Can parents only be guarantors

Fezzik_2

Hi,

I've been looking at properties in my area and doing my figures and I could buy a home with some help from my parents and it would cost me less than I'm currently paying in rent.

They have a fair amount in savings which they would be willing to give me for a deposit and they would be willing to co-sign a mortgage with me. They also finished their mortgage last year so have no payments of their own to make.

The only problem is the guarantor mortgages have a higher interest rate (I realise this is because they are a greater risk) so I'd rather have a normal mortgage if I can get away with it.

I'm 23 and I've got a job with the local council which is stable but not fantastically paid (£14,882 but I've got some extra evening hours comeing up). My Dad is 55 and a self employed electrician (average for the last 3 years is about £25,000).

Can we both be named on the mortgage as equals even though my Dad doesn't live there?

Thanks for reading, I hope it makes some sense!

druss

There are mortgage lenders who would lend to your Dad as its a home for a relative and his is mortgage clear, had good success with Royal bank of scotland and skipton in the past, but this is going back some.

Give them a call