What banks can 16 year olds open their own account on
Opening bank account for underage person
Just spoke to Which? mortgage advisors, and I'm in shock as a first time buyer at 31...
A mortgage is based on your ability to repay the money. It's been shown (through decades of evidence of what rates people default at) that ~2-3x your salary is fairly manageable, 3-4x depends on your circumstances, and that borrowing anything much above 4x can start to be quite risky for the mortgage lender.
£190k is 4.75x your salary. That's a HUGE loan considering your income: tbh I'd be surprised if you were even offered that much on a sole income, 3.5-4x is more typical
On a 35 year (very long) term, that's a £730/mo repayment, or not far off 1/3 of your takehome, which is about the maximum sensible amount.
This isn't an issue of legislation, although certainly the rules have been tightened up to stop banks lending recklessly, it's an issue of whether you can actually afford to repay it.
and I'm no better off if I had saved £20k or £50k
You absolutely are. £50k saved would give you £30k more to spend on the house....
But you're right that if you're already maxed on your salary multiplier, a bigger deposit won't change the mortgage. There are basically two limits on a mortgage: your salary, and your deposit (or Loan to Value ratio). If you hit one limit, you can't increase the mortgage available to you by changing the other: eg if you only had £5k deposit, it wouldn't matter if you earn £30k or £500k, you still wouldn't be able to borrow more than about £45k.
Right now you could borrow £190k and have £40k. You now have a choice of whether you want to slowly save more money toward a bigger house (whatever extra the mortgage would cost, save that...), rent perpetually, or move to a cheaper area.
£230k in my area would buy you a nice 4 bedroom detached house with garden, garage, driveway etc in a fairly nice area of town.
More on reddit.comDoes my bank account age affects schufa rating?
According to my experience having too many bank accounts (esp. those with credit lines) or credit cards has a negative short-term impact on your score. If you did not do anything financially horrible there should not be a relation between bank accounts and a mortgage. Schufa hands out different scores based on the purpose of the request. Even if you "fix" some records now it won't have a spectacular effect on next years score.
However, it may make sense for you to request a data copy from Schufa (for free) to see what they actually did store about you and how your score looks like (95%+ is good). Eventually there are even things on record which you don't use anymore like your old mobile plan. You can ask them to remove those records.
More on reddit.comI was just wondering in the uk if there are any banks that let 16 year olds open a private account separate to parents.