Help to Buy Equity Loan with a Mortgage Guarantor

OliverH94

Hi, this is my first time posting so apologies if it's in the wrong category - getting used to how this works.
I'm a first time buyer looking to purchase a new build flat and take advantage of the government's Help To Buy equity loan scheme.
My salary is £26,000, I have a deposit of 25k. In an ideal world, I'd like to purchase a £195,000 two-bed flat in Manchester. Mortgage affordability calculators say the maximum mortgage I could hope to get is £117,000. Inclusive of the equity loan, my total deposit would be £64,000. Then add the mortgage loan, I can buy a £181,000 property.

I'd add that the £131,000 mortgage I'd like is entirely affordable to me - mortgage payments for a 30 year mortgage would be around £480, and I currently pay £690 in rent. So if I could be accepted for that mortgage, it would be well within my means - I just likely won't meet the affordability.

My question is, is it possible to have a parent put savings of £20,000 as a guarantor on the mortgage, to make up the shortfall? Basically, can I combine an equity help-to-buy loan / mortgage, with a guarantor mortgage?

Before anybody says "just buy somewhere cheaper", I'm seeing it as my one chance to take advantage of the first time buyer scheme, so I want to do my absolute best with it, and get a place I'll live in for the next 25 years. If it isn't possible, I will buy somewhere cheaper. I just want to know what's possible first.

Thanks in advance for any replies;. 

Thrugelmir

Mortgage affordability calculators will provide the best indication of what you can borrow. Personal opinion unfortunately has no bearing. 
As for family assistance. There are some products in the market such as this
https://www.barclays.co.uk/mortgages/family-springboard-mortgage/

OliverH94

Thrugelmir said:

Mortgage affordability calculators will provide the best indication of what you can borrow. Personal opinion unfortunately has no bearing. 
As for family assistance. There are some products in the market such as this

Thank you for the speedy response. On the link you've posted, the "springboard mortgage" is exactly the sort of thing I'm talking about - my parents put £20,000 down as security for the first few years, then get that money back once I've got enough equity. But what I'm wondering is if I could combine something like this with the help-to-buy equity loan? Or whether the help-to-buy loan must be used in isolation? As in - if I already have a decent deposit and my parents can put money down as guarantor, am I no longer eligible to use help-to-buy? 

kingstreet

A guarantor accepts responsibility for making the payments if you default. They become a party to the mortgage but not the property ownership. Guarantor and the springboard/helping hand type products you are describing can't be used for HTB.

OliverH94

kingstreet said:

A guarantor accepts responsibility for making the payments if you default. They become a party to the mortgage but not the property ownership. Guarantor and the springboard/helping hand type products you are describing can't be used for HTB.

Thanks kingstreet, that's fair enough - I'll have to set my sights a little lower.
I appreciate the response.