can someone else take out a mortgage for you?

mummyyummy_2

just some advice needed please..I am really very unfamiliar with any type of mortgage terminology so please be kind to me

Basically, is there a legal way someone else can take out a mortgage for you that you pay so property in your name but they guarantee if you cant pay? We have the funding to pay a mortgage but unfortunately a credit check will say no. We have someone (close friend) willing to do this for us but dont know where to start?

holly_hobby

This is technically a guarantor mortgage - and only guarantors whom are close family members are considered (there are other issues re guarantor mortgages but I won't go into them right now).

How bad is your adverse ? (i.e bankruptcy ? CCJs ? Defaults ? Late Payments ? or all of the above !)

Holly

mummyyummy_2

Credit not too bad, can get credit cards etc but bank says no to overdraft!! but flitting in and out of self-employment status is the real killer, I presume!!

Thrugelmir

mummyyummy wrote: »

Credit not too bad, can get credit cards etc but bank says no to overdraft!!

The first issue you must address is your personal finances. Learn to manage your money. Home ownership involves far more than just paying the mortgage every month.

If you want to own your own home. Then the power is in your hands no one elses.

mummyyummy_2

can anyone tell me please if this is possible? too many circumstances to post on the old www so I would just like a yes/no answer! I dont want to go into 'MY' circumstances really on this post, thankyou

mummyyummy_2

Thrugelmir wrote: »

The first issue you must address is your personal finances. Learn to manage your money. Home ownership involves far more than just paying the mortgage every month.

If you want to own your own home. Then the power is in your hands no one elses.

money is managed very well, thankyou....just my type of account as self-employed!!

Thrugelmir

mummyyummy wrote: »

money is managed very well, thankyou....just my type of account as self-employed!!

An underwriter will take a different view to you. I can assure you of that. Hence my observation.

There is no straightforward answer as circumstances differ. Without information difficult to comment.

Suggest you speak to a mortgage broker face to face to explore your options. As you'll need to bare all to someone.