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Interest Only Guarantor Mortgage - any lenders ?
SavingisFun
Posts: 43 Forumite
Hi all
I know a FTB who has a 40% deposit, but needs interest only and also a guarantor arrangement due to low income.
Would any lenders provide this?
I know a FTB who has a 40% deposit, but needs interest only and also a guarantor arrangement due to low income.
Would any lenders provide this?
0
Comments
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Buy a cheaper property seems the best option. As there isn't the lending market for interest only /guarantor mortgages.0
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Thanks for the response Thrugelmir0
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An interest-only mortgage doesn't provide a way of circumventing affordability because it's still based on a repayment mortgage.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.0
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The prospective FTB may benefit from a shared ownership arrangement.
Can work well for lower income applicants.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
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