Guarantor mortgages help ?

SC1991

Can anyone give me a rough and idiots guide to how they work ? For example I'm looking at purchasing a property soon, the property's I've been looking at go for around £100k I have a deposit of around £20000 and can get a mortgage of roughly £62k, is it likely I would be accepted for another 20k with a guarantor ? Also how long does a guarantor typically have to stay on as such, for example after a certain amount of years when the mortgage is not worth as much can I remortgage on my own ?

Thanks

Thrugelmir

Having a guarantor doesn't change the criteria for affordability. So you won't be lent that amount of extra money.

Senior_Paper_Monitor

Yes it does (or at least 'can' in the right circumstances) - what guarantor mortgages don't do is address crap credit.

Get in touch with an experienced broker (try googling 'guarantor mortgages' if you don't have any recommendations from friends/family) and they will happily go through your detailed circumstances and tell you what is and isn't possible and with who.

SC1991

Thrugelmir wrote: »

Having a guarantor doesn't change the criteria for affordability. So you won't be lent that amount of extra money.

Ah right i thought that the mortgage would then be based on the guarantors salary which is more than mine so therefore it would be possible to borrow more ?

amnblog

It is possible to borrow more as SPM says.

That is the point of a guarantor.

Speak to a broker.