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Low deposit / Guarantor Mortgages - Do they exist?
soontobeawife
Posts: 15 Forumite
Hello everyone - my partner and I are hoping to buy our first home, we are getting married in September and hoping to focus on mortgage after wedding.
We earn approx 40,000 between us but will have to start saving after the wedding - are there any low deposit mortgages out there, or can a guarantor assist in getting a lower deposit mortgage? My brother in law is a self made millionaire so would be a secure guarantor - any advise much appreciated!
Thanks.
We earn approx 40,000 between us but will have to start saving after the wedding - are there any low deposit mortgages out there, or can a guarantor assist in getting a lower deposit mortgage? My brother in law is a self made millionaire so would be a secure guarantor - any advise much appreciated!
Thanks.
0
Comments
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There's a decent amount of 95% guarantor mortgages around. Naturally interest rates are a bit higher than 90%+ LTV, but overall it should be do-able.0
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You will be better saving a bigger deposit. With a 5% deposit you will be in negative equity almost instantly and on high rates. With the Euro crisis these mortgaes may not even exist in the future.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Wedding or buy a house - your choice."You were only supposed to blow the bl**dy doors off!!"0
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OP - if you google "guarantor mortgages" you will have plenty of info to trawl through.
For some you will be expected to put down 10-15% deposit0 -
How much are you spending on the wedding?
It's better IMO to have a cheaper wedding and a bigger deposit.
Money worries and a huge issue for many relationships, so don't worry about feeding and watering distant relatives at your wedding, concentrate on sorting out a happy, stable financial future together.0
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