mortgage with guarentor

morgan78_2

hiya situation is we have a 2 bed house £65000 mortgage house valued at £120000 2 kids and one on the way so no space at all need to move. Difficulty is on a dmp have a few defaults.

My parents who have paid there mortgage off there house is valued at £180000 they have said may be willing to act as guarentee if we want to move saw an house valued at £210000 can anyone give me some advice on this situation please

Regards

_Andy_

A guarantor isn't going to solve the adverse credit problems, a guarantor is only needed if your income can't support it.

What are your gross incomes?

morgan78_2

mine is £25000 and wife is £14000 plus a bit of benefits.

herbiesjp

As stated above the fact you have guarantors will not help overcome the problem with the adverse credit

What you need is a deposit large enough to allow you to find a lender that can agree the mortgage amount for you, whilst having the defaults

You'll probably need to get a whole of market adviser to help.

Get a copy of your credit files, and see what they can come up with for you

emma_55

Hi
Think my questions been answered here but...

My partner's credit history is not great (think his credit score was around 400ish last time he checked) last issue was in 2006 so is still showing on his report/scoring. We have 30K available for a deposit with a combined income of £43K pa - I understand a guarantor would not help out with his poor credit but as mentioned above a large enough deposit may secure a mortgage with certain lenders - do you have any ideas on the %age needed or particular lenders that it may be worthwhile speaking to? Much appreciated.

_Andy_

What adverse credit does he has exactly?

maninthestreet

Sorry, but if you have £30K available, how come you are on a DMP? Use some of the £30K to clear any outstanding debts???

emma_55

there is no outstanding debt now otherwise we would obviously clear it but because of his past the fact that he defaulted on a loan that is now settled, had a ccj etc shows on his scoring and as the last thing was 3 years ago we have another 3 years to wait.