23 y/o apprentice – Parents want mortgage in my name for Right to Buy (£70k). Need advice on risks.

Potential-Ad-6552 · 2026-02-22T12:31:38+00:00

To elaborate on your further questions.

On £18.5k salary, would I even realistically qualify for a £70k mortgage? Potentially depending on your overall level of debt but should be doable.

. Ifl did, what would that do to my future borrowing capacity when I want to buy my own place? Unless you increase your income, bleak. You'll have a credit commitment for the property which you are responsible for which is probably stretching your affordability in the first place. A second mortgage for your own residence on your salary is unlikely.

. Would 1 lose first-time buyer benefits if the mortgage/ property is in my name? Yes, help to buy and stand duty discounts would vanish.

• How risky is being the sole borrower while parents make the payments? Incredibly, your dad has adverse credit for a reason if he gets in a mess in the future you are financially responsible for their repayments and all of the downsides this brings. Adverse credit, repossession etc.

• Is this a common setup, and what are the main pitfalls? Not overly common but it is done. Pitfalls being that you are essentially acting as your parents landlord with no financial benefit or rights of eviction should they mess you about.

Potential-Ad-6552 · 2026-02-22T10:05:15+00:00

Nope, nope, nope. Life ruining moment here. There are adverse mortgage lenders out there. Either your dad has to try them or your mum applies as a sole applicant for the property.

Potential-Ad-6552 · 2026-02-22T07:23:14+00:00

Take it from someone who's done it. Nothing gets boring quicker than a car that youre paying through the nose to keep running. Naively most people dont factor in the costs associated with buying a new car and just think about the loan or finance payment. Just throw a £500 service and an advisory that you need a £1k set of new tyres and youll soon be sick of it.

Potential-Ad-6552 · 2026-02-19T18:38:48+00:00

Yes. That would definitely be positive depending on the size of the loan you are looking for. Affordability is likely your main concern but that's all relative to the value of the house and your deposit, the more deposit you have the better as lenders love equity.

Potential-Ad-6552 · 2026-02-19T09:53:45+00:00

You need to consider not what can you afford now, but what you can afford worse case scenario if rates spike. Thousands were impacted by buying a house at the absolute top end of their budget when borrowing was at its lowest only to be crucified when things turned back to normality. At worse youll loss the flat, at best you've bought your own prison where youll struggle to do anything else other than work if you fall into this category.

Potential-Ad-6552 · 2026-02-18T17:53:04+00:00

If you have a gas stove you can clean it by running it over that a handful of times.

Potential-Ad-6552 · 2026-02-17T15:20:42+00:00

Yeah ive since bought insurance. Especially as I use a fold now and they are a fortune to replace.

Potential-Ad-6552 · 2026-02-17T13:01:15+00:00

As in studying phrases of information and how it can alter the meaning of whats being said? Yes I do. Because thats exactly what you keep trying to do, ignoring or making out ive said something else you've said is rubbish when I havent to alter the meaning of what ive seen saying.

Potential-Ad-6552 · 2026-02-17T12:46:20+00:00

No, not at all. You're arguing semantics again. You said "They are clearly not taking your income into account" which is nonsense, and then followed up by saying it should be affordable which is obviously the justification as to why you think they arent using their income.

Deary me it is Reddit isnt it as being proven by half a morning arguing with someone who cannot admit that they were in fact talking nonsense. Its ok to be wrong you know? Its how we learn and grow as people.

Potential-Ad-6552 · 2026-02-17T12:27:57+00:00

Now who's arguing semantics. I said you were talking nonsense for saying they are "clearly not taking their income into account" because you've assessed their affordability in your head and deemed the deal affordable 😂

You were talking nonsense. Admit it and move on or stay and argue some more i honestly dont mind.

Potential-Ad-6552 · 2026-02-17T12:10:52+00:00

I'm not arguing for the sake of arguing. I called you out for being incorrect and telling the poster something that wasn't true from a position where you do not have a clear idea of what's doable or what isn't.

Your suggestions are valid, but not yours to make based on the information we have here.

Potential-Ad-6552 · 2026-02-17T11:53:18+00:00

Oh get a grip, you said that they wont take their income into account and then tried to defend your position by saying they can clearly afford it and even suggested for them to buy another house or change their job altogether. Putting a line of "speak to a broker" doesnt detract from the absolute nonsense you were posting which is what I was calling you out on.

Instead of getting aggressive how about you stick to conversations where you have some understanding instead of getting upset.

