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Interest-only mortgage possibility?

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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
    amnblog Posts: 12,761 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
    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.
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    edited 1 August 2015 at 12:45PM
    Depending upon your mother's age/income/willingness there may be answer
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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