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FTB scheme-help, urgent!!
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claire2711
Posts: 25 Forumite
We are applying for a local FTB scheme called LIFT and are now being told that they won't accept a guarantor on the paperwork, as it is only for people who will be living in the house.
The mortgage will be in my hubby's namewith my mother as the guarantor, and we thought this would be fine as she won't be on the deeds etc, just as a "security" on the mortgage as I am currently a stay at home mum.
Is there a way around this? A way a guarantor can appear only on the bank paperwork? Heeeeeeeeeeeeeelp!x
(we are in Scotland by the way if that helps)
The mortgage will be in my hubby's namewith my mother as the guarantor, and we thought this would be fine as she won't be on the deeds etc, just as a "security" on the mortgage as I am currently a stay at home mum.
Is there a way around this? A way a guarantor can appear only on the bank paperwork? Heeeeeeeeeeeeeelp!x
(we are in Scotland by the way if that helps)
Doing the 365 day challenge and saving like crazy 
0
Comments
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Typically, a guarantor is a named borrower on the mortgage application and this is not normally acceptable to the body which regulated shared equity and shared ownership schemes in England. I expect a similar situation exists in Scotland.
Who has advised you on applying for a mortgage in this way? Are you using a broker on the panel for the scheme as this is an elementary error?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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