Guarantor mortgages/ joint morgages - help!

sw_mina

I come begging information...

I've just got a new job down in cornwall and cannot afford to buy a house down there. My parents have suggested we get a joint mortgage or a Guarantor mortgage, however I know *nothing* about them, other than that we could borrow more.

My income is £16,000, Dad's is £38,000. They don't have any current loans or mortgages, however it's possible they might have a poor credit rating as they went bankrupt 6 years ago. However, they looked into getting a mortgage themselves (they are currently renting) and the broker said there was 'nothing' on their credit record.

How do I go about getting information of what we could borrow, and the best way to do it? We'd need to borrow at least 95% of the asking price, and preferably on somewhere that needed work (though not the extent of a retainer). For me to afford the repayments, it would need to be at least a 40 year mortgage, though my parents are in their 50's.

I've considered approaching a broker, but I don't know who (or how).

Any advice would be really helpful!

Thanks

Vikki

meanmachine_2

Firstly, I'd wait until the brokers on this site are back at their desks tomorrow..

Secondly, a 40 year mortgage, are you completely insane?!!

Thirdly, I might be wrong here, but I think, for a parent to guarantee a mortgage, they need to be a homeowner themselves.

Looks like a joint mortgage might be your best bet. I'd never normally recommend this site as it's largely all b*llocks and vested interest rubbish designed to prop up today's mad house prices, but if you're determined...

look up a site called firstrungnow.

To be honest, though, you'be be better off saving your cash, renting and praying that there's a property crash.

kitster_2

** No job offers please - Edited by Abuse Controller **