister for not warning me. It's not like that will "do no harm" if you apply for a mortgage and get rejected you have to declare that on future applications. it could massively hurt her. she may also make a decision to take a job based on what she can afford to buy etc and then regret it.

It's irrelevent that these people managed to do it in 1854 with a 700% mortgage. that's not the world we live in today. Realistically a recent graduate whose never had their name on a bill, never had a job or paid their own rent and doesn't have a deposit is not going to get a mortgage and she'd be better off knowing this so she can plan realistically.

Trying to assassinate the OP for trying to help her sister is vile