I dont know much about mortgages but i actually dont have my own house, my mom is moving out of England next month and she also doesnt have a house here. Getting a council house can take years and i will have to be 18 years old to do that.
What does a person have to go through to get a mortgage and what about my income?i am only going to work part time when i start college in next September. any sugetions on what i should do?
2007-05-27 05:26:35 · 12 answers · asked by Miss J 3 in Business & Finance ➔ Renting & Real Estate
my income will probably be 60 pounds per week....
2007-05-27 05:32:57 · update #1
OK i think there is no chance for me to buy a one bedroom house now, i will have to live with my Aunty. thanks people.
2007-05-27 05:59:54 · update #2
yes, go live with your aunty. so you can focus on college mostly, and on work.
save the getting a mortgage for later on in your life.
good luck!
2007-05-27 06:06:58 · answer #1 · answered by 3 4 · 0⤊ 0⤋
I don't know the law in the UK, but here in the US a minor cannot legally enter into a contract.
But unless you've got a good income, your chances of getting a mortgage are poor no matter how old you are. If you're going to go to college, can you live in a dormitory there? That would be cheaper, and probably easier for you, too.
Besides, taking care of a house is a lot of work, and can be expensive if you have an older house. The mortgage payment would be just the beginning. After that you'd have utility bills, yard maintenance, repairs, upgrades, etc. You may want to wait until after you're done with college before you think about buying a house.
2007-05-27 05:34:03 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
without income, your only hope is to put your name on a council waiting list.
Or, do what every other girl under 20 seems to be doing, get pregnant, the council then has to house you, then spend the rest of your life sponging benefits.
Seriously though, you need to have a steady income and a banking track record to get a mortgage. Look to let a room in a family home, can often be quite cheap, compared to full on renting.
2007-05-27 05:31:08 · answer #3 · answered by dsclimb1 5 · 0⤊ 0⤋
At 16 you cannot get a mortgage. Not even at 18 can you get a mortgage as you need credit behind you. You can however, get a council house at that age but from my experience you have to be homeless.
2007-05-27 05:40:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A minor (under 18) cannot get a mortgage as it is subject to status (i.e. its credit).
Under the Credit laws, no one under 18 is allowed to have credit.
So basicly no you cannot get a mortage, as for your question about getting a council house, I got one when I was 16. But back then there were no forgieners clogging up the system and I had 185 points.
If you want a mortage get someone you trust (family) who can act as guarentor, they will have the mortgage in their name. Again they need to be 18.
2007-05-27 08:10:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well my opinion is I wouldn't give my 16yr old the money yet I would just explain to him/her that by buying their own house at a young age could be vary hard, then that's when I would explain all the things him/her would have to do and be responsible for as well. But honestly if you really feel deeply in your heart that your daughter is ready for that step then would say go for it but by doing so be cautiuos about it make sure she knows everything by helping her in every way you can think of.
2016-04-01 10:44:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You have no chance at getting a mortgage..What is your mother thinking of leaving you on your own at 16....I am not sure of the legality of that.
2007-05-27 05:37:40 · answer #7 · answered by David 3 · 0⤊ 0⤋
You have to be 18 and prove you have ways to pay it. Also if you get turned down from one company it can send alarm bells to the other mortgage lender.
2007-05-27 07:17:32 · answer #8 · answered by Hoodoo 3 · 0⤊ 0⤋
Rent a cheap place and save your $$until your 18 then use it as a down payment on purchasing a home then.
2007-05-27 05:45:55 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Surely it would depend on the income of the person involved
2007-05-27 05:30:47 · answer #10 · answered by Robin C 4 · 0⤊ 0⤋