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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Im 26 an live at home with my parents Im on 21000 a year

Resolved Question:

I'm 26 an live at home with my parents I'm on £21000 a year with no deposit. What would be my chances if getting a mortgage?
My brother currently has a mortgage with his ex girlfriend an desperately wants her name off it an has asked me to put my name on the mortgage. Will this improve my chances of getting a mortgage ?or will it make it harder ?
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

 

Hi

Thanks for your question.

To enable me to answer your question could you please respond to the following:-

  • 1. Are you asking if you are co-named with your brother on his mortgage then would it make it easier for you to get a further mortgage to purchase your own property?
  • 2. Does your brother's ex partner wish to come off the mortgage

Kind regards.

Tom

Customer: replied 3 years ago.
Yeah she has approached me about changing it over to my name. She is not s nice person an has been know to change her mind so wanted to do it before she changes her mind.
And yes I want to know will it hinder my chances of getting a future mortgage on my own ? Or will it help ?
Expert:  Thomas replied 3 years ago.

Hi,

 

Thanks for your Question.

 

It won't help, it will hinder. If you are named on the mortgage with your brother then you become jointly and severally liable for the it. This means that you will be responsible for the mortgage repayments and the lender could pursue either or both of you for any debts owing.


This liability would be taken in to account by a lender in determining whether you have sufficient income to repay the mortgage you propose to take out with them, it is another burden on your finances.

 

You need to go and speak directly to the high street lenders about a mortgage offer. They will typically lend about 4 times your salary if you have a 10% of the property purchase price deposit available.

 

Good luck.

 

If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question.


Kind regards,


Tom

Customer: replied 3 years ago.
Even if we put the mortgage on a buy to let ?? Because the house is being rented out none of us will be living there ?
Expert:  Thomas replied 3 years ago.

Hi,

 

Having a buy to let still means that you are responsible for the repyaments, if the tenant defaults or you are unable to rent it out then you will still have to pay and therefore it is still taken in to account,

 

It certainly does not increase your chances of getting a separate mortgage on your own.

trust this clarifies, if so please click accept. I will continue to answer your follow up questions.

 

Kind regards,


Tom

Customer: replied 3 years ago.
Is there anything you can surgest that my bother can do ?
Just for done reason they won't give him the mortgage on his own even thou he has made the payments o. His own out of his bank for 4 years to them
Expert:  Thomas replied 3 years ago.

HI,

 

If he cannot receive a mortgage offer from any of the lenders in his sole name and cannot find anyone else to co-mortgage with then there is little he can do I'm afraid.

 

The alternative is to sell the property, forcing it with an order for sale from Court if she refuses to consent to the sale, and buy somewhere cheaper with a smaller mortgage.

 

Please click accept.


Kind regards,


Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6392
Experience: BA (Hons), PgDip, Practising Solicitor
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