Contractor mortgage with a guarantor

Uneeqapp

This is a bit of a unique situation so just wondering what the likelihood would be of me being able to get a mortgage with my mum as a guarantor. Here are some facts on my personal circumstances:

I'm 24 but have a poor credit rating, I earn 50k a year as a banking contractor and will have about 20k saved up. My mum currently has a second mortgage which I pay but we want to sell the house and put the profit in to another mortgage, hopefully in my name so can live on my own.

In total we will have about 50k deposit and only really want to mortgage a 2 bedroom house of around 100k so lending around 50k

My mum is around 58 and understand a mortgage would be for 10-15 years at most.

What are my options and what is the likelihood a bank would agree to lend to me/us.

Regards.

suse*

I think your best bet is talking to a broker who deals with contractors day to day. It can all come down to how you get paid really if it is through an umbrella or an ltd and if you're working 3 or 6 month contracts. All those sorts of details can vary what they can help you with.

I used "contractor mortgages uk . com" years ago and got my northen rock mortgage which I was very happy with at the time, they couldn't have predicted how things have worked out with negative equity etc etc.

Also if you look at the pcg . org . uk they are a group who vet different companies who offer contractor services so someone from this list should be ok.

One thing you might want to consider though is trying to factor in if you can change it to a btl or not later, and if the rents cover 125% of the mortgage where you are. Just if you have to move for a contract or go overseas then you aren't stuck with a house you can't rent out and also can't insure easily if left empty.