Guarantor Mortgage

CheekyMouse

My partner and I are hoping to buy our first home together but have run into some problems. He is a Canadian in the UK on a 2 year visa based on my sponsorship of him. He is currently looking for a job but should find something in his sector relatively quickly.

He will be earning more than me but all of the lenders we have spoken to say they will not consider him for a joint mortgage with me until he has been working for over 6 months.

I would be unable on my salary alone to buy a property. (Would cover about 70% of what we are looking at).

My parents would be willing to act as guarantors for us while my partner's salary is not able to be considered. However, I was told by the Bank of Scotland that I am not eligible for a guarantor mortgage because I work full time. Is this correct? Will all lenders take this view? I can't understand it because I'm always reading about how parents are helping their kids to buy their first property and act as guarantor.

Can someone confirm if my parents can't act as guarantor because I'm out of full time education and working full time?

Thanks very much.

CheekyMouse

Thanks Dave, that's good news. However, I wonder if they were happier to give you the mortgage because she's a student still? My parents were guarantor when they bought a flat in my sister's and my name while we were at university. The BoS lady said that had I been a student it would be ok but the fact that I was employed full time was the sticking point.

Does anyone have any experience of getting a guarantor mortgage while employed full time?

Thanks!

RachS21

Hi, I got a guarantor mortgage 2 years ago and i was in full time employment. Although i'm still doing exams as well i don't remember them being interested in this and i don't think you'll have a problem getting a guarantor mortgage - I'm with Bristol and West but I'm sure if you go to an independent advisor they'll be able to help you find something suitable. Hope this helps!

CheekyMouse

Thanks for that.

I've been calling a few banks and sometimes they say they do them and other times they say they don't. Seems like the advisors don't really know the answer to this either!

So far the only one I can find is the Royal Bank of Scotland.....it's a start! Looks like I might not have the chance to be too picky which is quite frustrating but there you go!

Leon_W

Guarantor mortgages are usually TRICKY ! and a pain in the bum if you want my honest opinion.

It's not just a case of a parent signing a form and that's it. In most cases the lender will require that the gaurantors income covers the whole of the proposed new mortgage and their own existing mortgages and loans. In this day and age, most parents are up to their eyes in it already and are in no fit financial state to pay their own liabilities, nevermind anyone elses' !

Gaurantors also usually have to meet certain age requirements.

Look at RBS, Nationwide,Leeds,Bristol & West,Principality and Bank of Ireland (First Start Mortgage)