Default and Guarantor's

mouse007_2

I was wondering if someone could help me, my debts have been paid since Feb this year but i have defaults from 5 years ago which get removed next year and the last one comes off in November.

We have 20k deposit to put down and BF also has a good credit rating, we are being told that although we are unable to obtain a mortgage at this present time because of my credit history. We could use a guarantor... has anyone done this before? and what does this involve and is this correct? will rates still be high?

i would also like to know what other options we have? i.e could partner get a good deal with a guarantor? and then we remortgage afterwards when defaults come off?

any help would be greatly appreciated.

Thanks

maninthestreet

So is going to be your guarantor??

herbiesjp

So the defaults were registered 5 years ago - is that correct?

You may be able to get a mortgage in joint names now, as long as the LTV is at the right level.

A guarantor would be needed with your partner, if your partner's income alone would not be enough to get the mortgage agreed.

If you did go that route, you would not be on the mortgage, and therefore not on the deeds. When it came to re-mortgage, there would be costs implications to take guarantor of deeds (if applicable) and put you on the mortgage/deeds.

mouse007_2

My step father is willing to guarantor, so we could either ask him to guarantor for both of us or my partner goes for the mortgage by himself and boosts loan value by adding guarantor. This may prove to be the best route but i have no experience with this so dont really know what is the way forward to obtaining a mortgage.

we are looking for a mortgage of £174 so its just over a 10% deposit that we have.

does anyone have any other ideas?

mouse007_2

i was also told that i had to wait for defaults to come off as nobody will touch me... ? all debt is paid off..

herbiesjp

It sounds like you need the help of a whole of market adviser to explain how a guarantor would work or if it is possible to get a mortgage based on your current situation.