Mortgage with parents

Gewens

Hi
I am after some help and advice.
I am looking to get a mortgage in the near future, but looking at the various calculators on lenders websites, it does not look like i can borrow enough with just my partner. My parents have said they would help, by coming on the mortgage but i cant seem to find information on who does this. Has anyone got any ideas as to where i can find more information.
Thanks in advance for your help.
Glenn

Ice_Queen_112

Hi Glenn


You could try for a guarantor mortgage, which is what my mum did for me many years ago when iI was a student. I assume they still do them now, mine was with the Nationwide. She had to prove that her income could cover the mortgage multiples but her name wasn't actually on the mortgage. However if I had defaulted she would have had to pay up!

ReportInvestor

This link

is a tad out of date, but provides loads of background information about guarantor mortgages in general so that you can ask the right questions.

AndrewSmith

Have a look at Bristol & West 'First Start' mortgage also. It is specifically designed for a parent to help their child buy a house by going on the mortgage with them.

Andy

Gewens

Thanks for the advice guys. Anyone other advice apreciated.
Does anybody know of a good financial advisor in the Bognor Regis area?

MortgageMamma

no sorry not in bognor regis but know a few round north london and herfordshire. royal bank of scotland are very good for guarantor mortgages but their service stinks at the moment.

herbiesjp

Bank of Ireland is another option (exactly the same as Bristol & West) for the First Start scheme