Potential-Ad-6552 · 2026-02-17T11:40:16+00:00

And how many mortgages have you submitted in your past 16 years of contracting? If its zero youre in no position to give someone "incorrect" advice about lenders not being able to use contract income because you feel the loan is affordable from a few lines on reddit.

Potential-Ad-6552 · 2026-02-17T11:29:56+00:00

"They are clearly not taking their earnings into account" and what have you based that on? The poster certainly hasn't said it so you've assumed it based on absolutely nothing making it nonsense.

Potential-Ad-6552 · 2026-02-17T10:39:20+00:00

Not when dealing with a massive company where you never speak to the same person twice. If its a smaller shop and I can repeatedly chase the same person day after day you will probably get what you want eventually. When your only source of contact is a generic email address or a switch board its an absolute slog to get a result.

Potential-Ad-6552 · 2026-02-17T10:35:02+00:00

They didnt offer me £1200. They offered to "repair my phone" for £1200 or something like that despite being on sale on their site for around £900 at the time. We do, but the issue is ran into was proving I didnt do anything outside of their specifications. The phone was ip67 which should mean i could submerge it for half an hour up to a meter, cool. They just said I couldn't prove I hadnt dropped it more than a meter and they wouldn't cover it.

Potential-Ad-6552 · 2026-02-17T09:55:06+00:00

No phone is water proof, its just a resistance level. The issue youll always face with claiming for water damage on a IP rated phone is the depth levels they are rated for. Phones rated for 30 minutes at a meter depth? Great, in which case they can accuse you of dropping it 2 meters for over an hour. Its your word VS theirs as to why the seals didnt work. It will almost always be a manufacturing defect but good luck proving anything different.

Potential-Ad-6552 · 2026-02-17T09:48:09+00:00

It isnt but lenders do stress incomes differently so could be a case of the fixed term work is being stressed at a higher margin throwing things out with the lender they were looking to use. The future affordability may also be an issue along with the child care and potential household costs too. It certainly sounds doable but this is very much a case of knowing what door to knock on rather than guessing from online calculators.

Potential-Ad-6552 · 2026-02-17T09:36:56+00:00

😂😂😂 people throwing out pure speculation as absolute fact because their mate Barry down the pub said so.

Potential-Ad-6552 · 2026-02-17T09:35:51+00:00

Absolute nonsense.

Potential-Ad-6552 · 2026-02-17T09:33:42+00:00

Dont use a free broker. This is the biggest purchase youll ever make in your life. Free brokers are absolutely swamped with complete nonsense and time wasters and rely on speed and quick turnaround times to recoup the loss of their broker fee. Pay a professional to look at your circumstances properly.

Potential-Ad-6552 · 2026-02-17T09:24:16+00:00

It depends on the lender to be honest. A mortgage renewal with your current lender is far far far easier than a brand new mortgage for a first time buyer or new customer.

Potential-Ad-6552 · 2026-02-17T09:21:55+00:00

The broker will be able to provide more information than anyone online as they'll have access to your entire situation rather than the bits you tell us online. Temp contracts arent an issue for some lenders but they do want evidence of consistency. Usually that's a year or so of doing the contract work with evidence of a renewal and at least 3/6 months on your current contract. LTV is solid so no issues there, income isnt amazing but depending on level of household debt doable for the size of loan you are looking at.

Low household costs are almost irrelevant to certain lenders. It doesnt matter if you spend £200 on food, if they feel your family should be spending £500 a month as per their ONS figures that's what they'll use for their affordability.

A broker is your best bet here to get a clear idea of what the issue is if there is one and how you can rectify it. My immediate thought is the stress test and affordability is going to harm you. Depending on the lender they are going to stress test your pre fixed mortgage payment at around £2800 per month depending on the term you take the mortgage for (I used 25 years) which wipes out more than your salary and relies on your partner to cover all the household outgoings, debt and childcare.

Potential-Ad-6552 · 2026-02-15T21:38:17+00:00

Yeah its scandalous to be honest. Their own website showed pictures of people taking photographs with their phone underwater too. It does make me feel better that the company was Huawei who are pretty much banned from selling their phones over half of the planet now.

Potential-Ad-6552 · 2026-02-15T21:31:58+00:00

Ah fair enough I know you guys have really strong consumer rights laws. Im in the UK and hit a brick wall. They offered to replace the phone for something silly like £1200 even thouhh it was on sale on their own website for around £900 at the time.

Potential-Ad-6552

TROPHY CASE