100% Guarentor Mortgages possible?

jojemac

Hi,

My mum has recently mentioned that she would be willing to Guarentor a mortgage for me and my boyfriend in the near future.
We are currently renting, and just adjusting the the bills etc.

We both have adverse credit ratings, hense why she has said she will do this for us.

Is it possible to get a 100% mortgage with her guarentoring it for us? As we dont have the spare cash to save up a deposit due to household bills & paying off debts (hense the adverse credit ratings!)

robin_banks

not a cat in hells I'm afraid, any form of adverse credit and your massively impaired, no deposit to boot and a bit fat zero tbh.

If you do find one, expect the mortgage arrangement fees to be massive and an interest rate of 9% ish.

Clear your debts save up and 3-4 years time you might be ok , you've got time on your side house prices will not go up for several years .

dunstonh

<cruel to be kind mode on>
You have a poor credit history, no deposit and an insufficient income.

We are in recession and lenders have tightened up criteria and have been crucified for lending to people in your situation in the past.

You have no chance of a mortgage

<cruel to be kind mode off>

Sorry.

jojemac

We have money to pay the mortgage, as we are paying rent.

I thought that if my mum was to act as a guarentor, things would be a hell of alot easier. Oh well, carry on renting it is then! :think::rolleyes:

Pants!

minimike2

if you cannot save a deposit and are repyaing debts with a bad history, then why are you considering buying a house? It does not sound to me like you are financially ready for home ownership.

Sorry to be blunt, but that is the reality of it.

jojemac

Minimike2, the bad history is back from afew years ago, and ive been paying them back on time, everytime since. It just hasnt improved yet.

Im trying hard to pay my debts back hense no money left for a deposit.

happybroker

clear the debts first then keep yourselves clean and save up a deposit. You're doing the right thing at the moment so keep plugging away and you will get there in the end, it's just not your time right now is all.

good luck with it.