Advice for guarantor mortgages

SDONOVAN82

I am currently paying £750 pm rent for my property and im tired of giving away all that money each month when i could be paying into a mortgage and building a home for my young family.

Ive been searching the net for possibilities of getting a mortgage using my step father as a guarantor, although i dont have a fantastic credit rating (no CCJ's or bankruptcy) his credit score is near perfect.

So does anyone have experience of applying for a guarantor mortgage with a poor credit history? and is it possible to get a 100% guarantor mortgage? ive read on the net that it is currently the only way to still do it in todays finacial climate.

Any help would be great here are afew details -

Step father - 52 yo earning 40k + PA
me - 27 Earning 29k PA
my Partner - 24 earning 18k PA

Many Thanks in advance

Shaun

Radiantsoul

Much would depend on your stepfather assets and how much he spends servicing any debts he has. I still think most mortgagees are going to want to see a deposit, even if your stepfather introduces it.

herbiesjp

What is the problem with your credit rating? Do you have an up to date copy?

A guarantor does not improve your credit rating, a guarantor helps to make up a shortfall in income if there is one.

So if the problem is with your credit history, having the guarantor will not improve the mortgage scenario.

What prices are you looking at? What deposit do you have?