Joint mortgage or guarantor mortgage? help!

sarah_allene

Im looking to buy for the first time, with help from my brother, who is already a homeowner. We are wondering which option would be the best route, as I cant afford the property prices alone. (although I can easily afford to pay the mortgage repayments myself!) Looking for some help as Im rather clueless on this subject!!

If we went with a guarantor mortgage, we are a bit confused as to wether my brother will need to have paid at least 30% off his actual mortgage, or off the value of the property (he used the council right to buy scheme to buy his house, so does the discount he received from the council and the repayments he has made so far count towards the amount of the property value he now owns?). Can anyone explain how this works?

If we were to go for a joint mortgage we cant figure out how much of a deposit would usually be required, as a first time buyer myself it would be usually 10%, but as my brother would be applying for a second mortgage from what Ive read that requires at least a 25% deposit! Does anyone know what deposit would be required for us as joint applicants?

Alter_ego

If you go for a joint mortgage, extra 3% stamp duty will apply a brother is buying a 2nd property.
No idea  about deposit required though.

haras_n0sirrah

There is another option where your brother can go on the mortgage but not on the deeds thereby avoiding second stamp duty charges.
To access this you are looking at 15% deposit 

sarah_allene

haras_n0sirrah said:

There is another option where your brother can go on the mortgage but not on the deeds thereby avoiding second stamp duty charges.
To access this you are looking at 15% deposit 

Is that the 'joint borrowers, sole proprietor' mortgage?