Pipe dream

merryhappy

Hi there,

I'm looking for some advice on buying a house. I'm probably not being very realistic here so if I'm not please tell me and I will go my merry way..

I recently spotted a house for sale for 100,000 euro. It's a small cottage and needs some work done to it which I could do myself with the help of family and friends.

The thing is I'm 20 and I'm a student. Hear me out, I'm currently in receipt of a generous scholarship, I live at home and my only big expense is my car. My Mam is interested in buying the house with me but she doesn't think she will get a mortgage because she has MS and her job isn't permanant.

I can afford a deposit of 20 thousand and because we have been renting from a housing association about 17 years my Mam reckons that entitles her to about 10,000.

I was thinking of asking my Grandparents to apply for the mortgage and set up a monthly standing order for the repayments to go from my account to my Granda's.

Would this work? Maybe it's legal advice I need?

Outkast_IRE

I think its madness to try and get your grandparents to apply for a mortage what if things dont work out , if someone loses their job or scholarship or whatever and you fall behind on payments , its your grandparents that will be getting hassled , if you cant get a mortgage yourself then dont buy a home .

This is the sort of situation where if it goes sour destroys the family

AnonymousPrime

It may look like a good investment, but the risk involved is huge.

It is risky because you don't have medium/long term financial stability in your life, i.e. a permanent job.

If you are happy taking that risk good on you, but it is unfair to involve other members of your family

unclebill98

merryhappy wrote: »

Hi there,

I'm looking for some advice on buying a house. I'm probably not being very realistic here so if I'm not please tell me and I will go my merry way..

I recently spotted a house for sale for 100,000 euro. It's a small cottage and needs some work done to it which I could do myself with the help of family and friends.

The thing is I'm 20 and I'm a student. Hear me out, I'm currently in receipt of a generous scholarship, I live at home and my only big expense is my car. My Mam is interested in buying the house with me but she doesn't think she will get a mortgage because she has MS and her job isn't permanant.

I can afford a deposit of 20 thousand and because we have been renting from a housing association about 17 years my Mam reckons that entitles her to about 10,000.

I was thinking of asking my Grandparents to apply for the mortgage and set up a monthly standing order for the repayments to go from my account to my Granda's.

Would this work? Maybe it's legal advice I need?

Your Scholarship is not class as an income. So you'll not be able to get a mortgage.

Your GP could be able too but there age will stop you having a payable mortgage and as others have said its a terrible idea.

Overall i can not see any bank even bothering with a formal application.

amdublin

No. Based on your gp's age the bank will not give them a mortgage.

Based on you not working and having no income the bank will not give you a mortgage.

When you are working full-time permanent you can start looking to buy a house.

coylemj

Your grandparents haven't a hope in hell of getting a mortgage simply because of their age. A bank will only grant a mortgage if the outstanding loan is covered by mortgage protection insurance which is relatively cheap for people in their 20s and 30s but the premiums for people in their 60s would be astronomical for the simple reason that the chances of one of them dying before the loan is paid off is significantly higher than it is for someone who let's say takes out a 25 year mortgage when they are 30.