Mortgage with parent's income/help taken into account?

hum_lovely

I have recently separated and am shortly to be divorced and am hoping to buy my husband's part of the house we own jointly but am struggling to get a mortgage for enough as I don't earn much due to having 3 children and not being able to work more than a few days a week.

I have been offered a small mortgage and I have been told that there are mortgages that take my parent's income into account. Does anyone know of any of these?

My father has offered to help me with the monthly payments on the mortgage until my children are all at school and I can work more but my problem now is being able to borrow enough to get the mortgage in the first place. My father doesn't want to help with a lump sum, which would solve the problem as it could be used as a deposit, as he is due to retire in the next 2 or 3 years and wants to keep his savings in tact until he is eligible to draw his pension in about 5 years.

Does anyone have any advice or know of any mortgages where he could stand as a guarantor or similar?

Thanks in advance

depurnell

Hi,

There are still some lenders that will allow you to add a parent to the mortgage even without a deposit!!

mbynwa

Bristol and West offer this kind of mortgage....

http://www.bristol-west.co.uk/more/firstStart/mortgageRates/MoreFirstStartMortgageRates.aspx

herbiesjp

There are plenty lenders that allow guarantors/ do guarantor mortgages

You haven't posted any figures, so difficult to give any more guidance on how easy this would be

g0atface

I'm also wondering about this type of mortgage - im on 27k salary i have a 5% deposit, on 72500 property and have been turned down by bank (adverse credit from 2003 - late payments/default - means need bigger deposit), my partner and parents are willing to act as guarentor - i dont want to let this property slip as its an ideal investment in the area im looking for - will going down the guarentor route give me more chance of obtaining a mortgage?

speedbird1973

What makes this such an ideal investment? bearing in mind the economic situation at the moment?

g0atface

house needs refurbishing, property empty (previously occupied by older person) average price in same road is 110k - in current climate (last sold 4 weeks ago)

Price agreed is also 20k under asking price.

potential to make into a 4 bed from a 3 bed.