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Guarantor Advice
guineapiggirl13
Posts: 20 Forumite
Hello,
So after a few weeks of looking for a joint mortgage together with the help of a broker, my partner and I are thinking it's not going to happen and we might have to wait a while- I have a tiny default with Orange which I'm still trying to get removed and although our broker believes he could find a lender for us with this, I have also just gone on maternity leave and so the chances of finding a lender who is both OK with the default and takes my normal pay into account are looking pretty slim.
We have one hope left but I don't know whether it's a viable option. My partner's mum (who is stumping up our £30,000 deposit) has agreed to be a guarantor with my partner and his squeaky clean credit report if he were to apply for a mortgage in his sole name. Firstly, is this allowed if I am also going to live in the house? Secondly, with my partner only earning £16k a year, would we be able to borrow the amount we need even with his mum's help? (She earns about £40k and has no mortgage as theirs is now paid off. She is 56 so I believe this would also reduce the mortgage term we could apply for?) We need to borrow £90- £100k.
Finally, does any lender still do guarantor mortgages?? I wouldn't be pushing so hard for a mortgage but our current rented accommodation isn't really suitable and we'd rather not have to move twice in the near future.
So after a few weeks of looking for a joint mortgage together with the help of a broker, my partner and I are thinking it's not going to happen and we might have to wait a while- I have a tiny default with Orange which I'm still trying to get removed and although our broker believes he could find a lender for us with this, I have also just gone on maternity leave and so the chances of finding a lender who is both OK with the default and takes my normal pay into account are looking pretty slim.
We have one hope left but I don't know whether it's a viable option. My partner's mum (who is stumping up our £30,000 deposit) has agreed to be a guarantor with my partner and his squeaky clean credit report if he were to apply for a mortgage in his sole name. Firstly, is this allowed if I am also going to live in the house? Secondly, with my partner only earning £16k a year, would we be able to borrow the amount we need even with his mum's help? (She earns about £40k and has no mortgage as theirs is now paid off. She is 56 so I believe this would also reduce the mortgage term we could apply for?) We need to borrow £90- £100k.
Finally, does any lender still do guarantor mortgages?? I wouldn't be pushing so hard for a mortgage but our current rented accommodation isn't really suitable and we'd rather not have to move twice in the near future.
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Comments
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On which version(s) of your credit file does the default appear?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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It appears on all three!0
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Ok. So there's no advantage to be gained there.
How big is this default and when was it registered?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 -
It's for £24 and was registered in May this year. It's marked as satisfied in October this year.0
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There should be a solution here, without involving a guarantor.
Who has declined you so far lender wise?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Post Office before we knew about the default then Coventry BS since.0
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What's the loan to value?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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Between 75-80%, we haven't had an offer accepted anywhere yet.0
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Crazy lender selections given the recent nature of the default.
Decent broker sorts this on decent terms, subject to the rest of the detail of course.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I already have a broker and we have still been declined. How do I go about finding a broker who can help with this? I can find lists of people in my area, but that won't tell me who is any good.0
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