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Mortgage Guarantor
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FrazBird91
Posts: 1 Newbie
Hi there,
I am looking to purchase a property after splitting up with my ex. Regrettably my credit score is poor and I am concerned this will reduce my chances of getting a mortgage or at least getting a mortgage at a good rate.
My grandparents have said they would be guarantors, however being in their 80's i'd imagine this is not possible or very difficult to achieve. A friend mentioned that they could if they secured the mortgage against their property.
Can anyone shed some light on this, whether it is true or not? And would this require a larger deposit? I have had a look online for some information but I haven't had much luck yet!
Thanks in advance,
F
I am looking to purchase a property after splitting up with my ex. Regrettably my credit score is poor and I am concerned this will reduce my chances of getting a mortgage or at least getting a mortgage at a good rate.
My grandparents have said they would be guarantors, however being in their 80's i'd imagine this is not possible or very difficult to achieve. A friend mentioned that they could if they secured the mortgage against their property.
Can anyone shed some light on this, whether it is true or not? And would this require a larger deposit? I have had a look online for some information but I haven't had much luck yet!
Thanks in advance,
F
0
Comments
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Frazbird
I think before you look at guarantors or involving your family in your future mortgage you need to exhaust all options that you have to do this on your own.
Firstly, have you taken professional advice? Your mortgage may be the biggest financial commitment you ever make, and its important to get the right information first time. There is just too much conflicting information on the internet.
There are a lot of different lenders who will consider someone with a poor credit score or past debts . Don't assume that because you've had credit difficulties you won't get a mortgage.
Its worth grabbing a free copy of your credit report and speaking to a whole of market mortgage adviser - they will be able to tell you if your plans have legs and if so which lender is best to use, how much deposit you will need etc.
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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