Guarantor mortgage with Cifas maker

Pauljac42

Hello everybody,

Does anyone know if you can get a guarantor mortgage if you have a cat 6 Cifas maker?

If anyone could provide any information on this it would be greatly appreciated.

Thanks.

lonibra

Your best bet would be an adverse MB. I imagine it would be an automatic decline with your name on the application.

[Deleted User]

2 challenges here.   Firstly is a lender taking someone with a record of fraud   Second is finding a broker who is willing to even look at it.  

Cat6 cifas isnt just an adverse record so an adverse broker isnt going to be any more likely to take this on than anyone else.  


There are lenders who will look at a case with a cifas record. These are on and off the high street.   The devil is in the details so its something that would have to be put through a bdm and get their opinion if an application is worthwhile

Also dont forget that a 'guarantor' mortgage is just a joint mortgage application.  So you would be financially associated with whoever the other party is.  Check they are happy being linked to someone with a cifas cat6 before you do any credit checks

Pauljac42

Deleted_User said:

2 challenges here.   Firstly is a lender taking someone with a record of fraud   Second is finding a broker who is willing to even look at it.  

Cat6 cifas isnt just an adverse record so an adverse broker isnt going to be any more likely to take this on than anyone else.  


There are lenders who will look at a case with a cifas record. These are on and off the high street.   The devil is in the details so its something that would have to be put through a bdm and get their opinion if an application is worthwhile

Also dont forget that a 'guarantor' mortgage is just a joint mortgage application.  So you would be financially associated with whoever the other party is.  Check they are happy being linked to someone with a cifas cat6 before you do any credit checks

Thanks for your response.

I was stupid enough to get myself roped up in a "money mule" situation when I was younger but I was never convicted of anything so it's only a cifas marker. 

Do you think it would be more likely of success if I was able to sit down and explain the situation to a bdm as you say? As it was just a big mistake and I have had no previous links to anything of this sort and I have a stable job now would this be looked on as a possibility?
If this was the case would I be able to get a mortgage without a guarantor?

Again, I really appreciate any help.

[Deleted User]

your ability to get a mortgage at all will not change if there is a guarantor involved.   The guarantor is merely a tool to increase affordability. 

The bdm is a middle person between mortgage broker and mortgage lender so not someone you would communicate with but someone we speak to prior to submitting AIP and App to see if its is even worth our time trying. 

Its impossible to say what options you would have without seeing the bigger picture.   Try contact a broker and see if they are interested.  You might get a few rejections as the nature of the cifas record is just a bit risky.  I doubt my compliance guys would allow me to take it on for instance and i suspect a lot of brokers will be in the same boat. 

Pauljac42

Deleted_User said:

your ability to get a mortgage at all will not change if there is a guarantor involved.   The guarantor is merely a tool to increase affordability. 

The bdm is a middle person between mortgage broker and mortgage lender so not someone you would communicate with but someone we speak to prior to submitting AIP and App to see if its is even worth our time trying. 

Its impossible to say what options you would have without seeing the bigger picture.   Try contact a broker and see if they are interested.  You might get a few rejections as the nature of the cifas record is just a bit risky.  I doubt my compliance guys would allow me to take it on for instance and i suspect a lot of brokers will be in the same boat. 

Ok thanks for the information, much appreciated. 

nakiwala123

Doesn't the CAT 6 CIFAS marker get wiped off your credit record after 6 years or have I misunderstood?

MaryNB

nakiwala123 said:

Doesn't the CAT 6 CIFAS marker get wiped off your credit record after 6 years or have I misunderstood?

Should do but the bank that had the marker applied may hold records beyond the 6 years. Might make it difficult to become a customer of that bank or any banks within the same banking group even after the 6 years.