Getting a mortgage

[crapmemory]

My son would like to get his foot on the property ladder now the prices are falling, just one problem.....how can he get a mortgage? He has a good job(on a 5year contract) but nobody seems to want to lend him money! Any suggestions?

[Ethel]

This is a problem a lot of people are having - the banks are in crisis and very reluctant to lend.

Having a big deposit will help, and needing to borrow less than 3 times salary.

[crapmemory]

Would it help if I offered to be his guarantor?

[colettemarie]

Hi, I'm having the same problem at the moment, was just wondering if your son managed to find a solution? My situation is that i'm only on a years fixed contract (due to the economy this is the only way our German owned company would agree to take someone on.) I'm confident that this will get extended at the end of the term or alternatively i could easily find alternative work even if it results in taking a slightly lower salary. My mum has also offered to be a guarantor but i was told this wasnt possible due to me NOT being a student?! i'm baffled!