First Time Buyers - Mortgage with guarantors

united1992

Me and my girlfriend are looking to buy our first home. Both just had career changes and went to University. 

Before we went on our career change we managed to save £39,000 between us. 

Having now graduated, I’m on a starting salary of 25k a year. 

My girlfriend still has 18 months left of her studies, but we’re eager to buy a house this summer.  The value of house we’re after is £125,000-£150,000

Is it possible for me to get a mortgage with my only wage going into it for 12 months? My parents have offered to step as guarantors.  

The banks don’t offer guarantor mortgages. Any advice would be great thanks.

K_S

@United1992 With a budget of 125-150k, a 39k deposit and permanent employment with a 25k basic, you should have options to borrow what you need. Based on the limited info in your post, I don't see an obvious need for guarantors.

kingstreet

Following on from what K_S has said, should you wish to look for a "guarantor" product, the term is now "joint borrower, sole proprietor" which simply means you have more borrowers than owners which is how a guarantor mortgage used to work. By not  being party to the ownership, the guarantor avoids triggering second property stamp duty.