Self Cert Mortgage (with guarantor?)

sie

Hi, I've been offered a self cert mortgage deal through a broker, but I have to make an initial payment of 5% and fees as there's no deal at 100% for me.

I asked my broker about the possibility of adding a guarantor to the deal to make my risk from the lender not so high and to make it to 100%. I'm also a first time buyer.

My broker says that he has no option for this unless the guarantor is actually living in the property, or that he could do it by using the 'guarantor' to raise something like 8k against their property, which isn't really what i wanted to do.

Does anyone know of any other way around this? Would be very grateful for some help with this, as with the loan option it would mean an extra monthly payment which would be hard to find on top of everything else.

nb. The broker has already done a credit search on this application and I don't just want to apply for another option without good reason as it will obviously cause some damage to my 'less than healthy' credit rating.

thanks, Sie

toonfish

what is your provable income, and how much do you need to borrow?

you could look for a new build property, with a vendor gifted deposit but I presume you are looking at Platform? 95% self cert without the cleanest credit you are sailing close to the wind already in terms of affordability. Make sure you know what ypu are getting in to.