Mortgage Options For My Son

SANDYBEAR124

My Son Currently Has A Fixed Rate Mortgage For 2 Years Which Finishes In November , I Have Assisted Him In Buying The House And Acted As A Guarantor.

As His Credit Rating Was Poor The Best Deal At The Time Was A 17 Year Mortgage Which Has Been Been Running For 2 Years.the Repayments Are Nearly £1000 Per Month

His Current Salary Is £18000 Per Annum The Mortgage We Will Require Is £115000 The Property Is Valued At £180000

Will He Be Able To Get A Mortgage On His Salary? Or Can You Suggest The Best Lenders If I Remained A Guarantor.

beingjdc

I think it's very unlikely in the current climate that anyone will be able to get a mortgage for 6.5 times their salary, no. Don't know a great deal about guarantor mortgages I'm afraid, but others will be along soon. They'll probably ask for your salary details.

Though the thought of living in a house worth ten times my pre-tax income is a rather appealing one to me, might cover a two-bed flat in London...

riad_2

Best thing to do is to ask a broker who would be able to pinpoint those lenders who would be willing to offer such a mortgage.

I got a very similar type of guarantor mortgage that you speak of through Countrywide (at a Bairstow Eves branch) with Natwest.

I know what people are going to say... "fee free all of market brokers are the best"... but I went to a fair number of brokers, and Countrywide was the only one who had access/or was able to offer me the Natwest guarantor mortgage!

My best advice is to go to approach a few brokers with your requirements and see what they find for you! Best of luck!

poppy10_2

SANDYBEAR124 wrote: »

the Repayments Are Nearly £1000 Per Month

His Current Salary Is £18000 Per Annum

Let me get this straight: Your son earns £18,000 per year (that's £14,000 take home after tax & N.I). And he's paying out £12,000 per year on mortgage repayments.

How does he survive on just £2,000 per year???

SANDYBEAR124

Thanks for your suggestions, in response to poppy why do you think i dress like steptoe

Redbedhead

Can he extend the term of the mortgage over longer than the remaining 15 years now? That should reduce the payments. Possibly look at lenders who calculate on affordibility rather than multiples as well.