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100% family guarantee mortgage

Jetset87
Jetset87 Posts: 2 Newbie
in Mortgages & endowments
Hi can anyone give me anymore info on the 100% family guarantee mortgage. This is being offered by estate agent 'your move' and would like to know if anyone has taken this deal? The offer state no deposit required and obviously the guarentee is secured against a loved ones home.

Comments

  • ACG
    ACG Posts: 24,954 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It has to be a parent or grand parent.
    They need to have (i think) 25% in equity in their property or in savings/investments etc, or however much your goving over 75% by - eg if your borrowing 80% they would only need 5%.

    Ive never used it for a client so im not sure how easy/hard it is to obtain.

    Its only available through brokers so you cant go direct.

    Not sure what else you want to know about it?
    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.
  • Smoosh
    Smoosh Posts: 1,629 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You have to be at least 25 as well I think :(
  • Jetset87
    Jetset87 Posts: 2 Newbie
    Thank you for replies. I was just wondering I'm only 24 so Can my partner apply on his own and can we change to a joint mortgage once I'm 25? I really don't understand mortgages. We have no deposit and have been renting for last 4 years unable to save for a deposit.
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