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Advice on my situation PLEASE! Watch

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    Ok, so I understand you TSR bunch are quite a knowledgable, logical lot . Thus, I have a little riddle for you to solve.



    So I'm at Uni in 1st year. And the whole "where am I going to live"..."who am I going to live with" has crept up on us already.
    Before going to Uni, my mum said that she was going to buy a flat there and I could live in that. So I told my friends I was going to do that. Since my sister is now going to have a baby she has changed her mind and said that she "doesn't have enough money and doesn't want to be a landlady".

    Anyways, I reaaaaallly wanted my own flat. I have very bad anxiety problems and living with strangers this year has put a LOT of strain on me and I have so many more panic attack now. Also, I think it would be a wise investment.

    However, I think she's probably gonna give it to my sister or buy a house in Australia where my sister lives. But....my question is...how do you think this would work?


    -My mum puts a deposit down on the flat and maybe pays 40% of its price up front. She gets a mortgage for the rest. I pay the mortgage payments instead of rent = I get my own place and in the end, she has a flat to sell on after Uni.

    -Not that it matters too much but I am doing a 4 year course, and get £9000 a year in loan, bursary, scholarship and wages.
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    anyone?
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    Oh ok, this is what TSR has become. Don't give me good advice. Post crap in a thread called "sex + slapping" instead!!!
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    Well it is Christmas day, presumably most people are doing other things. And "sex + slapping" appeals to most of the nerdy virgins on TSR.

    Anyways, RE your situation, I would say that the basis of the plan is vaguely reasonable, but it depends on how much money is kicking around you and your mum. Many lenders currently require a very large deposit, though 40% should be OK, and also proof of income. But this shouldn't be a problem if your mum has a decent credit rating - she pays the lender, then you pay her.

    Could be a decent plan, provided you get a decent place which will hold its current value and you get a decent rate of interest. But then I'm no financial guru.

    EDIT: But remember house prices are still fairly high, if you want to own the whole thing within 4 years you are going to have some fairly high repayments.
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    (Original post by michael321)
    Well it is Christmas day, presumably most people are doing other things. And "sex + slapping" appeals to most of the nerdy virgins on TSR.

    Anyways, RE your situation, I would say that the basis of the plan is vaguely reasonable, but it depends on how much money is kicking around you and your mum. Many lenders currently require a very large deposit, though 40% should be OK, and also proof of income. But this shouldn't be a problem if your mum has a decent credit rating - she pays the lender, then you pay her.

    Could be a decent plan, provided you get a decent place which will hold its current value and you get a decent rate of interest. But then I'm no financial guru.

    EDIT: But remember house prices are still fairly high, if you want to own the whole thing within 4 years you are going to have some fairly high repayments.
    Thankkkk-youuuuuu....wanted someone in the world to assure me my plan wasn't completely insane for an obvious reason I missed. Well, my mum should have about £110 000 in the bank at the mo. Tbh, she could pay it all up front and then have me pay her the rent or something even? I don't know. I just don't want to let on how much I need it because of my anxiety. :/
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    anyone else?
 
 
 
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