Mortgage with Guarantor

SirYamalot

Hi all,

Me and my partner are FTB's... I was made redundant about 3 years ago for a 7 month period, during this period my credit rating took a hit due to payments being missed because my Payment Protection Insurance company did not start covering my montly payments due to their lengthly administration! (A'hem.... Geneworth Financial!!!).

Me and my partner are now in a position to start looking at properties, but as my credit score is pretty low would having one of our parents acting as a Guarantor help in getting a good mortgage? The Guarantor has a perfect financial history and is in a very highly paid job, easily being able to cover our mortgage payments should the worse happen.

Cheers
SirYamalot

ACG

Guarantors are more to cover any shortfall if you dont earn enough.

If you have poor credit, depending on how poor we are talking its possible you could get a mortgage in your own right. Your best speasking to a broker who can find a lender that will accept missed/late payments/ccjs and or defaults. There are a few companies about who might look at offering you a mortgage.