Help/suggestions re mortgage with a guarantor

Airwolf1

Hi,
I'm here asking for advice/help/suggestions really.

I am a discharged bankrupt, discharged in Feb 2005, and have had 2 mortgages with high street lenders since then. I earn £16k in my employed job (rising to £23k in 4.5 years time) and get expenses of approx £120pcm.
I also have a self employed job which I've only had for 15 months, my net earnings from this are circa £4,000. I would also expect my earnings for my 2nd year of self employment to be about the same. My wife earns £6k pa, rising to £7kpa from October.
I have someone who is prepared to be a guarantor, but hey do not want to have to disclose "everything" to one who may offer a mortgage.

Wwe have a house worth approx £160k-£165k and are paying an interest only mortgage @£475pcm. We also pay an extra £250pcm on top of this.

Who would be the best lender to contact - I've spoken with Nationwide and they would want lots of information about the guarantor (who is family, and I think may be a reluctant due to the amount of info they want).

We owe approx £115,000 on the current mortgage.

If any of you mortgage brokers have an idea, I don't mind you PM'ing me and even acting for me if you think there is a possibility of getting a mortgage.

Your thoughts/input would be welcome, thank you.

herbiesjp

If looking at a guarantor scenario, the guarantor will normally have to answer the same questions as the applicants.

A £115k mortgage on a £160k property is a good LTV - however it will depend on the whole scenario i.e. income/debts/credit history, as to what kind of deals you will be eligible for

Airwolf1

The house we'd be looking at would be around £200k btw. Any other tips?

Salz

Surely you wouldn't get a mortgage for that much? If you sell your house for £160,000, take off fees, say approx £5000, you will have £40,000. This means you will need a mortgage for £160,000 - more if you have to take new fees, stamp duty etc into account. At the moment you are earning between you and your wife £26,000pa. If the maximum someone will lend to someone with a good credit history is 4 times your salary, then where will the £56,000 difference come from?
Also, I know you are discharged, but would they not take this profit from the house sale off you?

Airwolf1

No they wouldn't take it from the profit...

That is why I was asking if a guarantor would be ok in this scenario, due to the low income.