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Barclays family guarantor mortgage info
Mortgage2015
Posts: 48 Forumite
Hello does anyone have any info on the barclays mortgage that allows a family member to be a guarantor? Joint mortgage sole proprietor mortgage. I found a little on the Barclays website but not much elsewhere.
I know very little about it so any info will help but a few questions that have popped into my head:
* Is the application process the same as applying for a joint mortgage together? E.g. Will bank statements be required from both the applicant and the family member?
*Are the applicant and the family member's credit file given the same weighting? Eg. Applicant has perfect credit history and family member has some late payments.
*How many late payments have an effect on a credit history?
I know very little about it so any info will help but a few questions that have popped into my head:
* Is the application process the same as applying for a joint mortgage together? E.g. Will bank statements be required from both the applicant and the family member?
*Are the applicant and the family member's credit file given the same weighting? Eg. Applicant has perfect credit history and family member has some late payments.
*How many late payments have an effect on a credit history?
0
Comments
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Money and family do not mix, do you really want to do this? What if the family member no longer wants to be part of this?
What if you lose your job and then your family member doesn't want to foot your mortgage?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
We have a post about this product on our website.
What do you want to know?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 -
are you looking at "helpful start" or "Springboard"
if you go to the site you get a chat popup, to ask any questions.
Helpfull start.
http://www.barclays.co.uk/Mortgages/helpfulstartwithguarantor/P1242613461078
Looks like full joint application requirements.
Springboard mortgage
it is not the same as a guarantor mortgage
http://www.barclays.co.uk/Mortgages/FamilySpringboardMortgage/P1242627640100
The family member locks up 10% for 3 years.
if affordable may more suitable than a "helpful start"
..................
This might be the sort of application where good broker will be beneficial.
More info on the intermediaries site put "Helpful Start" in the search will bring up a few links eg.
http://www.woolwichintermediaries.co.uk/Residential/HelpfulStart/IP1242621568673
http://www.woolwichintermediaries.co.uk/Home/IP12426281284190
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