Interest-only mortgage possibility?

Thrugelmir

Malmo wrote: »

Mortgages are based on affordability but the upper loan to income ratio is capped as dictated by regulatory requirements to help prevent [STRIKE]lenders[/STRIKE] borrowers over extending themselves.

I'm sure that's what you meant to write.

getmore4less

tomb89 wrote: »

My mother also offered to act as a guarantor - her house is worth £1 million and is mortgage free, however it doesn't seem like guarantor mortgages are offered any more?

Why does she not just give you the money(by a mortgage is she has none)

Thats the easiest way for her to be a guarantor

she becomes your lender.

amnblog

tomb89 wrote: »

My mother also offered to act as a guarantor - her house is worth £1 million and is mortgage free, however it doesn't seem like guarantor mortgages are offered any more?

Your mother can use her property to guarantee a purchase without deposit by you - this does not mean you can borrow more than you can afford.

Senior_Paper_Monitor

Depending upon your mother's age/income/willingness there may be answer