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FTB, Guarantor Mortgage, Gifted Deposit, 85% Mortgage

gallygirl
gallygirl Posts: 17,240 Forumite
Part of the Furniture 10,000 Posts Photogenic Name Dropper
edited 26 June 2010 at 7:42PM in Mortgages & endowments
Can anyone advise please on likelihood of achieving this:

FTB, Guarantor Mortgage, Gifted Deposit, 85% Mortgage, around 105-110k required, around 85%.

DD thinking of buying 1st house. Only earning just over 20k at the moment & no prospects of saving for a deposit (lives 100 miles away, renting a room at the mo). Will be earning around 3k more in next 18m - 2yrs.

I inherited mum's little house & told DD & DS I would give them 20% each when they wanted it. This will be valued shortly but 20% will be just over 20k I would have thought.

Am happy to act as guarantor - I earn 50k with low mortgage myself. For various reasons I don't have a lot of savings (been OPing mortgage, bought holiday home etc) so can't chip in with more deposit. (Savings are building up again).

Having found a few guarantor mortgages online it seems most want 30% deposit? We are looking at purchase of around 125 - 130k, with 20k down so around 105 - 110k mortgage, which is around 85%.

Our availability sums for DD are based on her letting out 2nd room - she would struggle without this (where she lives she shouldn't have a problem with finding someone), but I am happy to help out then.

EDIT: Alternative would be joint mortgage - could we do this ok although I don't live there? Would prefer to avoid this route because of potential CGT on rising house prices :rotfl:.

Thanks.
A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
:) Mortgage Balance = £0 :)
"Do what others won't early in life so you can do what others can't later in life"

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    Firstly whats a DD? Also DS?

    If you want Guarentor mortgage then a well known company has recently come into this field. Get down to any half decent mortgage broker and they will tell you all about it. Should be available at 85% but I dont have my work computer to check!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Sorry, Darling Daughter & Son!

    Thanks, we will consult a broker, but was hoping to hear it would be possible or not - so thanks for that, it has put my mind at rest a bit :)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • betmunch
    betmunch Posts: 3,126 Forumite
    I have almost the exact same case sat on my desk waiting for an offer to be accepted, I'm sure its posible :)
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    :eek: Yikes, has someone stolen my 20k :eek:
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • betmunch
    betmunch Posts: 3,126 Forumite
    OK, possibly not the EXACT same case! Hahaha
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • anotherginger
    anotherginger Posts: 395 Forumite
    Part of the Furniture Combo Breaker
    gallygirl wrote: »

    DD thinking of buying 1st house. Only earning just over 20k at the moment & no prospects of saving for a deposit (lives 100 miles away, renting a room at the mo). Will be earning around 3k more in next 18m - 2yrs.

    Why's that? She's earning a decent wage.

    I earn around the same in the South East and can save at least half my wage each month, even with renting a room, having a car on finance, and no family in the same country.
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    betmunch wrote: »
    OK, possibly not the EXACT same case! Hahaha

    I always wanted 3 children, maybe I had another I've forgotten about :)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • clippy_girl
    clippy_girl Posts: 2,283 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    bump bump :D

    deposit is not the problem, it is how much i earn :( . on my salary i can only get about 80k so need another 30k. even if i could save half my salary every single month it would take 3 years to be able to put that much extra down. i can afford the mortgage payments on a 130k house hence wanting a guarantor mortgage :)
    :j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j
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