Mortgage, self employed with the help of a guarantor

marleyuk_2

Hi,
I have just got together a deposit of 10% the value of the house I've been looking at (on the market for £120,000). I am self employed but have only got one years books. My partner is employed and on her own can get a mortgage for approx £85,000.

I spoke to a local adviser who stated I wouldn't have a chance with one years books and a 10% deposit.

I was wondering how a guarantor works? what kind of values they can cover? and if there are any lenders that may deal with one years books?

Any help is much appreciated.

Cheers,
Ian.

marleyuk_2

Any help would be appriciated.

Cheers,
Ian.

captainhaggis

Good post. I'm also interested to learn what a guarantor can do.

I've a shocking credit rating and might need to re-mortgage fairly soon and I'm desperately scared that I won't be able to.

My parents, though, have zero mortgage on a 0.5m home. Can they put that up as security? Will this make lenders more likely to entertain me?

VIGILANT22

captainhaggis wrote: »

Good post. I'm also interested to learn what a guarantor can do.

I've a shocking credit rating and might need to re-mortgage fairly soon and I'm desperately scared that I won't be able to.

My parents, though, have zero mortgage on a 0.5m home. Can they put that up as security? Will this make lenders more likely to entertain me?

Depending on your credit file, if you have defaults./ccjs you're unlikely to be able to move lenders, better seeing what yr existing lender had to offer....a guarantor wouldn't be of any help to you when it comes to adverse credit issues

marleyuk_2

My credit report on experian is 999 out of 999.

I've read that people with one years books have been given mortgages with lenders they hold current accounts with by just providing one years books and previous p60's.

Does a guarantor need to sign up for a significant amount of time? what criteria do they need to fill? does anyone know any other ways to approach being granted a mortgage in my circumstances?

Cheers,
Ian.