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Foreign national as gurantor.
Coffeecola
Posts: 2 Newbie
Hello,
My wife and I are looking to purchase a property worth ~330k. We have a 30k deposit, but my wife's income is only 21k, and I'm on a zero hour contract (and my credit rating isn't great). We have no debts however and can make the projected £1500 a month mortgage payments.
So we are looking for a guarantor mortgage.
My wife's father is a Saudi national with a large income (and is a non uk resident)- and would be happy to act as a guarantor.
Does anybody know of a bank offering such a mortgage where the guarantor can be a non-uk resident?
Thank you.
My wife and I are looking to purchase a property worth ~330k. We have a 30k deposit, but my wife's income is only 21k, and I'm on a zero hour contract (and my credit rating isn't great). We have no debts however and can make the projected £1500 a month mortgage payments.
So we are looking for a guarantor mortgage.
My wife's father is a Saudi national with a large income (and is a non uk resident)- and would be happy to act as a guarantor.
Does anybody know of a bank offering such a mortgage where the guarantor can be a non-uk resident?
Thank you.
0
Comments
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Not a snowball's chance in hell would be my assessmentHi, 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 ForumTeam0
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I'm guessing the same. Annoying as Barclays used to have a guarantor mortgage, and they operate in Saudi.
Oh well. Grotty flat it is then.0 -
What about a Saudi bank?0
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One income of £21k and one ZHC and you want to take on a £300k mortgage?0
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Can your father-in-law source a mortgage for you?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Getting a mortgage transcends if you can afford the mortgage payments easily or not, but proving you can afford them.
Zero Contract and a partner with 21k, This is not going to work even if guarantor was accepted.
Generally you can't borrow more than 4.5 times your combined income excluding loans e.t.c"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Coffeecola wrote: »My wife's father is a Saudi national with a large income (and is a non uk resident)- and would be happy to act as a guarantor.
Why doesn't he gift his daughter some money instead?0
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