Can I buy my first home with my parents

[Lorddenning1]

Due to a relationship breakdown the mortgage application would only be for a single person, therefore the amount they could borrow would be a lot less, are you allowed to put parents on the application form as a joint person, enabling me to borrow more, I would then take the mortgage on by myself and eventually take them off it, is this allowed?

Would their salaries be taken into account?

Your best bet is to talk to a mortgage advisor who can look at the intricacies of your circumstances.

Yes this is allowed. You need to consider whether they would be named on the deeds and term available due to age restrictions.

Bank will surely require parents names on title deeds else the debt is not fully secured.

If they already own a property, the new transaction (because the bank will need them on deeds) will be subject to second property stamp duty rates even though it's your first and sole property.

Yes you can do it, but there may be easier ways e.g. can they give you an unconditional gift for large deposit, so your salary covers mortgage requirement levels for the remaining loan required?

What you could do is have your parents act as guarantor for you. If they are willing and their own financial position is strong enough for lender to agree. Then it would still be your house and your mortgage.
Can you actually afford the repayments with a suitable margin for error? Have you checked how much you can actually borrow? When we bought they were prepared to lend us a lot more than I was willing to risk borrowing. And that was on just my salary as DH had been made redundant.

I have checked online and I could borrow around £82,000 just on my income alone, not a lot really, I have children (not sure that relevant) my mum and dad are kind of retired now, but do fostering (not sure if that's classed as working) they also buy houses, do them up and then sell them so their financially situation is pretty good, they offered to lend me and my partner money for a deposit once we get ourselves sorted, but due to a potential breakdown of relationship this plan may not happen :(

I’d be very wary of trusting online calculators. When we came to actually get our mortgage it was much less.

I did this. Bought my first flat jointly with my parents and then split the equity with them when we sold it. It worked really well.

You can have joint mortgage sole proprietor from some lenders so they would not have to be named on the deeds.

You can, but remember that if they already own another property, you'd be liable for the extra stamp duty (I think it's 3%)

How about this OP - a number of options here?

Many thanks for your advice, it's nice to know there are options available to me as a single parent, so I'm not stuck renting forever 😃