First Time Buyers Mortgages
Guarantor Mortgages
How do Guarantor Mortgages Work?
These days,
most lenders have a guarantor facility across their standard mortgage range.
This means that if there is any shortfall in income multiples, a family member
can act as guarantor for the remainder. But there are also some specific
guarantor mortgages, like that offered by Newcastle Building Society. The deal
offers 100% to professional borrowers earning £15,000 or more. A close relative
can act as guarantor for any remainder so long as their age and financial
status complies.
Advantages of Guarantor Mortgages
The parent
does not have to feature on either the mortgage agreement or the property
deeds.
Usually no
second charge is required over the parent's home.
Disadvantages of Guarantor Mortgages
The parent
could be liable for the entire guarantor mortgage, not just the proportion they
are guaranteeing.
Circumstances
of either party can change.
Lenders specialising in Guarantor
Mortgages
Newcastle
Building
Society.
Many
lenders offer a general guarantor facility across their standard mortgage range - check with a mortgage advisor.
Guarantor Mortgages Mortgage Advice
To find out
which first time buyer mortgage, possibly a guarantor mortgage, is right for
you, seek no-commitment, specialist mortgage advice.
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages