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Can u help

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  • Can u help

    Hi my daughter and her partner are struggling to get a mortgage. He is 23 and has a 23 k deposit. He has been working for his dad since leaving school and saved hard but alas was not paid via formal channels. He has now started his own roofing business as a sole trader and is doing well. They went to look at a house for 82k that needs a fair bit if work. They could not get a mortgage as he had not yet got at least 1 years accounts. My daughter is doing a degree so cannot get a mortgage. Any thoughts on any solutions? Many thanks. Jed

  • #2
    Re: Can u help

    Hi Jed, can't help with a solution I'm afraid but we had that same scenario a few years ago when buying a house. The seller of the house we wanted had had an offer accepted on a property but after all mortgage and finance checks, it all fell through because she didn't have the 12 months accounts either and she was unable to source anyone who would give her a mortgage, and like you, she also had a reasonable deposit for the property she wanted.
    I expect a few things may have changed since then but hopefully a site like this will help to throw in a few options for you and your family. Good luck

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    • #3
      Re: Can u help

      Hi Jed,

      As estate agents dealing in sales and letting we sometimes come across this issue.

      Best advice i can give is seek out the assistance of an independent mortgage adviser. They should not charge for an initial meeting and stops you trawling websites or having numerous chats with banks.

      If they are unable to obtain a residential mortgage they may want to look at a buy-to-let as they seem to have a good deposit might mean just renting the property for a year and then remortgage it after (keep an eye on redemption figures).

      Best of luck!
      Jacks and Jones Estate Agents
      http://www.jacksandjones.co.uk

      Comment


      • #4
        Re: Can u help

        Hi. Thanks for the responses. I will mention the buy to let option. Can anyone recommend a really good ifa that could help them.? We are in Blackpool

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        • #5
          Re: Can u help

          Hi Jed,

          Yes they buy to let route is the best option at the moment as you can use the rental income to support the mortgage. It may suit you better as you then have time to do some work on the property and let it out to a friend or someone you know while you do the work and charge them a little less rent if they don't mind you being around working some times.

          If you need a chat with a mortgage broker let me know and i will direct you to a friend of mine who can assist as he is in the UK

          Ged
          http://www.premierexpatmortgages.com
          [email protected]

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          • #6
            Re: Can u help

            Hi Jed,

            If you need an IFA feel free to private message me and i can put you in contact with our lady (very helpful)
            Jacks and Jones Estate Agents
            http://www.jacksandjones.co.uk

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