Skip to main content Skip to footer

How old do you have to be to buy a flat or a house?

Asked on Sep 14 2013, General in Bristol | Report content

Answers (2)

Was this question useful? Yes 0 No 0

Sort by: Oldest | Recent | Highest rated

  • Hi, You can only own your own house outright from the age of 18, until that point the house would be held in someone else's name or in trust. You cannot legally sign a Contract until you are 18 (Contract Law) however a guardian or someone over 18 can legally sign for you after you are 16, and you can claim the property as your own, although you don't technically own it until 18. We hope this helps.

    Answered on Sep 19 2013, Report content
  • Hi Amy Parker, The minimum age at which you can apply for a mortgage in the UK is 18-years old. However, there are a number of different factors that will also come into play, and it can be very difficult to get a mortgage at that age. For example, you need to be able to provide a sizeable deposit up front, which will account for a percentage of the cost of the house. This will be at least five per cent of the deposit, but is usually more. You will also need to have a steady income which allows you to prove that you will be able to afford your repayments throughout the duration of your mortgage, as well as proving that you have a good history of paying on time, as credit checks will be extensive. At the age of 18, most people would not have all that much credit history, so it can be a good idea to get a credit card, and make small purchases with it that you pay off on time to build this up. Many thanks, Scott

    Answered on Sep 19 2013, Report content

Didn't find what you were looking for? Ask a question

More General in Bristol questions on AskMe

See more AskMe Q&A about General