Looking for some advice on mortgage - self cert or using a guarantor

asharon

My situation is that I have 200k and I am buying a house at 250k so I need a 50k mortgage.

The issue is at the moment my earnings are low, but when I move they increase considerably. As I understand it I have two options. Either I go the self certificate route or I do have someone why will act as guarantor but I am not sure which route is the best.

It looks as though if you go the guarantor route that the person who is the guarantor applies for it.

Can I apply online and any recommendations of the better choice of route and the better lenders ?

Thanks.

_Andy_

With a self-cert mortgage you still need to declare what your income is, you can't lie about it.

gizmo111

How low are your earnings?

asharon

My income is enough to cover it at around £13,000, I was just wondering what would give me the better interest rate.

beecher

Your interest rate will be determined by the LTV - not sure if they'd offer £50,000 on a wage of £13,000 as that's nearly 4 times salary which might be pushing it. Why not go to see a broker to see what your options are? Or would friends/family be willing to loan you £10k or so to add to your deposit?

gizmo111

Abbey and Woolwich look like they'll lend that sort of income multiple - they both have calculators on their site to give you an idea of whats available.