Minefield of mortgage options 30k gurantor?

hanes

So we have been told about a mortgage where you can secure up to £30,000 against a family home. basically a family member will secure 30k and be your gurantor.

Does anyone have any information on these, i.e the criteria that is needed to obtain them?

i think it was connells who advertised this but im unsure if you have to purchase your home from then or its just a mortgage with them?

Would like some more information about it as if its likely a good way of getting on the ladder then it would be great as saving a deposist at the moment is unrealistic given the way house prices are fluxing.

thanks


EDIT

no matter i found another thread on this 6.48% fixed would mean a repayment way beyond our means at present.

kingstreet

Tipton & Coseley?

The Marsden has a scheme where a relative puts their savings in an account, the lender takes a charge over it and gives you a 100% mortgage.

Charge is released when the LTV drops a bit.

http://www.themarsden.co.uk/mortgages/products/offset-mortgages

betmunch

If it was from Connells it would have been the Aldermore 100% mortgage

hanes

kingstreet wrote: »

Tipton & Coseley?

The Marsden has a scheme where a relative puts their savings in an account, the lender takes a charge over it and gives you a 100% mortgage.

Charge is released when the LTV drops a bit.

http://www.themarsden.co.uk/mortgages/products/offset-mortgages

Like i say im not clued up on this so i would get lost above my head, have a joint income of 31k

What amount will they require from family members home to secure against the loan?

in other words would a mortgage of 159k be realistic, i dont really understand the rates they offer

hanes

betmunch wrote: »

If it was from Connells it would have been the Aldermore 100% mortgage

and that rate is fixed at 6.56?

thanks

betmunch

I have access to a rate of 6.48% fixed for my clients, but the Connells one could be 6.56%. They will have a different suite of products due to the fact they only work from a limited panel

hanes

I really need to find out more indepth info on this - perhaps i'll just ring them and discuss some options but the house we would like isn't working out affordable on a mortgage calculator when i dont know the current rates that they offer or the terms and criteria needed to meet 100% mortgages

betmunch

Do yourself a favour and ring a local independent Mortgage Consultant rather than the guy at Connells though!!!

hanes

thanks betmunch i'll look further into it.. However is 6.5% really an afforable rate given that houses in the area and local we are looking for are in the mid 159k region?

betmunch

Its not the rate that defines if its affordable, its your budget that defines affordability.

If you are avoiding it because you see there are other rates down to 2% then you are wrong to do so as these arnt available to you.

If you are avoiding it because the monthly payments are £x,xxx and you cant afford that then you are right.

Theres a pretty good budget planner available on this site somewhere, if I was you I would find it, fill it in and see what you have left over. Try and it as if you are in the house you want, dont put a figure in for mortgage though, you add up everything at the end and see what dispoable income you have that doesnt include mortgage, then from that figure take what you are comforatble with