Guarantor Mortgages

chelseaclarke1989

So to cut the long from short we are looking to get a mortgage, the problem being I'm currently only working 1 day per week and my partner is self employed and his income hasn't been the best the last 2 years but will have a massive jump at the end of this financial tax year. The house is 195,000 and we have 20,000 deposit. The house has actually been valued between 205,000 & 220,000 but as it's my step fathers he said we can have it for 195,000. My Father in law has said he will guarantee the entire mortgage needs be against the equity in his house, so should he have to sell his house he can pay off ours and his and have enough let for a property. Is there a product out there that will allow for this. We are going to see and Broker but just want to know if we have a hope in hell. It really frustrating as we can more than afford the payments it just proving we can, our current monthly outgoings are extremely low also.

ANY advise appreciated.

Thrugelmir

Guarantors are required to have the income to meet the repayments of the mortgage. Lenders aren't so interested in the assets. As forcing a sale is a long and costly exercise. Guarantor products are far and few between.

In any event you and your partner will need to satisfy the requirements of the lender. As lenders have regulatory responsibilities under MMR. A guarantor doesn't sidestep these requirements.