Guarantors for mortgage?

milliebear00001

Hi there

In addition to my post about benefits being taken into account, I am wondering if there are any other ways my husband and I can 'up' the size of mortgage we can get. So far, I am told my teacher's salary will count (but in what multiples?) plus, possibly, my husband's disability benefits which amount to approx. £400 month. My parents might be willing to act as guarantors if this might up what we are offered, but I know nothing about this - how does it work? Would they need to be working or prove their own income? Do they have to guarantee the whole mortgage or can it just be part?

We are only trying to borrow a smallish (by recent standards!) amount and have a 25% deposit - seems ridiculous really!

Any advice gratefully received!

money_maker_3

As far as I know, if you use a guar. than it is their income that is used for the calculation and not you and your husband, so yes they would need proof of income and it would be for the whole mortgage.

If I am wrong, some one smarter will correct me, but I am fairly sure thats how it works

herbiesjp

What is the purchase price?
What is the mortgage amount?

What is your gross yearly salary?
What is the other gross income you get?

Do you have any other debts?
Do you have a good credit history?

Sorry, but this information would be needed before you could see if you can get the mortgage alone or with a guarantor

milliebear00001

Yes, I understand that, having held a mortgage before. What I specifically need, is information about the guarantor mortgage. So, I know I can get a mortgage, but I might want a bigger loan, in which case, how would my parents go about acting as guarantors?

herbiesjp

Different schemes work in different ways

But in genral, yes the guarantor would need to be working and would be assessed as any other applicant - so all the normal mortgage application rules apply.

Really depends how much "extra" you think you want to increase the mortgage amount by

Again the information above would still be needed in order to see if the guarantor scenario would work as well for you