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Guarantor mortgages ? Can you borrow more ?

Debtfreewannabee91
Debtfreewannabee91 Posts: 13 Forumite
Fourth Anniversary First Post
in Mortgages & endowments
Has anyone taken out a guarantor mortgage ? Do they allow you to borrow more, or are they simply a case of helping people with bad credit ? Im looking to buy my first home I have saved up around £40k this would be around 20-25% the value of most places where I live, the monthly mortgage repayments would be completely affordable however I will still struggle to get a mortgage for the amount required due to my salary...this is why I was looking into whether a guarantor mortgage would be worth looking into more.

Thanks

Comments

  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    That is exactly what guarantor mortgages are for. They are not there to overcome bad credit.

    One thing to bare in mind is that if the guarantor is older than you, their age may become an issue.
    I am a Mortgage Adviser
    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.
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Debtfreewannabee91 wrote: »
    Has anyone taken out a guarantor mortgage ? Do they allow you to borrow more, or are they simply a case of helping people with bad credit ? Im looking to buy my first home I have saved up around £40k this would be around 20-25% the value of most places where I live, the monthly mortgage repayments would be completely affordable however I will still struggle to get a mortgage for the amount required due to my salary...this is why I was looking into whether a guarantor mortgage would be worth looking into more.

    Thanks
    What ACG said.

    BTW the term is now "Joint Borrower, Sole Proprietor" as there will be two borrowers, but the property will have only one owner.
    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.
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