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Looking for Guarantor advice

Legacy_user
Legacy_user Posts: 0 Newbie
in Mortgages & endowments
Hi,

I have 2 questions for you relating to guarantors......

1. I am looking at purchasing a property under the Help To Buy 'Discounted Sale' scheme....

I can't find anything about if or if not guarantor mortgages are accepted under this scheme. If anyone know the answer to this that would be great to know.


2. How much difference can having a quality mortgage free guarantor with a £400,000 property make to a mortgage application...

I thought I may be able to purchase a Discounted Home with help of the Help to buy equity loan, but you can't combine 2 Help To Buy schemes.....So I can't get the £50,000 equity loan I was hoping for.....

So I am £50,000 short of being able to get the property I want (yes that is a fair wack). I can borrow £100,000. I have a hefty deposit. But I am £50,000 short. Would having a guarantor enable me to borrow the extra £50,000 I need from a lender?


Thanks for your help.

Comments

  • ACG
    ACG Posts: 24,685 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have never heard of helpt to buy discounted sale.

    There is help to buy mortgage guarantee (which is basically 95% mortgage) and help to buy equity loan which is a 75% mortgage, a 20% equity loan and 5% deposit.

    You can not combine multiple schemes (ie help to buy and shared ownership for example or the 2 different help to buy schemes).

    Guarantors may be able to help you overcome a shortfall in income, im not a huge writer of help to buy mortgage so im not sure if there are any guarantor mortgages which use help to buy its not an enquiry I have ever had.
    I am a Mortgage Adviser
    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.
  • System
    System Posts: 178,365 Community Admin
    10,000 Posts Photogenic Name Dropper
    ACG wrote: »
    I have never heard of helpt to buy discounted sale.

    http://www.helptobuyneyh.co.uk/get-help-to-buy/discounted-sales/
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • TrickyDicky101
    TrickyDicky101 Posts: 3,534 Forumite
    Part of the Furniture 1,000 Posts
    Well I never. Have you actually been able to find any houses for sale under this scheme?
  • System
    System Posts: 178,365 Community Admin
    10,000 Posts Photogenic Name Dropper
    TrickyDicky101 wrote: »
    Well I never. Have you actually been able to find any houses for sale under this scheme?

    There aren't many.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • ACG
    ACG Posts: 24,685 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont even know of any lenders who lend on that version of the scheme, let alone with guarantors. I have definitely not had any emails about it.

    I think you may be waiting for a few weeks/months at best.
    I am a Mortgage Adviser
    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.
  • System
    System Posts: 178,365 Community Admin
    10,000 Posts Photogenic Name Dropper
    ACG wrote: »
    I dont even know of any lenders who lend on that version of the scheme, let alone with guarantors. I have definitely not had any emails about it.

    I think you may be waiting for a few weeks/months at best.

    No worries.

    I have just emailed my Mortgage advisor to find out if a Guarantor Mortgage is possible with this scheme and if it is - if it is possible to borrow the extra money I need.

    Was just hoping someone on here may have some idea so I can get an indication of what to expect....

    This Help To Buy scheme is rare. Shame there aren't more affordable, discounted homes out there.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • kingstreet
    kingstreet Posts: 39,315 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    We have a development in Wales which works on this basis.

    It has a tight S106 Local Occupancy clause with it which leaves the lender pool at one, possibly two.
    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.
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