Guarantor mortgages

herbiesjp

ag359 wrote: »

Even with a 95% mortgage? That's interesting...my mortgage advisor didn't seem to think this would be possible. Any clues as to which lenders I should be looking at

Not really, as without having all the information to hand it would be difficult to say.

You may want to go back to your adviser and ask again - they may have already discounted the lenders that could go that high due to other resons - again difficult to say based on the limited information

Would a deposit from your parents be an option as opposed to a guarantor scenario?

ag359

herbiesjp wrote: »

Not really, as without having all the information to hand it would be difficult to say.

You may want to go back to your adviser and ask again - they may have already discounted the lenders that could go that high due to other resons - again difficult to say based on the limited information

Would a deposit from your parents be an option as opposed to a guarantor scenario?

herbiesjp - thanks for your help.

I will go back and ask again. I'm using L&C, but I know there are a couple of lenders they don't cover, such as HSBC, so maybe that's the reason.

Deposit less likely, although I haven't really considered that. I'd prefer the guarantor situation as there's no actual impact on them (assuming I keep up repayments etc), but will consider the re-mortgage/deposit route if it comes to it.

ag359

JoeK wrote: »

I could only answer that if I knew what mortgage your parents had.

Can you find out?

I would however be concerned about affordability.

JoeK

OK, well it would definitely not be more than £80k, so let's assume that it's £80k (I'll double check later the exact figure, but I expect I'm not too far out). Would that work?

toonfish

ag359 wrote: »

herbiesjp - thanks for your help.

I will go back and ask again. I'm using L&C, but I know there are a couple of lenders they don't cover, such as HSBC, so maybe that's the reason.

Deposit less likely, although I haven't really considered that. I'd prefer the guarantor situation as there's no actual impact on them (assuming I keep up repayments etc), but will consider the re-mortgage/deposit route if it comes to it.

There's potentially more of an impact on them, as they are legally liable for the entire loan as you say. I'm surprised London & Country are struggling with it, but perhaps it would be worth speaking to another broker who has some experience in this area.

herbiesjp

ag359 wrote: »

herbiesjp - thanks for your help.

I will go back and ask again. I'm using L&C, but I know there are a couple of lenders they don't cover, such as HSBC, so maybe that's the reason.

Deposit less likely, although I haven't really considered that. I'd prefer the guarantor situation as there's no actual impact on them (assuming I keep up repayments etc), but will consider the re-mortgage/deposit route if it comes to it.

Could be the reason, but there are also other lenders that could help - in all honesty it will depend a lot on your credit score with the individual lenders, as that will impact a lot on what multiples will be on offer. Only having a 5% deposit means that most lenders will not budge from their standard multiples, especially at that high mortgage amount, as affordability will be a prime concern

Don't forget about Higher Lending Charges - hopefully L&C will have explained those to you.

Jarlawuk

ag359 wrote: »

herbiesjp - thanks for your help.

I will go back and ask again. I'm using L&C, but I know there are a couple of lenders they don't cover, such as HSBC, so maybe that's the reason.

Deposit less likely, although I haven't really considered that. I'd prefer the guarantor situation as there's no actual impact on them (assuming I keep up repayments etc), but will consider the re-mortgage/deposit route if it comes to it.

Pressed thanks when I meant to quote - Doh!

Think I remember Alliance & Leicester or Abbey National were doing up to 6x salary borrowing so based on your joint wages 350 might be doable.