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Barratts homes head start scheme
carly81
Posts: 1 Newbie
Well, theres a couple of things I'd like to ask for advice on this subject. The home we wan't to buy is 120,000. And with the scheme we would have to pay 100,000 of the mortgage.
Firstly, Im a student and my partner earns 18,000 a year. We have been advised that on this wage we can get 85,000 mortgage. We have saved an 8,000 deposit and my dad has agreed to be a guarantor for us for the remaining amount. We have paid 600 p/m rent for the last 3 years so we're confident that we can make the repayments. The problem we have is that my partners credit rating is not the best, actually it's pretty poor from a ccj he had when he was with his last partner. Would my dad being guarantor make this ok? and because he's guarantor on only part of the mortgage would they both have to pass a credit check to get the mortgage. And also is it actually possible to be a guarantor on part of the mortgage or would he have to guarantee the whole amount?
Thanks and I hope I havn't confused you too much:D
Firstly, Im a student and my partner earns 18,000 a year. We have been advised that on this wage we can get 85,000 mortgage. We have saved an 8,000 deposit and my dad has agreed to be a guarantor for us for the remaining amount. We have paid 600 p/m rent for the last 3 years so we're confident that we can make the repayments. The problem we have is that my partners credit rating is not the best, actually it's pretty poor from a ccj he had when he was with his last partner. Would my dad being guarantor make this ok? and because he's guarantor on only part of the mortgage would they both have to pass a credit check to get the mortgage. And also is it actually possible to be a guarantor on part of the mortgage or would he have to guarantee the whole amount?
Thanks and I hope I havn't confused you too much:D
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Comments
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Hiya! We're also currently buying a barratt's property and just wanted to advise you not to use their own mortgage broker - New Homes. We made this mistake and rang them and they said no problems finding a joint mortgage on only one income... so we put down our deposit with barratts... then we met with their advisor and all the mortgages they quoted over the phone we didn't qualify for as they were based on the mortgage being in one name with one income. We applied for the only mortgage that New Homes did come up with, and we were turned down by the lender. Then New Homes charged us £99 for their advice. Sorted now, went direct to the banks ourselves and found our own mortgage deal.
It seems that many mortgage lenders aren't willing to lend as much if it's a joint mortgage with only one income, as they consider the person who isn't working as a dependent who will be living off the other person's income. Very annoying! We found that RBS and HSBC were fine with it though and don't penalise couples with one income. Of course... i'm assuming as a student you don't have any income... and I could be wrong, just warning you incase your situation is the same as ours.. as i wouldn't want anyone to have the same problems we did!!
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You don't earn any money, and your partner has bad credit. Forget about getting a mortgage, even with daddy as guarantor.poppy100
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