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?
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.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.