guarantor

vix2000

I have had an offer accepted on a property of £160000.00. The purchase wasn't planned but it was a bargain and I'm fed up of moving around renting.

I wanted a 100% mortgage and my parent as a guarantor. When I went to see about a mortgage I was told I had to have a 5% deposit and couldn't have a guarantor, he would have to be on the mortgage. I earn 20000 a year employed and dad is self employed around £30000. I have payslips he has 3 yrs accounts as requested. He has no other comitments, I have no debt. The mortage was okayed at first sight on these details.

I am worried that he had a few small debts from a business he had 8 years ago. Also, I have been in various rented accomodation over the last 3 years and don't know if I've been on the electoral register. I could have sorted this out if it had been planned. I have utility bills in my name.

an anyone tell me if these will pose a problem for me?

thanks.

MortgageMamma

First of all, have you arranged this through a broker and which lender did you approach for the guarantor mortgage?

vix2000

I went in to see a mortgage advisor at alliance and leicester to make a general enquiry. however I have been contacted by a mortgage advisor through the estate agent who is coming to see me next week.

vix2000

any advice, please?

Violet_Isle

Yes, don't see the estate agency mortgage adviser - use someone completely independent. There's no wonder you didnt get advice on your guarantor situation if you went direct to the bank - most bank advisers would not have a clue about all that stuff

Brum_Man

A&L don't do Guarantor mortgages, that would be the reason why they said he has to go on the mortgage.

lardy2

i am a independent mortgage advisor if you are looking for 100% with your father as guarantor Northern Rock will do it other lenders that do this is bank of scotland but try northern rock first because they pay your high loan to value fee for you.
you will need to through a broker for this