Guarantor outside UK for FTB mortgage?

The_big1

antrobus wrote: »

By ensuring that the person is resident in a jurisdiction that will enforce the civil judgement of an English court? Like a former commonwealth country or a fellow member of the EU?

So what if he is working abroad for a few more years its where his money is that is all that matters?

Wh05apk wrote: »

These tend to be some of the smaller building societies, but also Woolwich do a similar scheme, where the parents deposit funds in a savings account which are returned after 3 years (with quite a good rate of interest!)

Generally though there are very few benefits in being a FTB, and potentially being a 2nd timer could help boost her credit score which could be useful if she is looking for 90%

Thanks for that, that is actually very helpful.

This is what we have been looking for, my partners father is currently working overseas, but has loads of money and is willing to help us.

This could be our best bet, if he puts some funds in a Woolwich account and we use that as a help to get a better deal.

Are there other options similar to this?

ACG

What about the Woolwich springboard mortgage?

Its a kind of guarantor mortgage where someone (anyone) puts 10% into a woolwich bank account the bank can dip into should the purchaser miss/stop payments.

It could be a way around it?

No idea if they accept non uk residents but it might be worth a try.

Thrugelmir

antrobus wrote: »

By ensuring that the person is resident in a jurisdiction that will enforce the civil judgement of an English court? Like a former commonwealth country or a fellow member of the EU?

How would you verify the guarantors credit worthiness at the outset?

EMac_2

Interesting thread, you are mixing the problems of guarantor mortgages and ex-pat UK mortgages :think: If this father is so rich then what about him buying you the property cash and letting you pay him back month by month? Or him buying with an ex-pat mortgage but these loan to values are limited at 60% typically so needs a big deposit. The much hyped family spring board mortgage with a big LTV may sound like a great solution but whether they would accept the funds from an ex-pat family member, I just don't know, maybe.

kingstreet

antrobus wrote: »

By ensuring that the person is resident in a jurisdiction that will enforce the civil judgement of an English court? Like a former commonwealth country or a fellow member of the EU?

Is that something mortgage lenders are happy to do?

I can't say I've ever tried. The guarantor cases I've done involved the guarantor completing a mortgage application and being credit checked like the applicant and submitting evidence of income and affordability.