Buying a property in the UK first time buyer

[j1441]

Factors to consider:

1) My name is on a family members mortgage as part of a buy to let. Done so the mortgage would be approved.

2) My income £62k (before tax),Not many bills at all as live with family/ no car. Live in London.

3) Deposit saved £100k

Im looking to buy a house between £500K to £600k in London alone. My plan is to live upstairs with the downstairs on rent.

I realise the maximum I can barrow is 5x my salary £300k which is not enough.

Can anyone please suggest any ideas on how I could go about this with my factors into consideration? Interest only mortgage or a way into first time buyer help scheme?

Advice would be much appreciated.

 

[tomsmithwrinch]

Have you considered living with other people? My friends were sick of renting out individually (felt like they were just throwing money away) and so decided to buy together. They used the software app MaryR which essentially enabled them to buy together, yet own individually. It basically allowed them to track which shares they owned of the house (according to their unequal contributions etc),whilst also building up their individual equities according to their shares. Would recommend if you haven't thought about it already. After all, a problem shared is a problem halved lol.