guarantor mortgage

markruss09

i am looking at getting a guarator for our mortgage.
my mother earns a decent wage but she has a council house could we use her??
and also if u get a guarantor on your mortgage can u borrow more money from your mortgage lender??

thanks

markruss09

Fire_Fox

Best person to speak to would be an independent mortgage broker. A guarantor agrees that they will pay your mortgage if you default, you should still only borrow as much money as you and the lender thinks you can afford, and the guarantor must have enough income to cover their own financial commitments and yours.

ScotlandM

No, if you want your mum's salary to get a larger mortgage then you'd need a joint mortgage. Either you or the guarantor must be able to pay the mortgage on their own.

For sure you should seek an independant broker because your mum not owning a house comes accross strange. Will your mum want her own mortgage soon? If not, why not?

markruss09

sorry me and my partner are buying the house but was hoping to have a guarantor as well to be able to borrow more money
and if its possible for my mother to do this if she lives in a council?

Fire_Fox

markruss09 wrote: »

sorry me and my partner are buying the house but was hoping to have a guarantor as well to be able to borrow more money
and if its possible for my mother to do this if she lives in a council?

We've answered you "A guarantor agrees that they will pay your mortgage if you default, you should still only borrow as much money as you and the lender thinks you can afford."
and "No, if you want your mum's salary to get a larger mortgage then you'd need a joint mortgage."

The council house is irrelevant.

kingstreet

Your mother's age may be the most important issue to a lender in deciding whether to accept her as a guarantor, or not.

If she's close to retirement, she probably won't be accepted for a long-term mortgage unless she can provide evidence of sufficient income in retirement.

Lizling

My understanding is that having a guarantor doesn’t normally mean you can borrow more. It means that the mortgage is less risky for the bank so they might be able to offer you a better rate than they would otherwise.