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How can we buy our first house if my friend doesn't work and I'm a student?

Posted on 11 March 2013 by Jade


I want to buy a house with my friend. Together we have £57,000 saved for a deposit. he does not work and I am about to embark on a masters degree but have enough in savings (seperate to the money for a deposit) to pay the mortgage for the duration of the 2 year masters. my dad is willing to act as a garantor for the mortgage. would any banks accept this?

Jade,

This certainly isn't going to be the easiest case to place, however a lot depends on what the Loan to Value(LTV) will be. I think almost certainly a lender would want your dad to stand as guarantor or even go on the mortgage itself, and therefore we'd need to know the details around his personal financial situation.

We do have excellent relationships with those lenders who still manually underwrite cases, and I think that in your particular circumstances, we'd be looking to go down this route.

If you'd like to find out more, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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