Want to buy a house, but I have no money and I don't work.

[2sugars]

Could I use my house I lived in before I married, plus half the share of another house I have with my sister, to guarantee the mortgage? I saw something in the paper recently that said lenders have given buy to let people the thumbs down.

Don't really want to use our family home as a guaranttee.

Any ideas?

how many houses do you want?

why don't you live in one of the houses you have already got? would be cheaper if you have no money

Have no pension, just thought it might be a way of doing it the other way round, for dds future, and mine.

posie, we don't have no money, but H, at 70 this year, has done his bit work wise and was just thinking of a solution. When he stops. Which will be soon.

Here's a thought.
Get a job.

agree with Moondog
at 70 I wouldn't want to tie myself into a mortgage
why don't you sell the other houses, use that as deposit and get a job as Moondog suggests to pay the mortgage if you have to

maybe I'm missing something though

He won't get a mortgage at 70 obviously. Yes you can use non-mortgaged property as a down payment on a new property as long as you can meet the repayments. that said I wouldn't be buying a property for the sake of capital appreciation just at the moment. and certainly not a buy-to-let. Wait for a few months and you will get better value for money. as long as you buy wisely(in a good location, close to transport and schools, not too much else on the local market) you should be ok.

Carmenere, the house fulfils all those specifications and rarely comes on the market. It's also got three garages, where in the passage of time someone has sold off the two other houses' garden to accommodate them. That's why this one is so special. Plus the current owner has a motorbike fanaticism and has a fuel sump there, and it would be nice to get rid of that.

It wouldn't be H putting his neck on the line, btw, it would be me. And do I really want to end up with £50 a month to spend?

Not the time to be thinking of property as investment.|It is a falling asset

forget about it. Property as an investment is dead as a dodo for now. Have you seen the headline in today's Metro saying that the UK is about to suffer a massive property crash equivalent to the US?

Start saving your cash instead. Put it in Northern rock where it's guaranteed by the state, and will get you a good rate of interest...much more than you're going to get in capital appreciation on property for the next 5 years.

hurray!Why can't others accept this fact hoarse whisperer?It is not within the control of estate agents and vendors to set property prices it is all down to teh banks and the global monetary system and we all know what shape thats in!Save save save

Not sure Noddy. I work in the city, so perhaps being a bit closer to the front line helps to be aware of what's going on.
People will soon start to realise when they see that the cost of borrowing isn't going to come down even if the bank of england cuts rates, because the banks are hoarding their capital because of the sub prime fallout.

I forcast hard times ahead.....pretty depressing really.

hoarsewhispers
i think you talk sense too..tough times and lack of confidence in markets
scary times ahead me thinks..

we needed you on the bears stern thread..

ohhh - i missed the bear sterns thread...have been out of the office for a few days...i'm off to hunt for it now