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Is this in any way do-able mortgage wise?

9 replies

MavisGrind · 17/04/2010 15:47

Ok, so I recently separated and am about to move area to retrain as a teacher. I have equity in the marital home that will be released around the end of next year.

I would really like to buy in the new area rather than rent and my father has offered to lend me a small deposit and act as guarantor.

I won't have any actual income apart from maintenance, student finance etc for the next year and although my father has plenty of equity in his house (no mortgage) he is now retirement age.

I'm hoping to see an advisor soon but thought I'd turn to MN wisdom.

Have I got a hope in hell of buying a house now?

OP posts:
MavisGrind · 17/04/2010 19:16

Bump for the evening crowd...?

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LeninGrad · 17/04/2010 19:22

This reply has been deleted

Message withdrawn at poster's request.

MavisGrind · 17/04/2010 19:28

Deposit of 20k, mortgage of between 120 and 130k.

Deposit could poss be a little more but not much.

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HerHonesty · 17/04/2010 19:30

sounds a bit tricky - will you have any confirmed income? your father could go the equity release route but generally that isnt seen as the best financial route.

TheFallenMadonna · 17/04/2010 19:31

Will you be able to afford a mortgage of 120K on student finance?

MavisGrind · 17/04/2010 19:32

Income is just teacher training bursary, CTC, CB and maintanence from the dcs father.

I realise it's not looking likely - just very frustrating when I will be paying the same for rent in the area as would on the mortgage payments.

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mumblechum · 17/04/2010 19:32

To be honest, I think you'll be struggling. A client of mine recently got a mortgage of 10X her salary so that she can buy her Ex out, with her father as guarantor, BUT the loan was still only about the same as the equity. So I think that what you're proposing will only work if you have about 50% deposit as a minimum.

Many banks don't take maintenance into account.

MavisGrind · 17/04/2010 19:34

FallenMadonna - have looked at repayment calculators and it looks do-able. Maybe a bit of a stretch but I'd do it to stay on the property ladder iyswim.

Sorry, got to go for a bit. Three year old refusing to go to sleep!

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MavisGrind · 17/04/2010 19:34

Thanks for the responses - I do need a reality check sometimes

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