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mortgage help
michelle1985_2
Posts: 63 Forumite
hi can anyone tell me if you can use a guarantor for a mortgage me and partner are thinking of buying the house we rent as they want to sell it but partner is on dmp with cccs and dont think we will get accepted we tried about a year ago and got declined, my mam has said she would stand guarantor for a mortgage for us as her house is paid for and has excellent credit, can anyone tell me if this is possible
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Comments
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How much deposit do you have saved up and how much are you buying the place for?0
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hi we do not know the price of the house yet but it was up for sale a year ago and it was for 145000 the landlord had estate agent out yesterday to revalue it but hasnt been in touch yet so not sure on price yet, we have about 30,000 for deposit0
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What are your gross annual incomes?0
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my partners p60 he got this year was £26,000 and mine was £50000
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Your partner won't get accepted if he is on a dmp at present. so it would all base around your own and your mum would probably have to go on as joint applicant and so then the maximum term of the mortgage would be based around the age of your mum. so the amount you could borrow would be based on your income and your mum's. www.zoopla.co.uk is a good place to see estimated value of properties.
But looking at your figures above, as your partner would have to be excluded think you would struggle?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
so if his debt was to be paid off how soon would he be accepted for a mortgage0
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The debt isn't the issue, it's the adverse credit that is.0
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when we were paying the original amounts before we set up the dmp we never missed any payments so there is no defaults or anything on any of them it was just that we were struggling for general house bills and that when we paid the original amount0
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Have you actually seen your credit files?
I would've assumed at least there would be Is/arrangements all over them.0 -
no havent seen the files but if arrangments show up then yeah they will be on there0
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