Re: Mortgage - joint

> > I currently live with my parents and am having difficulty getting a > > mortgage based on my own salary (even though I have 20-30% deposit). Would > > they allow for one of my parents to apply for a joint mortgage with me, > > therefore taking their salary into account? I know that the income > > multiple is there to protect me but I am confident that I would be able to > > make the required payments each month based on the mortgage amount I want > > - the only problem is that lenders are strict about their 3.5-3.75% > > multiple. > > Some will and some wont. > > The main reason I can see that they wont is that your parent(s) wont be > living in or contributing to the property,so basically are just there to > make up the numbers. The salary multiples is there to protect the customer > from borrowing too much. > > Just for curiosity sake, what is your income and how much are you looking to > borrow?

I am earning around 20K and require about 90-95K mortgage. I don't really have any outgoings. This would not be my first mortgage. I previously had a buy-to-let mortgage on another property to get round the income multiple but don't want to do this again because of the higher rates.

Reply to
FJDx
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I was previously told that lenders usually only offer the guarantor route for first time buyers. I have had one mortgage before (but nothing now).

Reply to
FJDx

With most lenders that assumes though that his parents would have enough income to cover their own and his mortgage though....

Reply to
Phil Deane

Well, yes. The lending criteria for any particular lender would have to be passed by the parents, and as existing loans are always taken into account, they would have to be able to pay their own mortgage and some or all of the offspring's.

Rob

Reply to
Robin Graham

If you have modest outgoings, a strong credit history and few debts DirectLine will allow you to borrow a lot more than the High Street. With low interest rates and people willing to make sacrifices to achieve a home, their way is much fairer.

Give them a ring - I'm sure you'd be quite surprised. We were.

Gawd, I nearly strangled some heartless cow at a high street bank who said rather coldly that me and my partner should leave the area! That's nice - 'We don't want you University educated, hard-working people round here lowering the tone'.

d.

Reply to
David

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