10% LTV mortgage FTB Freelance Guarantor

TellyFreelancer

Hi,
Any help with this would be greatly appreciated.

My partner and I are hoping to get our first mortgage by the end of the year.

We are both freelance but are payed PAYE so are not full considered self employed.

We have a 10% (possible 15% at a huge push) and also have the backing of one set of parents who would act as guarantors in one way or another if needs be if it would help us get on the ladder.

They have a property on which the mortgage is full paid up which they'd consider using as collateral.

I'm loathed to get them involved for obvious reasons but if it really would make a difference I'd consider it.

What options are available to us in terms of 90% LTV for freelance FTBers with or without possible guarantors.

Saving for longer isn't an option either.

Hope someone can point me in the right direction.

Thanks so much

Thrugelmir

TellyFreelancer wrote: »

They have a property on which the mortgage is full paid up which they'd consider using as collateral.

A guarator also has to provide evidence that they have the income to meet the mortgage repayments, should you not.

Collateral while useful is only part of the equation.

TrickyDicky

TellyFreelancer wrote: »

Saving for longer isn't an option either.

Why not? what happens if you are refused a mortgage?

firstaspect

Go see a local mortgage advisor/broker. A lot of estate agents have them in house and they often don't charge. They can look across the whole market and give you a picture of what would be available to you.

TellyFreelancer

Thanks.
Both Parents are still working so can, currently easily guarantee our mortgage repayments should we default.
Is there any resource where I can see possible guarantor mortgages or is it simply a case of asking a broker to do the leg work for me?

TellyFreelancer

Oh also saving for longer is not an option as we have to vacate our current residency by the end of the year (where we don't pay rent) and if we have to go and rent we will end up in a financial situation where we are no longer able to save so will be stuck with a 10% chunk of cash we are hardly able to add to and not able to use for a mortgage deposit.
We would be able to put aside so little it would take years longer.

TrickyDicky

TellyFreelancer wrote: »

Oh also saving for longer is not an option as we have to vacate our current residency by the end of the year (where we don't pay rent) and if we have to go and rent we will end up in a financial situation where we are no longer able to save so will be stuck with a 10% chunk of cash we are hardly able to add to and not able to use for a mortgage deposit.
We would be able to put aside so little it would take years longer.

Be prepared for it though. The end of the year is only 3 months away. Thats not a very long time to find a house and actually buy it. Most houses have chains above them so you can be waiting around for a few months for everyone to find a house they like and can afford.

Many people do rent, and manage to save. I think if you cant save and rent at the same time, you cannot really afford a house.