First time buyer (guarantor)

benson2221

Hi
Just looking for anyone with any info with regards to the following. Currently looking to buy first home. Have deposit of around 40k saved however I am only on around 30k a year so gathering that would put me in the range of 160k for a property. Living in London is expensive as we all know so will struggle to get a decent size place. Is it possible to use parents home or their income to increase the mortgage I can get from a bank? Parents are about a year away from finishing paying off mortgage and have a property worth around 650-700k and are both still working in their early 50's. I am only looking at getting something in the region of 220-240k. 
Have seen quite a few banks do not now do guarantor mortgages from the brief look I had but hoping someone here had more info and could maybe give me a nudge in the right direction. 

Hope the above is clear

Thanks for any responses and any advice or guidance is well appreciated. 

Thrugelmir

The basic principles of affordability cannot be overuled by having a guarantor in place. Could your parents assist by a scheme such as Barclays springboard? 

benson2221

Thrugelmir said:

The basic principles of affordability cannot be overuled by having a guarantor in place. Could your parents assist by a scheme such as Barclays springboard? 

Thanks for reply. I believe the family springboard is more for people that do not have the deposit in place and use parents money for that reason. I have looked into the barclays scheme previously but not sure that will help me get a bigger mortgage. It will just save me having to use my own money as a deposit 

Petriix

We did this. The only way was for the parents to remortgage independently based on pension income and gift the money. They had to specifically sign to say they had no interest in the house we bought. We now repay them informally each month.

Neutrinno

You can't have a guarantor, but you could instead look at a joint borrower, sole proprietor mortgage; Barclays are a lender who offer this for example.

DCFC79

Speak to a broker, they will explain all your options.

benson2221

Thanks guys for the responses. I will have a look at barclays joint borrower option and fingers crossed that can work for me.